Akash Network (AKT)
Akash Network is a decentralized cloud computing platform that leverages blockchain technology to create a global marketplace for computing resources. It facilitates peer-to-peer transactions, allowing users to buy and sell computing power. The network's operations are powered by the AKT token, which functions as its native utility token.
Overview
Founded in 2015 by Greg Osuri and Adam Bozanich, Akash Network operates under Overclock Labs. It is built using the Cosmos SDK and employs a Proof-of-Stake consensus mechanism. As a decentralized cloud computing marketplace, Akash connects providers and consumers of cloud resources, offering an affordable, secure, and transparent alternative to traditional cloud providers such as Amazon Web Services (AWS), Microsoft Azure, and Google Cloud Platform (GCP). Providers can lease their unused computing capacity to consumers, who use these resources to deploy and run applications. The AKT token secures all transactions, serving both as payment for cloud resources and as an incentive for providers to participate in the network.
| Ticker | AKT |
| Category | Artificial Intelligence (AI) |
| Website | https://akash.network |
| @akashnet_ | |
| Telegram | akashnw |
| https://www.reddit.com/r/akashnetwork/ | |
| Contract Addresses | |
|---|---|
| akash | uakt |
| archway | ib...73 Copied! |
History
Akash Network launched its mainnet 1.0 in September 2020, with 100 million pre-mined AKT tokens and a supply cap of 388,539,008 AKT. These tokens were distributed among investors, the Akash Network Foundation, and the project team, with a public sale of 1.8 million AKT. In March 2021, the network transitioned to a live, public release with mainnet 2.0, enabling developers to test its decentralized cloud infrastructure. The introduction of the Supermini, a miniature supercomputer, allowed end users to become cloud providers, earning passive income in AKT tokens.
In November 2022, Akash upgraded to Mainnet 4, featuring IP leases for publicly routable IP addresses and Cosmos IBC3 for cross-chain transactions, enhancing integration with the Cosmos ecosystem. The upgrade also implemented Interchain Accounts (ICA) for improved user experience. By August 2023, Akash introduced GPU support with its sixth mainnet upgrade, allowing providers to offer GPU resources and enabling USDC settlement. This update also paved the way for an open-source marketplace for high-density GPUs, initially focused on NVIDIA GPUs, with plans to include other manufacturers.
AKT token
The AKT token is the native utility token of Akash Network, facilitating transactions and operations within its ecosystem. Providers stake AKT tokens as collateral to ensure service integrity and reliability. AKT is central to network governance, blockchain security, and participant incentives, serving as a default mechanism for storing and exchanging value. It also rewards active participants like validators and developers. As a reserve currency in Cosmos’ multi-currency, multi-chain ecosystem, AKT enables block rewards and a portion of transaction and service fees for token holders who stake or bond to a validator.
AKT 2.0
AKT 2.0 aims to introduce new features and utilities to enhance the Akash ecosystem. These features are designed to generate network value by funding incentive pools for growth and development, offering diverse currency options for lease settlement, and more. Key aspects of AKT 2.0 include take-and-make fees, stable payments and settlements, an incentive distribution pool, provider subsidies, and a public goods fund.
Tokenomics
Built on the Cosmos hub, Akash Network operates on a sovereign proof-of-stake system. AKT functions as the reserve currency in Akash’s multi-chain ecosystem, validating the economic security of the public chain through staking. The network's distribution includes a 100 million genesis supply and a maximum supply of 388,539,008 AKT.
Main functions
IP leases
Akash Network offers tenants the option to request publicly routable IP addresses for their services, providing static public IP addresses and static port mappings. This feature introduces new opportunities for deployment, with IP leases tied to the deployment. Migration to another deployment is possible, preserving the reserved address, though availability is limited to specific providers using certain technologies.
Persistent storage
Persistent storage ensures deployment data persists throughout the lease. Providers create disk volumes mounted into the deployment, akin to container persistent storage. Storage persistence is tied to the lease and is lost during migration or closure. Each service uses a single profile to create unique volumes, and only one persistent volume is allowed per service definition.
Authorized spend
Authorized Spend allows users to authorize spending a set number of tokens from a source wallet to a designated, funded destination wallet. This feature is restricted to Akash deployment activities, ensuring tokens are used exclusively for deployment purposes. It supports collaborative deployment work without relying on large shared wallets.
Fractional uAKT
Fractional uAKT enables precise pricing adjustments for resource consumption, eliminating the implicit minimum cost of deployment. This feature addresses the issue of light workloads being more expensive than necessary.
Deployment shell access
Deployment Shell Access improves the management of deployed Akash containers, enabling command execution within running Linux containers/Akash deployments. It provides CLI/shell access and allows remote file copying from running containers to local instances for inspection.
Deployment HTTP options
Deployment HTTP Options enhance Akash deployment SDL service definitions with "http_options" for detailed HTTP endpoint parameter specifications. This feature facilitates simple migration to new deployments without interrupting services.
Key features
- Decentralization: Operating on the Cosmos network, Akash Network ensures decentralization, enhancing resilience and security.
- Global marketplace: The platform functions as a marketplace where computing resource providers list available resources, offering consumers a dynamic ecosystem for efficient computing power allocation.
- Containerization: Akash utilizes Docker containers for packaging and deploying applications, simplifying application management and deployment.
- Security: The network employs cryptographic and blockchain-based security measures to protect transactions and data integrity.
- Economic incentives: Through its native cryptocurrency, AKT, Akash incentivizes users to provide computing resources, promoting a stable and efficient marketplace.
- Open source: Akash Network operates as an open-source project, encouraging community participation and development, fostering innovation and transparency.
- Cost-effective cloud computing: Akash Network offers a decentralized and cost-effective alternative to traditional cloud computing services, providing access to global computing resources at competitive prices.