Akash Network

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Discover Akash Network's fundamentals and latest news.

This content was generated by Whalee (BETA), an AI crypto assitant that analyses cryptocurrencies. Informations can be incomplete and/or erroneous. Please always double check and DYOR.

What is Akash Network?

Akash Network (AKT) is a decentralized, open-source cloud computing marketplace primarily targeting the decentralized finance (DeFi) industry. It aims to democratize cloud computing by providing more flexible and cost-effective services through a Proof-of-Stake (PoS) blockchain, utilizing the native token AKT for staking and lease settlements.

How is Akash Network used?

Akash Network (AKT) is used in several key ways:

  1. Security: AKT is used to secure the network through staking, which provides a passive income stream for stakers and increases the security of the network.

  2. Governance: AKT holders govern the network by voting on proposals to improve the network and manage critical parameters such as inflation rate and take rates.

  3. Value Exchange: AKT acts as a default mechanism to store and exchange value, and serves as a reserve currency in Cosmos’ multi-currency and multi-chain ecosystem.

  1. Incentivization: AKT incentivizes participants by providing rewards for staking and participating in the network.

  2. Lease Settlements: AKT is used for lease settlements in the Akash marketplace, facilitating transactions between providers and users.

  3. Deploying dApps: AKT is required for deploying decentralized applications (dApps) on the Akash network.

  1. Participating in Governance Voting: AKT holders can participate in governance voting to shape the direction of the network.

These uses highlight the central role AKT plays in maintaining and utilizing the Akash Network.

How do I store Akash Network?

To store Akash Network (AKT) tokens, you have several options:

  1. KuCoin Account: You can hold your AKT tokens in your KuCoin account, which provides quick access to trading products like spot and futures trading, staking, and lending. This option is convenient for frequent trading but requires setting up strong security settings to prevent unauthorized access.

  2. Non-Custodial Wallets: For enhanced security, you can withdraw your AKT tokens to a non-custodial wallet, giving you complete control over your private keys. This includes hardware wallets, Web3 wallets, or paper wallets. Ensure you store your private keys securely to avoid losing your tokens.

  3. Cosmostation App: You can create an Akash Wallet within the Cosmostation App, which allows you to stake your tokens and earn passive income. This app is user-friendly and provides a secure environment for your tokens.

  1. Keplr Wallet: Keplr is another popular option for storing AKT tokens. It is a desktop wallet that supports Cosmos tokens, including AKT. You can stake your tokens and manage your account securely within the wallet.

  2. Leap Cosmos Wallet: Leap Cosmos Wallet is another compatible wallet in the Cosmos ecosystem. It supports various networks, including Akash, and allows you to transfer and manage your AKT tokens securely.

Each option has its pros and cons, so choose the method that best suits your needs and preferences.

How to buy Akash Network?

To buy Akash Network (AKT) tokens, you can follow these steps:

  1. Create an Account on a Supported Exchange:

    • Kraken: Create a Kraken account, fund it, and select your desired AKT trading pair to start trading.
    • KuCoin: Sign up on KuCoin, secure your account, verify your identity, and add a payment method. Then, use a variety of payment options to buy AKT.
    • Gate.io: Create a Gate.io account and follow their process for buying AKT.
  2. Fund Your Account:

    • Kraken: Fund your Kraken account with a debit card, credit card, wire transfer, or Bitcoin.
    • KuCoin: Add funds to your KuCoin account using a debit card, credit card, wire transfer, or Bitcoin.
    • Gate.io: Fund your Gate.io account using a debit card, credit card, wire transfer, or Bitcoin.
  3. Buy AKT:

  • Kraken: Use your funds to buy AKT on Kraken.
  • KuCoin: Transfer your crypto to a KuCoin Trading Account and place an order to exchange your existing crypto for AKT.
  • Gate.io: Use your funds to buy AKT on Gate.io.
  1. Store Your AKT:
    • KuCoin: You can store your AKT on KuCoin or transfer it to a personal wallet.
    • Coinbase Wallet: If you prefer to use Coinbase Wallet, you can buy AKT by downloading the wallet, choosing a username, securely storing your recovery phrase, and buying ETH to swap for AKT.

