Overview
Akash Network is an open-source cloud platform with a distributed peer-to-peer marketplace for cloud computing, powered by Tendermint.
- Akash’s blockchain is based on the Cosmos SDK built on Tendermint.
- It lets developers easily deploy a Docker container to the Cloud provider for less.
- AKT is the Akash Network native token.
Akash Network at a glance
Akash Network is the world’s first decentralized and open-source cloud, which accelerates deployment, scale, efficiency, and price performance for high-growth industries like blockchain and machine learning/AI.
The Akash Deployment Marketplace allows users to lease computing resources from Cloud providers before deploying a Docker container on the Akash Container Platform. The Akash Container Platform provides a fast, efficient, and low-cost application deployment solution where developers can leverage to access cloud computing at up to three times less than the cost of centralized cloud providers like Amazon Web Services, Google Cloud, and Microsoft Azure.
Founded by Greg Osuri, mainnet was launched Sep 25, 2020 with 64 validators to establish economic value and to stabilize the staking set.
Akash, (AKT) token
The AKT token is Akash Network’s native utility token with a 166M market cap and maximum supply of 388M AKT that have primary uses for:
- Governance to vote on network upgrades, and allocation of funds and resources.
- Incentives for providers to offer lower prices, and for stakers to participate in the network.
- Value exchange as the default mechanism to store and exchange value, and acts as a reserve currency in Cosmos' multi-currency and multi-chain ecosystem.
- Rewards for providers that include a share of the total network spend that users pay.
Related: What is a token and how is it used in crypto?
Proof-of-Stake (PoS) AKT staking
Validators such as ourselves at Stakewith.us (and builders behind Unagii) operate nodes responsible for securing Akash Network’s operations and will earn staking rewards via distributed AKT tokens as incentives. Delegators (or users of Unagii) can help participate and secure the network with their votes by delegating their stakes to us on the Unagii platform to receive a portion of the rewards that validators receive.
Staking AKT allows Unagii users to participate in the decentralized governance with voting power, and earn Akash rewards. Rewards are paid out on a per block basis and users can choose to withdraw or compound accumulated rewards. The AKT token is inflationary in nature with an inflation rate change of 100%. The inflation will trend towards 15% if the staked ratio is more than 66%, and trend towards 25% if the staked ratio is less than 66%.
Note that staking risks do apply, including slashing risks upon validator downtime and double-signing. There is also a 21 day unbonding period for users when unstaking AKT from the network. During this period, users will not be able to withdraw and earn rewards.
Related: Staking coins: What is staking and how does it work?
How to stake AKT?
Staking AKT on Unagii is simple and convenient.
- Head to app.unagii.com/stake/akash
- Connect your wallet
- Stake AKT
- Approve and confirm transaction (gas fee payable)
View more info: Stakewith.us validator details
