Akash Network (AKT) is the first cloud computing marketplace and operates in such a manner that it connects users in need of computing resources to those who own and rent such required services. The network is powered is the AKT token.
Akash works as a decentralized Cloud for DeFi (Decentralized Finance), it boasts to be the first of its kind as the world’s maiden decentralized cloud computing marketplace, accelerating the scale and improving price performance for high-growth industries such as DeFi, decentralized organizations and applications, and machine learning/AI.
The Akash network brings to the table an advanced containerization technology and a unique staking model to accelerate adoption proving to offer a speedy and faster rate while at the same time reducing cost cloud about 10x yet providing flexibility, and unparalleled scale.
Akash was co-founded by Greg Osuri and Adam Bozanich who are well grounded and recognized globally as open source developers and are listed among the top 20 programmers starting out open-source libraries acquired by organizations including Ubuntu, HashiCorp, and Kubernetes. They sit at the helm of affairs in the Akash network steering the team to reach new milestones. Greg Osuri currently operates as the Chief Executive Officer and Adam Bozanich has charge as the Chief technology officer.
Akash Network is built on the platform of the Cosmos hub and runs on a sovereign proof-of-stake, it operates on the Akash Token (AKT), which is the utility token of the network, as the basic token used to govern, secure the blockchain, and provide a default mechanism to store and exchange value. The AKT operates as the reserve currency in Akash’s multi-chain ecosystem, simultaneously validating the economic security of the public chain through staking.
The AKT is the basic token of the Akash Network, it is utilized as a staking mechanism to secure the network and to bring compute prices to a standard state for marketplace auction.
The frequency of new block proposals by validators is dependent on the number of AKTs staked towards such validators. In compensation for staking or bonding to a validator, holders of the AKT token gain eligibility for block rewards which are paid out in AKT and also a portion of the transaction and service fees, this can be paid out in any of the whitelisted tokens.
The Akash's distribution includes a 100,000,000 (Genesis Supply) and a 388,539,008 AKT (Max Supply).
As for validators, they secure the network through verification and submission of transactions, designing, verifying, and thus finalizing blocks.
Delegators are ACP holders who use their tokens to secure the chain. Delegators also have the option to earn a portion of the transaction fee as block rewards.
Providers offer calculation cycles for the Akash network and earn fees for their contributions, but are required to maintain a certain share in the ACP as collateral. Tenants can easily rent calculation cycles at a market price.
Some of the features of the network include:
- The cloud offers efficiency as it enables users to conveniently pay for what they need, when needed.
- It also runs on a flexible structure due to its compatibility with all existing cloud applications
- Offers lower costs to developers reducing costs by about 10x.
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