Akash Network

The platform stands out in the decentralized cloud and cloud computing marketplace. Launched in 2018, the network provides an innovative marketplace for buying and selling cloud computing services. The Akash Network offers various advantages over centralized cloud service providers, including higher transparency and lower costs. 

The Akash Network was launched in March 2018 by Overclock Labs, a software development company started by Greg Osuri and Adam Bozanich. They are still attached to the Akash Network, with Greg Osuri serving as the CEO of Akash and Adam Bozanich as the CTO.

• Cloud computing: The network provides a decentralized cloud marketplace, enabling users to buy and sell computing.

• Peer-to-peer: Akash Network connects clients in a peer-to-peer and decentralized marketplace, without intermediaries.

• Interoperability: One of the prominent features of the Akash Network is interoperability with other blockchain ecosystems. The network can seamlessly interoperate with many cloud applications and businesses to engage in the decentralized cloud computing market.

• Open source: The network is an open-source platform maintained by a global team of developers. This promotes transparency among developers while ensuring continuous improvement of the ecosystem.

Since its inception, the AKT token has performed well in the crypto market. With the current price set at $3.48 (July 2024), the AKT token hit its all-time high of $8.08 in April 2021. In the past year, the AKT token grew over 500%, pushing its price from $0.30 to over $4. Looking ahead, AKT is set for a promising future and experts estimate the token to touch the $36 to $45 level by 2030. 

You can invest in AKT tokens via CoinSwitch by downloading the app.

• Security: The AKT token is used to secure the Akash Network by incentivizing the network participants who contribute to the network security. 

• Governance: Token holders have the right to vote on proposals to improve the network and other major decisions related to the network’s future. 

• Value exchange: Akin to other cryptos, AKT is used to store and exchange value. It also serves as a reserve currency within the Cosmos multi-currency, multi-chain ecosystem.

• The blockchain uses a Proof-of-Stake (PoS) consensus mechanism which is greener and offers rewards to stakers.

• The platform is decentralized and community-driven, allowing token holders and developers to influence the network’s activity.

• Being a decentralized cloud service provider, the Akash Network is more cost-efficient compared to its centralized counterparts.

• Being built on the Cosmos blockchain, the AKT token relies on the success of the Cosmos ecosystem.

• The AKT token is subject to regulatory scrutiny and price volatility. 

• The AKT token is still new to the cloud computing world and is yet to attain mainstream recognition.

• You can trade in AKT tokens via CoinSwitch starting with just ₹100.

• The CoinSwitch app can be easily downloaded and accessed by both new and seasoned traders. 

• Users can trade in AKT for just a nominal fee.

The Akash Network (AKT) ICO began in 2020 and raised $800,000. It ended on October 15, 2020, with an ICO price of $0.7673 per token. George Burke, an angel investor, and venture capital firm Infinite Capital made initial investments.