The Akash Network is a decentralized cloud computing marketplace aimed towards decentralized application (dApp) developers in the decentralized finance (DeFi) industry, as well as other high-computing, high-growth industries such as machine learning. Akash is a component of the Cosmos Hub, which places the project among a vast ecosystem of multiple blockchain networks and enables it to support a variety of development platforms. As a decentralized marketplace, Akash Network wants to make cloud computing more accessible to everyone and, by doing so, give end users more flexible cloud services at lower prices. Akash Network works closely with the biggest cloud service providers and wants to make the cloud computing industry more equitable and convenient.
Greg Osuri and Adam Bozanich developed Akash Network as a developer-centric, user-optimized network. Greg has helped start up several developer companies, including Firebase, which Google bought in 2014, and AngelHack, which is the biggest developer ecosystem in the world.
The Akash Network Whitepaper Version 1 was published in December 2017, and development began in January 2018. In March 2018, version 2 of the whitepaper was published, and in August 2018, version 3 was published, followed by the launch of the main net on September 25, 2020. On March 8, 2021, Akash Network released main net 2 using the Cosmos SDK.
Akash Networks aims to democratize access to the potential of cloud computing while reducing the power of incumbents; few centralized firms, known as the Big Five, control cloud computing, resulting in censorship. This issue is resolved by Akash Network since the Akash sources are not owned by a single corporation or individual, but rather originate from a globally distributed network of cloud computing data centers. Since the launch of its main net 2, Akash has experienced a 400x increase in platform deployments.
AKT, the native utility token on the Akash Network, is used for various purposes.
AKT is used to make sure that the blockchain is safe, to encourage users to take part and to provide a way to store and trade value.
AKT holders are allowed to vote on the network.
The platform also provides AKT incentives for platform engagement.
AKT operates as the reserve currency in Akash's multi-currency and multichain environment.
Akash is a decentralized cloud computing marketplace that pools and re-allocates idle computer processing power to customers who need it. Akash's 'Supercloud' connects clients with providers via a transparent, distributed leasing service while preserving the benefits of decentralized computing via the Akash blockchain.
The Akash blockchain is protected using a Delegated Proof of Stake (DPoS) consensus mechanism. Therefore, the network is dependent upon a system of validators and delegators. Validators on the Akash network add new blocks to the blockchain by voting, using tokens that delegators have staked on their behalf. Delegators stake their tokens with their selected validators based on the platform's publicly available data.
The protocol also uses a Tendermint algorithm to improve speed and scalability. Akash is the initial open-source, decentralized cloud platform. Its process is clear and doesn't require anyone's permission.
DATE NEWS/EVENTS IMPACT 24/01/2023 Mixin Network and Akash Network form a strategic partnership +32% Increase 07/05/2022 TerraUSD and LUNA both collapsed, and as a result, a number of crypto platforms folded in the aftermath -57% Decrease 31/01/2022 Kraken will support staking Tron (TRX) and trading Akash Network (AKT) starting February 1 +21% Increase
Akash Network is a cutting-edge marketplace for the purchase and sale of cloud computing services. The network claims to offer a number of advantages over centralized cloud service providers, including greater transparency and reduced costs. With these advantages, Akash Network intends to compete with its centralized counterparts. Akash Network has also partnered with other projects, such as Kava and Polygon, on its way to creating a truly decentralized Internet. However, Akash Network is still relatively new to the world of cloud computing, and only time will tell whether this decentralized cloud solution will outperform its centralized competitors.
Akash Network