Akash Network (COIN: $AKT) is a layer-1 blockchain created to facilitate access to decentralized cloud computing services efficiently and securely for the masses.
The project went live in 2018 as an open-source, supercloud platform, which runs on Cosmos SDK and is secured on the Cosmos blockchain.
The Akash Network is based on the principle that cloud-computing resources should have equal access, just like public utilities. The project’s official name, “Akash,” means open sky in ancient Sanskrit.
How Akash Network Works
Akash Network simplifies cloud-native application deployment, helping optimize resource allocation and scaling for decentralized applications (dApps) and other core business functions of small-to-large organizations. The platform is already compatible with most existing cloud applications.
Users can purchase cloud-computing resources via the Akash Marketplace. On the marketplace, they have the option to lease these resources, or use them to deploy a Docker container on the Akash Container platform. Account settlements (payments) on the marketplace are carried out using the $AKT token.
Cost-Effective Distribution of Cloud Computing
Akash Network offers the most cost-effective and efficient, open-source distribution of cloud-computing resources, in comparison to more expensive and centralized cloud storage provider networks.
Akash users have the freedom to pay for what they need. App developers using Akash have access to a simple command-line tool that helps them control the leasing and deployment of apps.
According to Akash, there are over 8.4 million data centers globally, which are massively under-utilized. The project is helping democratize access to these unused data center resources at a much lower cost.
The $AKT Token
The $AKT token is the platform’s native cryptocurrency. It serves as a governance and utility token for the Akash Network.
$AKT tokens secure the network and incentivize ecosystem participants through its Proof of Stake (PoS) consensus mechanism, whilst also being used as the platform’s primary means of value exchange.
Tokenomics
The $AKT token has been performing quite well over the past few weeks. The price began climbing rapidly on August 6th, and by August 20th, $AKT had seen a price increase of as much as 195%.
The majority of trading volume is on centralized exchanges, like Kraken, KuCoin and Huobi, which account for nearly $3.9M of all 24-hour trading volume. Most of the remaining trading activity has been on the Osmosis decentralized exchange (DEX), which accounts for around $1.06 million in the last 24-hours.
Despite the massive growth in the past month, the $AKT token is still trading for just $1.45. The current price is a -82% discount from its all-time high price of $8.0813, which it achieved on April 5, 2021.
[Click The $AKT Chart Above To View On CoinMarketCap]
Social Media
Akash Network maintains steady growth on all social networks. It now has 90.8K followers on Twitter, 10,764 members on Telegram, and 15,957 members on Discord.
Final Thoughts
All indicators point to Akash taking off massively in the next few days. With a huge increase in trading volume and a viable value proposition, the $AKT token could be headed much higher. It would not be surprising to see the Akash Network continue to defy the current lull in the overall crypto markets.
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