Remember to follow the specific instructions for each exchange and ensure you understand the fees and risks involved in buying and storing AKT tokens.

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History of Akash Network

Akash Network, a decentralized cloud computing platform, was established in March 2018 by Overclock Labs, a cloud service automation and management company co-founded by Greg Osuri and Adam Bozanich. Greg Osuri serves as the CEO, and Adam Bozanich serves as the CTO. The platform aims to revolutionize cloud computing by providing a decentralized, open-source marketplace for cloud resources, leveraging blockchain technology and containerization to ensure security, transparency, and scalability.

In March 2020, Akash Network completed a $2 million seed round from George Burke and Infinite Capital. The same year, it partnered with Solana to deploy web3 smart contracts to the cloud, launched three phases of its incentivized testnet, and partnered with the Cosmos Interchain Foundation before announcing the launch of its mainnet.

In March 2021, Akash Network launched the Akash Mainnet 2, which marked the realization of five years of development and four testnets. The platform also introduced the Akash Developer Grant Program to foster the development of open-source projects that facilitate further adoption and usage of its decentralized cloud.

Akash Network has continued to evolve, with significant milestones including the launch of its Mainnet 4 upgrade in November 2022. The platform has gained popularity among developers and users, with several projects building on Akash, including Praetor, Cloudmos, Spbheron, and Terraform, among others.

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How Akash Network works

Akash Network is a decentralized, open-source cloud computing marketplace that connects compute buyers with compute sellers. It operates on a Proof-of-Stake (PoS) blockchain built with interoperability in mind, utilizing the Tendermint algorithm’s Byzantine fault-tolerant design. The network is secured by its native token, AKT, which serves multiple purposes including staking, network governance, and transactions.

Key Features
  • Infrastructure as Code: Akash's orchestration layer, fueled by SDL, enables intricate deployments across regions and providers with resource control and pricing decisions.
  • Kubernetes Powered: Built on Kubernetes, Akash ensures a secure, tested, and reliable platform for hosting applications.
  • Persistent Storage: Akash offers limitless storage, safeguarding data even post-restart, ideal for data-intensive apps.
  • Dedicated IP Leasing: Leasing a dedicated IP address allows port assignment and directs traffic, especially beneficial for DNS and web servers.
  • Permissionless: Akash democratizes secure, censorship-resistant app deployment, open to all innovators.
  • Peer-to-Peer and Private: Peer-to-peer communication guarantees data privacy, payment transparency, and immunity from central control, reinforcing dependability.
Marketplace Functionality
  • Reverse Auction System: Users can seamlessly scale and access a global array of services while controlling their budget with the Akash 'Reverse Auction' system, offering prices up to 85% lower than other public clouds.
  • Compute Providers: Users can become Akash Providers by offering their hardware on the network and earning when users deploy.
  • Compute Buyers: Compute-hungry users can find and lease computing resources securely and efficiently.
Token (AKT) and Governance
  • Token Distribution: The initial supply of 100,000,000 pre-mined AKT tokens was divided among investors, the Akash Network foundation, and the team. A public sale of 1,800,000 AKT was also conducted.
  • Maximum Supply Cap: The maximum supply cap is 388,539,008 AKT, with about 75% to be distributed as network rewards over time.
  • Staking and Governance: Node operators must have a total stake that places them among the top 100 on-chain AKT holders to validate transactions and participate in governance. Governance includes submitting new proposals and casting votes, with a non-refundable deposit of 1,000 AKT required for submitting a proposal.
Development and Future Plans
  • Testnet Releases: Akash has released multiple testnets, with the latest being Testnet 3, which shows the team's focus on key features.
  • Mainnet Releases: Akash Network launched its mainnet 1.0 in September 2020 and mainnet 2.0 in March 2021.
  • Future Developments: Akash plans to charge a "take fee" for every successful lease, distribute rewards to holders for time-locked AKT holdings, and implement a settlement option to lock in an exchange rate between AKT and a settlement currency to counter price volatility.

