In the crypto world, the current trend is to invest in alt-coins despite the high performance shown by crypto giants such as Bitcoin and Ethereum. If this trend were to continue, then there are few alt-coins which are currently undervalued and have the potential of achieving a very high value.
One of such alt-coin is Akash Network (AKT). With a low market cap of nearly $122 million, Akash Network is ranked at 257 in the ranking by CoinMarketCap. Being traded at around $3, Akash Network experienced a recent surge in its value.
What is Akash Network?
According to their website, Akash Network is a sovereign proof-of-stake chain built on Cosmos Hub, which leverages Akash Token (AKT), a native utility token, as the primary means to govern, secure the blockchain, and provide a default mechanism to store and exchange value.
AKT will act as the reserve currency in Akash’s multi-currency and multi-chain ecosystem, while ensuring economic security of the platform’s public blockchain by means of staking.
In simple terms it can be said that, the Akash Network is a secure, transparent, and decentralized cloud computing marketplace that connects those who need computing resources (tenants) with those that have computing capacity to lease (providers).
The foundational design objective of the Akash Network is to maintain a low barrier to entry for providers while at the same time ensuring that clients can trust the resources that the platform offers them. In order to perform this, publicly-verifiable record of transactions is required within the system.
Hence Akash Network is implemented using blockchain technologies as a means of achieving consensus on the veracity of a distributed database, that facilitate in performing the said objective.
The function of allowing clients to procure resources from providers is enabled by a blockchain-powered distributed exchange where clients post their desired resources for providers to bid on. AKT is used as the currency of this marketplace.
Why invest in AKT?
One of the most important technological advancement that can be seen currently is the use of cloud computing. Where IDC has predicted a growth rate of 20% per annum, which is more than doubles to the growth rate of overall software market which is only about 6% per annum.
Currently cloud computing industry is valued at nearly $371 Billion and is expected to grow to almost $1 trillion by the end of 2025. Given this trend to be followed and if Akash Network were to capture at least a tiny amount of, say 1%, of the market share of cloud computing, AKT’s market cap will rise exponentially, as more users move towards Akash Network.
Another reason would be the highly decentralized nature of Akash Network, which makes that more user friendly. For example, centralized platforms such as Amazon Web Services request for various documents and details such as requirement of a credit card to sign up for that. But Akash Network is a non-kyc sign up, where anyone can start using the network right away.
Where to buy AKT tokens?
There are only limited platforms available to buy AKT tokens. These platforms are BitMax, BitMart, Bithumb Global, and DigiFinex. Out of these exchanges BitMax trades the highest volume of AKT tokens which is 82%.
The primary functions of AKT are in staking (which provides security to the network) and in acting as a unit of measure for pricing all currencies supported by the marketplace. AKT is expected to have very low liquidity because of the high earning potential of staking rewards.
Even though the current performance of Akash Network token AKT is not significant, it is an alt-coin with very high potential and is expected grow exponentially. It is always better late than never, to invest in AKT token and be a big gainer in future.