Akash Network

Akash Network Price

akt

$5.81
bybit ups
+3.39%
24H
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Market Statistics

Market Cap
1.36B
24H Volume
--
Circulating Supply
234.09M
Max Supply
388.54M

AKT Live Price Summary

As of May 21, 2024, the global cryptocurrency market cap is $1.36B with a +4.00% change in the last 24 hours. Today's price of AKT is $5.81, with a 24-hour trading volume of $--. AKT is +3.39% in the last 24 hours, with a circulating supply of 234.09M AKT coins and a maximum supply of 388.54M AKT coins. AKT ranks 79 by market cap. It has a 24H high of $6.07 recorded on May 21, 2024, and its 24H low so far is $5.59, recorded on May 21, 2024.

What Is the Highest Price of AKT?

AKT has an all-time high (ATH) of $8.07 , recorded on Apr 6, 2021.

What Is the Lowest Price of AKT?

AKT has an all-time low (ATL) of $0.164994, recorded on Nov 21, 2022.

About Akash Network (AKT)

What is Akash Network? In short, it’s a revolutionary decentralized cloud computing platform disrupting the traditionally centralized cloud market. By leveraging blockchain technology, Akash creates a marketplace where computing power is traded freely, ensuring lower costs and a democratized access to resources. This introduction paves the way for a deeper exploration into how Akash Network functions, the technology behind it, and its significance for users and providers.

Key Takeaways

  • Akash Network is revolutionizing the cloud computing industry with its decentralized platform, offering up to +3.39% lower pricing than traditional cloud providers through a reverse auction system.

  • Utilizing the Cosmos SDK and AKT tokens, Akash Network ensures secure, transparent, and interoperable transactions within her blockchain-based cloud computing marketplace.

  • The network’s technical infrastructure is built upon a robust Proof-of-Stake blockchain and Kubernetes orchestration, and it emphasizes community-driven growth, decision-making, and participation.

What is Akash Network?

Imagine a world where cloud computing resources are not held hostage by centralized cloud providers. A world where you, as a user or a provider, are in control. Welcome to the world of Akash Network. Just as Airbnb and Uber reshaped their respective industries, Akash Network is reinventing the cloud computing landscape through decentralized cloud services. It serves as an open and efficient platform for buying and selling computing resources securely, emphasizing public utility.

The Akash Network offers:

  • A decentralized cloud computing platform

  • An accessible, globally available marketplace

  • Empowerment for AI developers and researchers to access necessary GPU resources, irrespective of their geographical location

With Akash, underutilized cloud capacity is efficiently harnessed, making cloud computing power no longer a privilege of the few but a resource available to many, thanks to their cloud management services.

The Genesis and Vision of Akash Network

In March 2018, a software development company formed Akash Network, an innovation of Overclock Labs, originally focused on building traditional multi-cloud deployment platforms. Founded by Greg Osuri and Adam Bozanich, the network was launched with a mission to tackle centralization in internet hosting, a pressing issue that stifled innovation and freedom in the digital space.

Inspired by the Airbnb model, the founders envisioned an open cloud where unused computing resources are harnessed to form a global super cloud, just as Airbnb utilizes vacant real estate. Akash’s vision is to establish a permissionless, sovereign, and open cloud. This will enhance freedom for internet builders. By providing a secure, decentralized cloud computing marketplace for users to buy and sell computing resources, Akash offers an alternative to traditional cloud services, empowering participants to:

  • Share their computing resources

  • Access a global super cloud

  • Enhance freedom for internet builders

  • Buy and sell computing resources in a secure marketplace

Inside the Akash Ecosystem: How It Redefines Cloud Resources

At the core of Akash Network is the Supercloud - a platform built on Kubernetes that redefines cloud resources. From its unique marketplace mechanics to the role of AKT tokens and its seamless interoperability with Cosmos SDK, Akash stands as a beacon of innovation in the cloud computing landscape.

