What Is Akash Network and How to Buy AKT?

Akash Network is a decentralized cloud computing platform, providing a more affordable, efficient, and accessible alternative to traditional cloud services. It fosters a secure open marketplace for users to buy and sell computing resources, offering decentralized ownership of cloud infrastructure, and enabling deployment of applications. 

In this article, we will learn about Akash Network and discuss how Akash Network works, Akash container platform and Akash deployment marketplace work. We will also dive into its native token AKT, the tokenomics, the history of Akash Network, its features, the token value, and, at the end we will provide a step-by-step guide on purchasing AKT tokens.

What Is Akash Network and How Does It Work?

Akash is an open Supercloud network that empowers users to take back ownership of their cloud infrastructure. It offers a unique approach where users can both deploy their own cloud resources and engage in buying or selling unused cloud capacity to others. This decentralized model, managed and owned by its community, distinguishes Akash from traditional cloud platforms owned by major companies like Amazon, Google, and Microsoft.

At the heart of Akash's philosophy is the idea of a free public service, with the underlying source code accessible to everyone. The platform is built on reliable technologies such as Kubernetes and Cosmos, with the community actively involved in the decision-making of new features and enhancements.

Unlike other cloud providers, Akash builds a secure and efficient open marketplace where users can securely buy and sell computing resources. This purpose-built approach emphasizes public utility and encourages competition among providers.

Akash sets itself apart by introducing a shift from centralized cloud ownership to a decentralized network of cloud providers. It enables users to leverage open-source software developed by a community, promoting competition in a marketplace with multiple providers. Similar to Airbnb's concept, Akash allows users to control the price they pay and select desired attributes for their cloud resources.

Furthermore, Akash facilitates app developers with a command-line tool that streamlines leasing and deploying applications directly from a terminal. By tapping into the vast reserves of underutilized resources across millions of global data centers, Akash offers a platform where cloud-native and containerized applications can run faster and at a lower cost compared to traditional centralized clouds.

Akash's differentiation from other decentralized platforms lies in its ability to host containers, enabling users to run any cloud-native application without requiring a complete rewrite in a proprietary language. The absence of vendor lock-in ensures users can switch between cloud providers effortlessly. Crucially, deployment files are transferred over a private peer-to-peer network, isolated from the blockchain, while asset transfers occur off-chain via mTLS to guarantee security and performance for mission-critical cloud applications. 

What Is the Akash Container Platform?

The Akash Container Platform serves as an advanced deployment platform designed specifically for hosting and efficiently managing containers where users can run any cloud native application. Containers, being standardized units of software, encompass code and all its dependencies, enabling applications to operate swiftly and reliably across diverse computing environments.

At its core, Akash offers unparalleled flexibility, allowing users to run any cloud application seamlessly. The platform is thoughtfully constructed with a comprehensive suite of cloud management services, prominently featuring Kubernetes—an acclaimed open-source system for automating the deployment, scaling, and management of containerized applications.

Akash integrates Kubernetes (also known as K8s) to give users powerful tools for managing containers. It automates tasks like scaling applications, making deployment easier, and using computer resources more efficiently. With Akash Container Platform's powerful combination of container management and Kubernetes, users gain an unparalleled advantage in efficiently deploying and maintaining their cloud-native applications across diverse computing environments. Akash Container Platform offers an ideal solution for developers seeking flexibility, reliability, and scalability in managing their containerized applications.

What Is Akash Deployment Marketplace?

The Akash Deployment Marketplace serves as a platform where users can efficiently lease computing resources from various Cloud providers, facilitating seamless deployment of Docker containers through the Akash Container Platform. To ensure transparency and security, all relevant data, including requests, bids, leases, and settlement payments, is stored on-chain using the native Akash Token (AKT).

Underlying the Marketplace is a robust blockchain infrastructure based on the Tindermint protocol, which, in turn, is built upon the proven and reliable Cosmos SDK. This choice of technology ensures a scalable and resilient ecosystem for managing the complex interactions within the marketplace.

By leveraging the Akash token and blockchain technology, the marketplace fosters a decentralized and trustless environment, allowing users to confidently engage with cloud providers and seamlessly access the computing resources they require for their Docker container deployments.

What Is AKT Token? 

The Akash Network Token (AKT) serves as the essential utility token for the Akash Network, offering various functionalities that contribute to the network's smooth operation and ecosystem growth.

1. Governance: AKT holders possess the power to vote on network improvement proposals and manage crucial parameters like inflation rate and take rates. The governance model allows community members to actively participate in shaping the network's future.
2. Security: AKT plays a pivotal role in securing the blockchain through a process called staking. By staking AKT, participants not only help secure the network but also earn passive income as rewards for their contributions, thereby reinforcing the overall network security.
3. Incentives: AKT acts as a powerful incentive mechanism to encourage cloud service providers to offer competitive prices and incentivizes long-term participation in the network through staking. This ensures a healthy and vibrant environment for the community.
4. Value Exchange: As the native unit of account on the Akash Network, AKT facilitates seamless storage and exchange of value between users within the ecosystem. It enables smooth transactions and fosters economic activity within the network.

