AKT

Overview of AKT

The AKT, also known as Akash Network Token, is a cryptocurrency that was founded in 2019. It was primarily established by Greg Osuri. The AKT token is supported by multiple exchanges, including Binance, Huobi, OKEX, and BitMax. As for storage, the AKT token can be stored in several types of wallets, such as Ledger, Trezor, and MetaMask. The Akash Network is designed as a decentralized cloud computing marketplace, aiming to reduce costs and increase the efficiency of cloud computing. The AKT token is utilized within the network for various functions, including staking, governance, and as a medium of exchange.

Pros & Cons

What Makes AKT Unique？

The Akash Network Token (AKT) demonstrates its innovation primarily through its integration within the Akash Network, a decentralized cloud computing marketplace. This network aims to revolutionize the cloud computing industry by offering a cost-effective, efficient, and open-source alternative to the conventional centralized cloud providers.

Different from many cryptocurrencies that are primarily used as an alternative to traditional fiat currencies, AKT has a dedicated and specific utility within its native network. AKT serves as a medium of exchange, governance tool, and staking tool within the Akash ecosystem, enabling transactional activity among users and facilitating participatory governance within the network. This multi-functional approach is a distinctive aspect of AKT when compared to many other cryptocurrencies.

How does AKT Work？

The working mode and principle of the Akash Network Token (AKT) are intrinsically linked with the Akash Network, a decentralized and open-source cloud computing marketplace.

The network is structured around a blockchain-based bidding process to allocate cloud computing resources. In this model, those who want to rent out their unused computing capacity (providers) can participate in a bidding process where they offer their resources to the customers who need them (tenants).

The AKT token is integral to this process. It is used as a medium of exchange within the network, letting users pay for services and computing resources with the token. Providers will also stake AKT tokens as a form of escrow to show good faith and commitment to abide by the agreements in the lease. If a provider fails to fulfill the terms of the lease, they risk losing their staked AKT.

Exchanges to Buy AKT

There are numerous exchanges where you can buy the Akash Network Token (AKT).

- Kraken: Kraken is a popular cryptocurrency exchange known for its security, wide range of supported assets, and advanced trading features. With a user-friendly interface and robust regulatory compliance, Kraken is trusted by both beginners and experienced traders alike.

See this link for details on how to buy AKT: https://www.kraken.com/learn/buy-akash-akt

- KuCoin: KuCoin is a global cryptocurrency exchange known for its wide range of tradable assets and advanced trading features. It provides users with access to a diverse selection of cryptocurrencies and trading pairs, along with features like staking and lending.

See this link for details on how to buy AKT: https://www.kucoin.com/how-to-buy/akash-network

- Crypto.com: Crypto.com is a comprehensive cryptocurrency platform that offers a range of services, including an exchange, wallet, and payment app. Users can buy, sell, trade, and spend cryptocurrencies using Crypto.coms services. The platform also provides features like staking, lending, and a Visa card for spending crypto.

- Gate.io: Gate.io is a cryptocurrency exchange that provides users with access to a wide range of digital assets and trading pairs. It offers features such as spot trading, margin trading, and futures trading. Gate.io also prioritizes security and user experience.

- HTX: HTX is a decentralized exchange (DEX) built on the Heco Chain, a blockchain network compatible with Ethereum Virtual Machine (EVM) smart contracts. It offers decentralized trading services for various cryptocurrencies and tokens, with a focus on providing liquidity and minimizing fees.

How to Store AKT？

The Akash Network Token (AKT) can be stored in several digital wallets compatible with the Cosmos ecosystem, given that the Akash Network is built on the Cosmos blockchain.

- Leap Wallet: Leap Wallet is a secure and user-friendly cryptocurrency wallet designed specifically for the Cosmos ecosystem. It allows users to store, send, and receive various Cosmos-based tokens, including ATOM and others. Leap Wallet provides features like staking and governance participation within the Cosmos network.

- Keplr: Keplr is a versatile and multi-chain cryptocurrency wallet that supports various blockchains, including Cosmos. It offers a seamless and intuitive user experience for managing and interacting with decentralized applications (DApps) and tokens across different networks. Keplr is known for its interoperability and integration with Cosmos-based services like Osmosis.

- Cosmostation: Cosmostation is a comprehensive cryptocurrency wallet and blockchain explorer tailored for the Cosmos ecosystem. It enables users to securely store and manage their Cosmos-based assets, participate in staking, governance, and voting activities, and explore blockchain data. Cosmostation is available as both a web-based and mobile wallet application.

Is It Safe？

The security of AKT, the native token of Akash Network, is bolstered through its Proof-of-Stake (PoS) blockchain architecture. Staking AKT not only fortifies the network but also ensures its integrity and resilience against potential threats. This consensus mechanism empowers holders to actively participate in network governance, thereby contributing to its decentralized decision-making process. Moreover, staking AKT provides a reliable and passive income stream for participants, incentivizing their involvement in network security. Overall, AKT staking enhances the robustness and reliability of Akash Network, fostering a secure and sustainable ecosystem for decentralized cloud computing services.

How to Earm AKT？

- Acquire AKT: The first step is to acquire AKT tokens. You can purchase AKT from cryptocurrency exchanges where it is listed for trading.

Transfer AKT to a Wallet: After acquiring AKT, transfer the tokens to a compatible cryptocurrency wallet. Ensure that the wallet supports AKT and allows for staking activities.

- Choose a Staking Service: Select a staking service or platform that supports AKT staking. This could be a cryptocurrency exchange, a staking platform, or a wallet with staking capabilities.

- Initiate Staking: Follow the instructions provided by the chosen staking service or platform to initiate the staking process. This typically involves locking up your AKT tokens for a specific period and participating in the networks staking mechanisms.

- Earn Rewards: Once your AKT tokens are staked, you will start earning rewards based on the amount staked and the duration of staking. These rewards may come in the form of additional AKT tokens or other incentives provided by the network.

- Monitor and Manage: Regularly monitor your staked AKT tokens and manage your staking activities as needed. You may have options to adjust your staking parameters or withdraw your staked tokens based on the staking platforms features.

FAQs

Q: Is AKT dealt with on different exchanges？

A: Yes, the AKT token is traded on a spectrum of exchanges, including Kraken, Kucoin, Coinbase, Crypto.com, Gate.io, HTX, Osmosis, Rango Exchange, Hotbit, OKEx.

Q: Are there certain wallets in which I should store my AKT？

A: AKT can be stored in a set of wallets, including Leap wallet, Keplr, Cosmostation, Mixin Messsenger, and Omin Wallet.

Q: What kind of risk is associated with investing in AKT？

A: Investment in AKT, just like any other cryptocurrency, involves inherent risks due to the volatile nature of cryptocurrencies and dependency on the success of the Akash Network.