The Marketplace Mechanics

The Akash Network’s Reverse Auction system brings a refreshing dynamic to the pricing of computing resources. By allowing cloud providers to compete for offering the lowest price for their services, Akash Network ensures pricing that is up to +3.39% lower than other public cloud providers, offering a significant cost advantage to users.

As a platform for transactions, the Akash Compute Marketplace offers the following features:

  • Charges a take fee for successful leases, which contributes to the Take Income Pool

  • Supports token liquidity through an Automated Market Maker

  • Enables complex deployments spanning different regions and providers

  • Allows users to manage resources and pricing effectively

These features are made possible through the orchestration layer of the platform.

The Role of AKT Tokens

AKT is the lifeblood of the Akash Network. It serves as the native utility token and is used for:

  • Governance

  • Securing the blockchain through staking

  • Incentivizing participants

  • Acting as the primary mechanism for value exchange

AKT is the driving force that keeps the gears of the network turning.

Holders of AKT tokens have a voice in the network. They can vote on proposals that shape the network’s future, influencing critical operational decisions such as inflation rates. Plus, staking AKT tokens not only supports the network’s security but also provides stakers with rewards. Within the Cosmos ecosystem, AKT acts as a reserve currency, linking Akash’s network to a broader multi-chain environment and enhancing interoperability.

Interoperability with Cosmos SDK

Akash Network’s blockchain is constructed using the Cosmos SDK. Based on Tendermint, this foundation ensures interoperable and scalable blockchain operations. The Cosmos SDK facilitates Akash Network’s decentralized vision by providing a framework that promotes secure, transparent, and permissionless transactions for cloud computing services.

With the integration of the Cosmos SDK, the Akash Supercloud benefits from:

  • Strengthened blockchain operations

  • Emphasis on security and transparency, thanks to its Layer One Protocol and native token, AKT

  • Enhanced interoperability within the blockchain space by being the first to achieve Inter-Blockchain Communication (IBC) with Cosmos Hub, connecting seamlessly to other blockchains in the ecosystem.

From Providers to Users: Participating in Akash Network

Akash Network offers an open stage for participants to play their roles. At its core, the network is divided into two main components: the on-chain marketplace for leasing computing resources and the off-chain deployment platform for hosting and managing workloads. Each component plays a vital role in the network’s functionality and success.

For cloud providers, Akash Network offers an opportunity to monetize their excess or dedicated computing capacity, ensuring data privacy and benefiting from a decentralized platform immune to central control. On the other hand, users deploying applications on Akash Network pay providers in AKT tokens, facilitating a direct and transparent exchange of value. As a supercloud, Akash provides users the benefits of seamless scaling, access to a global pool of services, and control over their budget, proving that it’s a win-win for both providers and users.

Comparing Costs: Akash vs. Traditional Cloud Platforms

When it comes to cost-effectiveness, Akash Network stands tall. Hosting applications on Akash Network costs approximately one-third of the amount charged by major cloud service providers like Amazon AWS, Google Cloud Platform, and Microsoft Azure for similar services, making it a financially savvy choice for users seeking to maximize their budget.

Users selecting Akash for various configurations of virtual machines can see cost savings ranging from approximately 76% to 83% compared to traditional cloud platforms. This is a testament to Akash Network’s commitment to providing a cost-effective cloud computing marketplace, reinforcing its position as a competitive alternative to the big three cloud service providers.

Anchoring Trust with Blockchain Technology

In a world where security breaches and data theft are rampant, Akash Network’s decentralized infrastructure stands as a beacon of trust. Its decentralized nature enhances overall security and makes the system highly resistant to attack, reducing the risk of outages and hacker infiltration.

