What is Akash Network crypto?
Akash Network is a cloud computing project, created by:
- Greg Osuri (CEO)founder of AngelHack, a large hackathon firm, or Firebase, a development company.
- Adam Bozanich (Technical Director) who has experience developing software for Symantech, One King’s Lane and Marketron.
- Boz Menzalji (Director of Operations)former general manager of the firm Refereum who participated in the development of several start-ups such as Paydici.
The Akash project began in 2018. The network was launched on September 25, 2020. For its financing, the project used two ICOs and one IEO from AscendEX. Akash Network defines itself as the “world’s first cloud computing marketplace”.
Concretely, Akash Network is a platform that allows you topeer-to-peer exchange of computing resources. It is the decentralized equivalent of the cloud services offered by GAFA such as Amazon AWS, Google Cloud and Microsoft Azure. From a technical point of view, Akash Network is a blockchain layer 1 built within layer 0 Cosmos. The capitalization of the project is greater than $1.3 billion, which positions the AKT token among the top 100 worldwide.
What are Akash Network’s partnerships?
Akash Network has numerous partnerships with firms specializing in data such as 6×7 Networks, LLC (encrypted telecommunications company), OrionVM (laaS provider), SimplyVC or Equinix Metal, the world’s largest data and infrastructure provider.
At the crypto level, Akash Network has partnerships with Cosmos, its native environment. In addition to Cosmos, Solana (blockchain specialized in dApps), Kava (DeFi platform), ChainLink (crypto in the field of oracles) and Sovryn (BTC lending solution) are partners of Akash Network.
Akash Network VS centralized cloud services?
Akash Network is technically different from centralized cloud services and has unique features like:
- A decentralized architecture built in the layer 0 Cosmos blockchain ecosystem. Akash is from the library Cosmos SDK and uses the consensus process Terndermint.
- Standard Definition Language (SDL). This language allows users to create forms that contain the parameters of their request (price, resources, etc.) in order to be sent to the network.
- Akash Container Platform. A “container” makes it possible to isolate software from its environment and thus guarantees its uniform operation despite differences. A container groups the code and all its dependencies so that the application runs quickly and reliably from one computing environment to another.
Explore the architectural highlights of Akash Network below.
Decentralized infrastructure
Through the use of technology blockchainAkash Network offers a decentralized cloud computing infrastructure. Unlike the cloud services offered by the giants Amazon, Microsoft or Google, on Akash it is users who share their computing resources peer-to-peer. This decentralization makes it possible to reduce cloud costs and increase security. Additionally, it protects users from censorship risks. Your resources do not come from a single data center but from several nodes (or users) distributed around the world.
GPU integration
Akash Network gives its users the opportunity to use high GPU power at low prices. Based on the principle of the “sharing economy” (sharing economy), the platform allows users with limited means to borrow at low cost from the GPU power.
Connecting with AI
Akash Network uses technologies fromArtificial Intelligence (AI) to offer new services. For example, in August 2023, the platform launched its solution called Supercloud. Supercloud allows unauthorized access to computing resources, including GPUs, from different providers, whether independent or large firms.
Uses and applications
The Akash Network ecosystem currently has around fifty projects covering different areas such as:
- DAO : AtlasDAO, Craft Economy…
- Memes : Chihuahua Chain ;
- Gaming : Passage 3D, Strange Clan;
- Challenge : Chandra Station, Evia Network, Osmosis DEX…
- Dapp : Desmos Network, Teritori, Swift Protocol…
- Mining : Chia Network ;
- NFT : OmniFlix, Stargaze, Waving Cosmonauts;
- Artificial Intelligence (AI) : SDXL on Akash, Thumper AI, Akash Chat.
What is the AKT token used for?
AKT is the native token of the Akash Network platform and is used to:
- Participate in governance of its DAO;
- Staking to earn passive income and contribute to network security;
- Serve as exchange value to carry out transactions.
At the time of writing, there are 237,278,695 AKT tokens in circulation out of a total of 388,539,008. The current price of the AKT token is $5.34. The ATH was reached on April 6, 2021 with a price of $8.08. The price of the Akash Network token is on a very good dynamics with :
- + 39% over the last 30 days;
- + 38% over the last 90 days;
For many analysts, the price of the AKT token should increase in value over time. For Coinpedia, the average price target is $8.29 in 2024 and above $10 ($13.3) in 2025. Changelly analysts are also bullish on the AKT token and see the price exceeding $10 this year!
The AKT token is not present on all exchange platforms. Currently you can buy Akash Network on Coinbase, KuCoin and CoinEX, all you need to do is:
- Opening an account by filling out a form;
- Go through the verification steps including (for certain platforms) KYC;
- Deposit funds by credit card or transfer;
- Buy AKT (depending on the possibilities offered by the platforms):
- Direct purchase by credit card or using funds available in your account.
- Indirect purchase via a trading pair, most often AKT/USDT. This means that you must purchase stablecoins Tether (USDT) which you can then exchange for AKT tokens.
After purchasing your AKT tokens, it is important to store securely. To do this, you must use a wallet. Currently, few wallets are compatible with the AKT token. Depending on the exchange used, it is possible to transfer them to the platform’s integrated wallet. Another solution is to use the Keplr wallet. It’s about official wallet of the Cosmos ecosystem. As layer 1 built within the Cosmos, Akash Network can therefore be stored on Keplr.
Our opinion on AKT: A promising crypto AI?
Akash Network is a blockchain solution specialized in cloud computing. Unlike traditional cloud services offered by Amazon, Microsoft or Google, Akash Network provides a decentralized solution. With its blockchain, the Akash platform makes access to cloud computing products more accessible notably the use of GPU computing powers. Additionally, Akash offers cheaper and safer services than centralized cloud services.
Built in the Cosmos ecosystem, Akash Network is based on a robust technology. Additionally, the platform uses services based on Artificial Intelligence (AI) such as its Supercloud solution.
With the emergence of AI and an ever-increasing need for GPU power, the Akash Network solution is positioned on a high potential sector. The price of the AKT token is still affordable at the moment. Mass adoption of the Akash network and a favorable crypto environment could easily propel the price of the AKT token beyond the $10 mark.
💡 Also discover: Crypto AI Render (RNDR) how it works and how to buy it.
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