Akash Network is a decentralised cloud computing platform that allows users to rent out their unused computing power and developers to access this power at a reduced cost compared to traditional cloud providers. Built on the Cosmos blockchain using the Tendermint consensus engine, Akash leverages a native utility token, AKT, for network security, staking, and serving as a reserve currency within the ecosystem.
Akash Network operates through several layers, including an application layer for resource allocation and a provider layer for managing resources and deployments. It uses a Proof-of-Stake (PoS) consensus mechanism with validators staking AKT to validate transactions and maintain network integrity. The network also incorporates the Inter-Blockchain Communication (IBC) protocol for interoperability with other blockchains.
Potential use cases of Akash Network include hosting websites, deploying machine learning models, running blockchain nodes, and supporting decentralised applications (dApps). It offers a decentralised and censorship-resistant alternative to traditional cloud services, particularly benefiting fields such as AI, machine learning, healthcare data management, and blockchain infrastructure.
Founded in March 2018 by Overclock Labs and co-founders Greg Osuri and Adam Bozanich, Akash Network has gone through significant developments, including multiple mainnet launches and upgrades. It launched its mainnet in March 2021 after successful funding rounds and partnerships. Recent upgrades have expanded its GPU capacity and enhanced its offerings for AI and high-performance computing, leading to substantial market growth and adoption in the cloud computing sector.