Beyond security, Akash Network offers the following benefits:

  • A trustless environment where innovation is encouraged

  • Anonymity for users deploying applications on the network

  • A permissionless and resistant to censorship network

  • Peer-to-peer communication that ensures data privacy and transparent transactions

  • An additional layer of trust through immunity from central control

Powering Decentralized Applications with Akash

Decentralized applications (dApps) are the future of the digital world, and Akash Network is paving the way for this future. With features like:

  • Security

  • Scalability

  • Reliability

  • Developer-friendly tools

  • Cost-effectiveness

Akash provides a competitive platform for dApps.

Enhancing user trust, Akash Network offers superior security, transparency, and the option for anonymous application deployment, protecting users’ identities and data. Its permissionless marketplace approach invites anyone with compute resources to become a provider, fostering competition and driving down costs. Additionally, Akash facilitates AI and ML projects, supporting applications running on NVIDIA GPUs.

Through the use of Cosmos SDK, Akash Network supports the vision of a decentralized internet, ensuring compatibility within the blockchain space.

Navigating the Akash Console: A User-Friendly Interface

Navigating a new platform can often be a daunting task, but with the Akash Console, this process becomes incredibly straightforward. The Akash Console is a user-friendly, web-based deployment console designed to significantly ease the process of deploying applications on the Akash Network.

Leveraging Infrastructure as Code through an orchestration layer powered by Stack Definition Language (SDL), the Akash Console allows for detailed and complex deployment configurations across various cloud providers and regions. After deploying applications, users can utilize the Akash Console’s dashboard to monitor the status and access detailed information about their workloads.

To facilitate user understanding and interaction with the Akash Console, the platform’s documentation provides in-depth guides on creating and funding accounts, and deploying applications.

The Future is Decentralized: Akash Network's Roadmap

As the demand for cloud compute, particularly for artificial intelligence (AI) and machine learning (ML) applications, is predicted to grow, Akash Network is setting its sights on the future. The network is preparing for this anticipated growth by integrating high-performance compute with NVIDIA GPUs, fostering greater community contributions, and aligning with open-source AI.

To address the global GPU shortage that impacts AI applications, Akash Network has validated the ‘Repurposed ETH Miner’ thesis and is onboarding new high-performance compute providers. The network’s GPU marketplace aims to provide an accessible, scalable, and secure alternative for AI hosting, democratizing GPU resources for AI developers and researchers.

As part of its expansion strategy, the network envisions increasing its influence by participating in key events like the Decentralized AI Summit to foster connections with AI builders. AKT 2.0 aims to support the network’s expansion by providing a range of currency options for lease settlement and funding for incentive pools.

Network Synergy: Akash and the Broader Cosmos Ecosystem

One of the strengths of Akash Network lies in its integration with the Cosmos ecosystem. The Akash Marketplace operates on a blockchain framework built using the Cosmos SDK, facilitating interoperable and scalable blockchain operations.

This integration allows Akash Network to connect smoothly to other blockchains within the Interblockchain Communication (IBC) protocol. Collaborations with other Cosmos ecosystem projects like the Osmosis decentralized exchange demonstrate Akash Network’s active participation and integration within the broader blockchain space. Such synergies not only enhance Akash Network’s reach but also its accessibility and functionality.

The Technical Backbone: Understanding Akash's Infrastructure

Behind the innovative offerings of Akash Network is a robust technical infrastructure. Constructed on a Proof-of-Stake (PoS) blockchain using the Cosmos SDK, Akash Network is fortified with a Byzantine fault-tolerant consensus mechanism via Tendermint. This underlying architecture forms the backbone of the network, facilitating interoperable and scalable operations.

In addition to the blockchain architecture, Akash Network’s infrastructure includes:

  • A virtualization layer orchestrated by Kubernetes and the Stack Definition Language (SDL), supporting complex deployments across various regions and cloud providers

  • Networking that can be configured for security through the SDL file, and includes the option to lease dedicated IP addresses for services such as web servers and DNS

  • Persistent storage solutions

  • Peer-to-peer communication that promotes data privacy

This underscores Akash Network’s commitment to providing a secure, reliable, and efficient cloud computing platform.

