What is Akash Network ($AKT?)

The DePin narrative has taken $AKT up over 14x in the last year and we haven’t even entered the bull run yet.

After four years of building the ultimate DePin protocol, I think it’s about time we take a deep dive into the Akash Network.

What is Akash Network?

Akash was built using the Cosmos SDK and first launched in 2018. The Akash network is the first-ever Supercloud that uses blockchain technology to provide a decentralized, fast, reliable and cheap cloud computing resources marketplace for everyone worldwide.

The Akash network is home to a decentralized peer-to-peer (P2P) marketplace that lets users buy and sell their computer power/resources. The main question is, why do we need Akash and why don’t we use Google Cloud, AWS or similar cloud services instead?

Firstly, the cloud providers leasing their computer resources on Akash will unlock a passive income stream of $AKT tokens. Secondly, users would use Akash for its affordability, performance capabilities, security and the ability to seamlessly switch between cloud providers.

Akash Ecosystem

As a fully governed and community-owned protocol, Akash has created a superior ecosystem of products and services that is accessible to anyone and everyone. Developed by Akash, we have an AI chatbot called AkashChat, a unique AI text-to-image generator called SDXL and more.

There are many protocols now shifting and integrating their products/services over on Akash. For example, the leading decentralised search engine PreSearch runs its nodes on Akash and Thumper AI with its artist-focused AI solutions.

By looking at the stats over on Akask, we can see the popularity in DePin activity. Over $500K has been spent on over 185K leases by users leasing cloud services on Akash. With over 12.5M transactions on the network, this makes it one of the leading DePin protocols.

Akash Token ($AKT)

$AKT is the native token powering the whole network. Primarily, $AKT is used to buy/sell/lease computing power within the marketplace. Nonetheless, $AKT can also be staked to secure the network and is also used for governance, enabling users to vote on any protocol proposals.

Conclusion

At the time of writing, $AKT is currently priced at $5.29 with a market cap of $1.25B, ranking Akash the 71st largest crypto, according to CoinMarketCap. In April 2021, $AKT peaked at an ATH of $8.08 and is only roughly 28.69% away from achieving that once again…

With the DePin narrative trending and the bull market in coming, Akash could melt faces and exceed its previous all-time high. By 2028, it is said that DePin could exceed a $3.5T valuation. If this happens, $AKT would highly likely blow the cap off of its previous ATH!