Akash Network Crypto (AKT)

Akash is a decentralised cloud computing platform developed on the Cosmos blockchain using the Cosmos software development kit (SDK). This open-source platform enables the deployment of cloud-native applications, enhancing the performance and scalability of decentralised applications and organisations within its ecosystem. By utilising the underutilised capacity of cloud resources, Akash offers more cost-effective and efficient cloud computing services compared to centralised alternatives. The platform is compatible with existing cloud applications, allowing businesses to engage in the decentralised cloud computing market. The native AKT token is integral to the Akash network crypto, serving roles in network governance, security, value exchange, and incentivizing user participation.

Who are the Founders of Akash Network Crypto?

Overclock Labs, a cloud service automation and management company, introduced the Akash network crypto in March 2018. This decentralised cloud computing platform is backed by a team of esteemed developers, including co-founders Greg Osuri, who serves as Akash's CEO, and Adam Bozanich, the CTO of the company. Prior to their involvement with Akash, Osuri established AngelHack, a global developer ecosystem, as well as Overclock Labs, a protocol development firm. Bozanich's background encompasses leadership roles in software development at Symantec, a cybersecurity solutions provider, One Kings Lane, a home decor enterprise, and Marketron, a media sales corporation.

What makes Akash Network Crypto unique?

AKT serves as the native token for the Akash blockchain, playing a crucial role in network security, lease settlements, pricing, and governance. It is used for staking, securing the network, and facilitating lease transactions within the Akash network crypto marketplace. The token also enables lease settlements in various whitelisted tokens, such as Bitcoin (BTC), with an option to lock in exchange rates.

Users are rewarded based on their staked AKT and the duration of their commitment, with flexible staking periods ranging from one month to one year. Additionally, AKT acts as a governance token, allowing holders to participate in decision-making by voting on proposals, with the weight of each vote determined by the amount of tokens staked. The initial issuance of AKT was 100,000,000 out of a maximum supply of 388,539,008, and an inflationary model was employed to lower service costs and encourage early adoption, with inflation rates decreasing over time.

Akash Network Crypto has established partnerships with various data centres, technology, and capital partners, including notable names like TRG Capital, Alpha Block Investments, Forbole, PeopleFund, Outpost Capital, AGE, ChainLayer, and Wakem Capital Management.

Network security about Akash Network Crypto Security

Proof-of-Stake (PoS) Consensus: Akash relies on a PoS blockchain secured by its native token AKT. Staking AKT enhances network security and offers stakers a passive income stream.

Inter-Blockchain Communication (IBC): Akash network crypto stands out as the first blockchain to execute an IBC transaction with Cosmos Hub. This enables native communication with other IBC-compatible blockchains like Ethereum, leveraging their security features for verifiable and enforceable transactions.

Audited Attributes: The network introduces Audited Attributes, empowering users deploying applications to choose trusted providers. Auditors review cloud providers and digitally sign their certificates on-chain, granting users control over trust settings for secure deployments.

Privacy Policy: Akash network crypto maintains a privacy policy outlining the collection and use of personal information. The policy includes protective measures for user data and compliance with relevant regulations.

Recent developments in Akash Network Crypto.

The rapid growth of AI and machine learning has led to a surge in demand for GPUs, resulting in a global shortage due to constrained chip supply. This shortage hampers the development and distribution of AI models and could centralise their development within a few corporations with vast resources. Large cloud providers prioritise their biggest customers, leaving startups and researchers struggling to access GPUs. 

To address this, Akash network crypto has introduced an open-source marketplace for computing and is now launching a GPU Testnet. This testnet allows anyone to access high-density GPUs for various AI tasks, promoting wider accessibility. Participants can set up GPU providers, deploy AI models, benchmark GPU performance using PyTorch, and create Stack Definition Language (SDL) files to request compute resources. This initiative aims to democratise GPU access and foster a more inclusive AI development landscape.

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