Staking on Akash: Incentivizing Security and Participation

One of the key mechanisms that ensure the security and efficiency of Akash Network is its staking protocol. The network employs a Delegated Proof of Stake (DPoS) protocol powered by the Tendermint Byzantine-Fault Tolerant (BFT) engine for transaction verification and network maintenance.

In Akash Network’s PoS blockchain, staking AKT tokens offers the following benefits:

  • Contributes to the system’s security

  • Enables stakers to earn passive income

  • Validators receive inflationary rewards proportional to their staked AKT

  • Delegators earn rewards by delegating their staking rights to validator nodes

  • Stakers who commit their AKT for longer durations are eligible for greater reward returns

  • Estimated staking reward rate of approximately 15.76% APY

These incentives not only encourage participation but also bolster the blockchain’s resilience against attacks and its capability to efficiently process transactions.

Joining Forces: The Community-Driven Aspect of Akash

A significant driving force behind Akash Network’s success is its community. The network is community-owned and managed, with open access to its source code and active community participation in decision-making processes. This inclusive approach fosters collaboration and enhances the network’s dynamism and innovation.

Members of the Akash Network community engage in several collaborative efforts, participating in development meetings, joining community groups, working on current projects, and contributing within the ecosystem. The network fosters a radically open community by open-sourcing its codebase and adopting a philosophy that emphasizes free public service and communal collaboration. Community members also have the opportunity to become Akash providers, offering their computing hardware to the network, thus supporting the network’s scalability and earning income for their contributions.

Navigating the Purchase of AKT Tokens

As an essential part of the Akash Network, AKT tokens play a vital role in the network’s operations. The process of buying AKT tokens involves purchasing a widely accepted cryptocurrency such as USDT, BTC, ETH, or BNB, as AKT cannot be bought directly with fiat on most platforms.

AKT tokens are available on several centralized exchanges like Bybit, as well as decentralized exchanges such as Osmosis. The process of purchasing AKT on centralized exchanges involves registering and verifying an account, buying USDT with fiat currency, transferring USDT to an exchange that supports AKT, and trading for AKT in the spot market. While the process might seem complex, the detailed guides and support provided by these platforms make buying AKT a straightforward task.

Summary

In a world dominated by centralized cloud providers, Akash Network emerges as a beacon of change. With its decentralized cloud computing marketplace, it offers a secure, efficient, and cost-effective platform for buying and selling computing resources. Its community-driven approach fosters innovation, while its robust technical infrastructure ensures security and reliability. By empowering participants to share their resources, Akash Network aims to create a global super cloud, revolutionizing the world of cloud computing. The future of cloud computing is here, and it’s decentralized.

Frequently Asked Questions

What blockchain is akash on?

Akash Network runs on the Cosmos SDK, a Tendermint-based blockchain built using the Cosmos SDK. This provides a secure and efficient platform for the Akash Marketplace.

What does AKT crypto do?

AKT crypto is the native token of the decentralized lending platform Akash. It enables financing solutions without intermediaries and secures the network through staking, offering a passive income stream for stakers.

How does Akash Network make money?

Akash Network makes money through cloud computing by operating as an open-source Super Cloud, allowing users to buy and sell computing resources securely and efficiently, in a manner similar to Amazon Web Services (AWS).

What is the use of Akash Network?

The primary use of Akash Network is to provide a decentralized and open-source cloud computing platform, connecting server owners and users through the Akash Marketplace to buy and sell computing resources. This allows for efficient hosting of applications (Source: Web).

How does Akash Network compare to traditional cloud platforms in terms of costs?

In terms of costs, Akash Network is approximately one-third cheaper than major cloud service providers like Amazon AWS, Google Cloud Platform, and Microsoft Azure for similar services. This makes Akash Network a more cost-effective option.

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