Illustration showing the process of exchanging Ethereum (ETH) to Akash Network (AKT) on RocketX, highlighting features like Easy, Fast, Secure, and No Account.

Introduction to Akash Network

In today’s rapidly evolving tech landscape, the demand for scalable and affordable computing power is growing daily, especially in fields like AI and machine learning. Akash Network’s decentralized approach addresses these needs by enhancing data privacy, reducing costs, and democratizing access to powerful computational resources.

The Akash Network, established by Overclock Labs in 2018, is a decentralized cloud computing platform designed to offer permissionless access to high-performance computing resources. Akash creates a marketplace for underutilized computing power by leveraging blockchain technology, providing an efficient and cost-effective alternative to traditional cloud services.

How Akash Network Works

The Akash Network is like an online marketplace for computing power. Here’s how it works:

  1. Resource Sharing: Providers, who have extra computing resources like CPU and GPU, offer these to users who need them.
  2. Bidding System: Users specify their needs, and providers bid to fulfill these requests. The lowest bid that meets the user’s needs wins, making it cost-effective.
  3. Containerization: Applications and their dependencies are packaged into containers using tools like Docker. This ensures they run consistently across different environments, making deployment flexible and reliable.
  4. Blockchain Layer: The network is built on Tendermint Core and Cosmos SDK, which ensures secure and scalable management of transactions and governance.
  5. Stable Payments and Governance: To handle price fluctuations of the AKT token, Akash uses stable payments with USDC. Staking AKT tokens helps secure the network and rewards participants.

Overall, Akash’s decentralized approach offers cost savings, better privacy, and lower latency compared to early cloud service providers. It’s also useful for AI, machine learning, and other data-intensive applications.

Introduction to AKT Coin

AKT is the native cryptocurrency of the Akash Network that plays a crucial role in the ecosystem, serving multiple purposes that enhance the functionality and governance of the network.

Key Use Cases

  1. Payment for Services: AKT is used to pay for computing resources on the Akash Network. Users can rent CPU and GPU power using AKT, making it easy and affordable to access scalable computing resources.
  2. Staking for Network Security and Rewards: Users can stake AKT tokens to help secure the network. In return, they earn rewards, Which encourages more people to participate and strengthens the network’s security.
  3. Governance Participation: AKT holders have voting rights on network governance issues. This decentralized approach allows the community to influence key decisions, ensuring that the network evolves in a way that benefits its users.

Tokenomics: The Lifeblood of AKT

The AKT tokenomics are designed to ensure the sustainability and growth of the Akash Network. Here’s a breakdown of its key components:

  • Circulating Supply: 242,188,218 AKT – The amount of AKT currently available in the market.
  • Total Supply: 221,445,189 AKT – The total number of AKT tokens minted.
  • Maximum Supply: 388,539,008 AKT – The hard cap on the number of AKT tokens, ensuring scarcity and maintaining value.

Token Allocation:

  • Mining: 70.9% – Incentivizes resource provision and network security.
  • Investors: 10.0% – Supports early backers.
  • Team & Advisors: 7.8% – Rewards development and guidance.
  • Foundation: 5.7% – Ensures project longevity.
  • Ecosystem: 2.3% – Fosters community growth.
  • Testnets: 1.5% – Supports development testing.
  • Vendors & Marketing: 1.2% – Enhances visibility.
  • Public Sale: 0.5% – Provides initial market liquidity.

The Akash Network maintains a stable and incentivized ecosystem by managing these metrics, encouraging ongoing participation, and ensuring a healthy token economy.

Future Potential of AKT Token

As the need for decentralized cloud computing grows, the use and value of AKT are expected to rise. With ongoing development and the expansion of Akash Network’s services, AKT is set to become a crucial part of the decentralized cloud computing world.

In summary, AKT is essential for the Akash Network’s operation and governance. It provides a versatile and secure way to access and manage decentralized cloud resources.

How to Buy AKT Tokens using RocketX

In this guide, we’ll use Ethereum as an example for converting ETH to AKT on RocketX. However, RocketX supports multiple networks, allowing you to choose the best option for your needs.

