Akash Network (AKT)

Marketplace Currency

Akash Network uses its token to buy and sell cloud computing resources in a decentralized marketplace. Tenants pay providers in tokens to lease computing power for deploying applications.

Staking and Network Security

The token is used for staking, which helps secure the network. Validators stake tokens to run nodes that verify transactions and maintain the blockchain.

Governance

Token holders can participate in decision-making by voting on proposals that affect the network’s future development and policies.

Cloud Computing Services

Akash Network offers a decentralized cloud platform where developers and businesses can deploy websites, decentralized apps (dApps), machine learning workloads, and blockchain nodes at lower costs compared to traditional cloud providers.

Pros

• Cost-effective: Akash Network offers cheaper cloud computing compared to traditional providers like AWS or Google Cloud.
• Scalability: It can handle large workloads efficiently.
• Decentralized marketplace: Connects users with providers who have excess computing capacity, creating an open market.
• Fast and easy deployment: Users can deploy applications quickly without complex setup or KYC.
• Interoperability: Works well with other blockchain networks, increasing its utility.
• Open-source and permissionless: Anyone can use and contribute to the network.
• Upcoming GPU support: Expands use cases for more demanding applications.

Cons

• Competition: Faces strong competition from budget VPS providers and traditional cloud services.
• Learning curve: The decentralized model and new tech may be complex for some users.
• Marketing: Needs more visibility to attract wider adoption.
• Target market: Less suited for large enterprises compared to big cloud providers.
• Technical challenges: Like many decentralized projects, it faces scalability and performance hurdles.

For more details, visit the official Akash Network website.

Founders of Akash Network

• Greg Osuri: Co-founder and CEO of Akash Network. He is an experienced entrepreneur and open-source developer.
• Adam Bozanich: Co-founder and CTO of Akash Network. He helped build the platform with a focus on decentralized cloud computing.

They founded Akash Network in 2015 under the company Overclock Labs.

Institutional Investors

Akash Network is backed by 12 institutional investors. Some notable names include Goldfingr, Recursive Ventures, and D1 Ventures.

Venture Capital Firms

Several venture capital firms have invested in Akash Network, such as Borderless Capital, FutureMoney Group, Tribe Capital, Cypher Capital (Dubai), and Follow the Seed.

Other Investors

Other investors include Digital Asset Capital Management, Zokyo, George Burke, Maven 11 Capital, LongHash Ventures, Hypersphere, Figment Capital, Polygon Studios, Samsung Next, Chorus One, GSR Markets LTD, and several more.

These investors support Akash Network’s growth as a decentralized cloud computing platform.

Halal Status of Akash Network

• Yes, Akash Network is generally considered halal because it operates as a decentralized cloud computing marketplace without involving interest (riba) or gambling (maysir), which are key concerns in Islamic finance.
• It focuses on providing computing resources, which is a permissible business activity.
• However, individual scholars may have different opinions, so consulting a trusted Islamic finance advisor is recommended for personal confirmation.