Key Features of AKT Tokens

• Native Token: AKT is an integral part of the Akash Network, playing a fundamental role in its functioning and development.
• Proof-of-Stake (PoS): Being a PoS token, AKT can be staked by users to earn rewards, promoting active participation and engagement in network activities.
• Unit of Account: As a unit of account within the Akash Network, AKT enables easy measurement and transfer of value between users, promoting a fluid economic environment.
• Deflationary Nature: Akash token supply gradually decreases over time, creating scarcity and potential value appreciation, making it an attractive investment opportunity for those interested in the future of decentralized cloud computing.

In conclusion, the AKT token forms the backbone of the Akash Network, supporting network governance, security, incentives, and value exchange. Its unique features and potential for growth make it an intriguing asset for investors who envision the promising future of decentralized cloud computing.

AKT Token Statistics (July 2023)

History of Akash Network

Akash Network was founded in 2017 by Greg Osuri and Adam Bozanich, the Akash Network is led by Greg who is an accomplished entrepreneur and Adam who is a highly experienced software engineer. Greg Osuri has an impressive history of establishing successful technology companies, including Firebase (acquired by Google in 2014) and AngelHack, renowned as the world's largest developer ecosystem. Meanwhile, Adam Bozanich brings over 15 years of valuable expertise in the tech industry to the table.

In September 2020, the Akash Network mainnet was launched, and its potential was quickly recognized by investors. The project successfully secured over $10 million in funding from prominent investors like Binance Labs, Polychain Capital, and CoinFund. Boasting a team of experienced engineers and entrepreneurs from diverse global backgrounds, the Akash Network is dedicated to transforming the cloud computing landscape and revolutionizing the way we harness cloud resources.

Features of Akash Network

1. Decentralization: The Akash Network stands out as a decentralized cloud computing platform, operating without reliance on any single controlling entity. This unique characteristic enhances its resistance to censorship and minimizes the risk of downtime, fostering a more robust and reliable ecosystem.
2. Enhanced Efficiency: Unlike traditional cloud computing platforms, Akash Network is purposefully engineered for higher efficiency. Leveraging a peer-to-peer network, it distributes computing power efficiently, resulting in significant cost savings for users, making it a cost-effective choice.
3. Accessibility: The Akash Network prioritizes accessibility for all, regardless of technical expertise. Its user interface is intentionally simple and intuitive, allowing users to easily deploy and manage applications, making cloud computing more approachable and convenient.
4. Security: Security is of utmost importance in the Akash Network. It incorporates multiple layers of protective measures, including encryption, authentication, and authorization, to safeguard user data effectively. This commitment to security ensures a safe and protected environment for hosting applications.
5. Scalability: Designed with scalability in mind, the Akash Network is well-prepared to meet increased demands for cloud computing resources. This makes it an ideal choice for businesses seeking swift and seamless scaling of their operations, accommodating growth without hindrance.

In conclusion, the Akash Network offers a decentralized, efficient, and accessible cloud computing platform, prioritizing security and scalability. Its innovative design caters to various user needs while fostering a more reliable, cost-effective, and user-friendly cloud computing ecosystem.

What Is AKT Token Value?

As of August 23, 2023, the current value of AKT stands at $1.52, and its value lies in being the native token of the Akash Network—a decentralized cloud computing platform. AKT is utilized for paying for cloud computing services and securing the network through staking, providing passive income to stakers and enhancing network security. The future value of AKT is uncertain, but it may rise due to the growth of the Akash Network and increased demand for decentralized cloud computing services.

Several factors can impact AKT's value, including the growth of the Akash Network, demand for decentralized cloud services, and the overall state of the cryptocurrency market. It is essential to acknowledge that AKT's price is subject to volatility, and investment decisions should be made with careful research and awareness of associated risks.

How and Where to Buy AKT Tokens?

CoinEx is a global cryptocurrency exchange, trusted by 5+ millions of users worldwide with 100% reserve. With its 700+ tokens supported, including AKT, users can now trade easily and seamlessly. To purchase AKT tokens on CoinEx, follow the steps below.

1. Create an Account: Start by signing up for a CoinEx account.
2. Deposit Funds: After logging in, deposit funds into your CoinEx account using any supported cryptocurrencies or deposit methods available on the exchange. Having funds in your account enables you to execute trades seamlessly.
3. Navigate to AKT Trading Page: Once your account is funded, go to the dedicated AKT trading page on CoinEx. You can find a search box and enter the term AKT to swiftly locate the trading pair associated with AKT tokens.
4. Choose a Trading Pair: Select the trading pair AKT/USDT to trade AKT against USDT (Tether).
5. Specify the Purchase Amount: Determine the quantity of AKT tokens you want to purchase. Input the amount in the trading interface, which will calculate the corresponding cost based on the current market price.
6. Execute the Trade: With the specified amount, proceed to execute the trade. Confirm the details, and if you are satisfied, submit the order. 

By following these comprehensive steps, you can easily trade AKT on CoinEx, taking advantage of the available trading pairs.