Step-by-Step Guide

  • Access RocketX: Visit the RocketX Exchange on your browser.
  • Connect Your Wallet: Click “Connect Wallet” and link your preferred wallet (e.g., MetaMask, Trust Wallet, or Coinbase Wallet).
  • Select Mainnet and Cryptocurrency:

Source Network: Select Ethereum Mainnet and ETH token.

Destination Network: Select the Akash Mainnet and AKT token.

Note: RocketX also supports other mainnets such as Optimism, Arbitrum, Base, Solana, Binance Smart Chain, Polygon, Aptos, etc.

RocketX interface showing the process of swapping 1 ETH to 1032.55 AKT, including details such as recipient address input, exchange options, and transaction cost.
  • Enter the Amount: Specify the amount of ETH you wish to convert. The platform will display the equivalent AKT tokens.
  • Add Akash Recipient Address: Enter your Akash wallet address to receive the AKT tokens. Ensure the address is correct.
  • Click on Cross Chain Swap: Review the transaction details and click “Cross Chain Swap” to initiate the transaction. Confirm in your wallet to complete the swap.
  • Transaction Completion: Once confirmed, the AKT tokens will be credited to your Akash wallet address.

By following these steps, you can easily convert ETH to AKT on RocketX.

Convert ETH to AKT

Best Wallets to Store AKT Tokens

Choosing a secure and user-friendly wallet is crucial for storing and managing crypto assets. Here are some of the best options to store AKT Tokens:

  1. Keplr Wallet: Easy integration with Cosmos-based networks, support for staking and governance, and a secure and intuitive interface.
  2. Cosmostation Wallet: Available on iOS, Android, and web platforms, It supports multiple Cosmos-based blockchains, staking and governance capabilities, and high-security standards.
  3. Ledger Hardware Wallet: Cold storage solution for enhanced security, compatibility with multiple software wallets, and secure transaction signing.
  4. Trust Wallet: User-friendly mobile interface, supports multiple cryptocurrencies, integrated dApp browser.

How to Stake AKT Tokens

Step-by-Step Guide

  1. Set Up a Compatible Wallet: Use a wallet that supports staking AKT, such as the Keplr wallet.
  2. Fund Your Wallet with AKT Tokens: Ensure you have AKT tokens in your wallet which you can acquire through RocketX.
  3. Access the Staking Interface: Go to the Akash Network staking dashboard via your wallet interface.
  4. Connect Your Wallet: Click on “Connect Wallet” and select your wallet (e.g., Keplr). Approve the connection request in your wallet to link it to the staking interface.
  5. Choose a Validator: Browse through the list of available validators. Consider factors like commission rates, uptime, and reputation when selecting a validator. Click on the validator you want to delegate your AKT tokens to.
  6. Delegate Your AKT Tokens: Click on “Delegate” or “Stake” next to the chosen validator. Enter the amount of AKT you wish to stake. Confirm the transaction in your wallet. Ensure you leave a small amount of AKT in your wallet to cover transaction fees.
  7. Confirm and Monitor Your Staking: Once the transaction is confirmed, your AKT tokens will be staked with the chosen validator. You can monitor your staking status and rewards through the staking dashboard or your wallet interface.

Benefits of Staking AKT Tokens

  • Earn Rewards: Receive staking rewards in the form of additional AKT tokens.
  • Support the Network: Contribute to the security and stability of the Akash Network.
  • Governance Participation: Gain voting rights on network governance proposals.

By following these steps, you can easily stake your AKT tokens and start earning rewards while supporting the Akash Network. For more details and updates, refer to the Akash Network official website.

Conclusion

The Akash Network represents a pioneering force in decentralized cloud computing, offering a scalable, cost-effective, and secure solution for accessing high-performance computing resources. Its unique marketplace model, advanced tokenomics, and community-driven governance structure position it as a leading player in the tech landscape. With the ability to stake and trade AKT tokens easily, supported by a variety of secure wallets, users can fully engage with the Akash ecosystem, contributing to its growth and benefiting from its innovative approach to decentralized cloud services.

For more detailed insights and updates, you can explore the Akash Network blog and related articles on their progress and future plans.