Akash Network aims to democratize cloud computing by providing a decentralized, open-source marketplace that connects compute buyers and sellers securely and efficiently, offering lower costs and more flexibility than traditional cloud providers.

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Akash Network's strengths

Akash Network (AKT) has several strengths that contribute to its potential success:

  1. Decentralized Cloud Computing: Akash Network offers a decentralized, open-source cloud computing marketplace, which democratizes access to computing resources and provides a more flexible and cost-effective alternative to traditional cloud service providers.

  2. Native Utility Token (AKT): The AKT token serves multiple purposes, including community governance, securing the network through staking, value exchange, and incentivizing participation. This comprehensive utility enhances the token's value and fosters a robust ecosystem.

  3. Interoperability: As part of the Cosmos Hub, Akash Network benefits from cross-chain interoperability, allowing it to interact seamlessly with other blockchain networks and expand its capabilities.

  1. Industry Standard Compatibility: Akash Network is built around the industry standard of Kubernetes, making it compatible with applications built for Amazon AWS and Google Cloud, which could lead to seamless migrations and increased adoption.

  2. Community Governance: The network is community-owned, and AKT holders have a significant say in governing the network through voting on proposals, ensuring that the community drives the direction of the project.

  3. Security: The Proof-of-Stake (PoS) blockchain and staking mechanism provide a secure environment for transactions and incentivize stakers to contribute to the network's security.

  1. Innovative Use Cases: Akash Network offers unique use cases such as AI processing and GPU leasing, which could drive demand and increase the token's value.

These strengths position Akash Network as a promising project in the decentralized cloud computing space, with a robust ecosystem and significant potential for growth.

Akash Network's risks

Akash Network (AKT) carries several risks that investors should be aware of:

  1. High Risk Rating: According to InvestorsObserver, Akash Network receives a high risk rating due to its proprietary scoring system, which analyzes the amount of money required to move the price over the past 24 hours. This metric considers recent changes in volume and market cap to evaluate how much the coin can be manipulated by limited trading.

  2. Staking Risks: Staking AKT tokens comes with certain risks. If a validator experiences downtime or misses necessary requirements, a percentage of the staked AKT can be lost as a penalty, known as "slashing." This risk is mitigated by reputable hosts like StakeSeeker, which monitors its nodes 24/7 to minimize these risks.

  3. Unstaking Period: There is a 21-day undelegating period when unstaking AKT tokens, during which time no rewards are earned. This period is normal for many Proof of Stake (PoS) systems.

  1. Market Volatility: The value of AKT tokens can fluctuate significantly, as seen in its 915% growth over the past year. This volatility can lead to significant losses if not managed properly.

  2. Competition: Akash Network operates in a competitive space, both from traditional cloud computing companies like Amazon, Microsoft, and Google, and from other decentralized cloud solutions. This competition can impact the adoption and value of AKT tokens.

  3. Inflationary Mechanisms: While Akash Network has a burning mechanism that reduces the token supply, it also has inflationary mechanisms such as staking rewards and airdrops, which can increase the token supply and potentially dilute its value.

These risks highlight the importance of careful consideration and risk assessment before investing in Akash Network (AKT).

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Akash Network’s team

Here is the team behind Akash Network (AKT):

  • Greg Osuri: CEO and Founder
  • Adam Bozanich: Co-Founder
  • Cheng Wang: Team Member
  • Anil Murty: Team Member
  • Adam Wozney: Senior Global Community Manager
  • Jose Vargas: Team Member
  • Chanda Dharap: VP of Engineering
  • Steph Bernstein: Finance & Operations Manager
  • Boz Menzalji: General Manager
  • Artur Troian: Senior Software Engineer
  • Brian Fox: Advisor

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