Akash Network is a decentralized, open-source platform designed to disrupt conventional cloud services by creating an open-source marketplace for cloud computing resources. Utilizing blockchain technology, Akash Network aims to offer a more efficient, secure, and cost-effective solution for both users and providers of cloud resources. The platform supports a wide range of applications, from hosting websites to running complex computations.

Project Utility/Function

Akash Network provides a decentralized marketplace where computing power can be bought and sold, facilitating various applications and offering enhanced efficiency and affordability compared to traditional cloud services. Key functionalities include:

Infrastructure as Code (IaC): Allows users to automate deployment and management of infrastructure using code.

Kubernetes Integration: Supports containerized applications for seamless deployment and management.

Persistent Storage Solutions: Offers reliable and scalable storage options.

Dedicated IP Leasing: Provides stable and secure connections without the need for centralized intermediaries.

Peer-to-Peer Communication: Ensures privacy and security through direct user interactions.

Anonymous Application Deployment: Enhances user privacy by allowing deployments without revealing identities.

Sovereign Compute Experience: Grants users complete control over their computing resources.

Token/Token Utility

AKT is the native token of the Akash Network, serving an integral part in the platform’s economy and security mechanisms. Key aspects of AKT include:

Transactions: Used for transactions within the ecosystem.

Staking: Participants can stake AKT to earn rewards and support network security.

Governance: Token holders can vote on network proposals, influencing the platform’s development and policies.

Security: AKT underpins the network's security through a Delegated Proof-of-Stake (DPoS) consensus mechanism, which involves electing validators to maintain the network.

Security Measures

Akash Network employs multiple security measures to ensure the integrity and confidentiality of its platform:

Cosmos SDK: Built on a robust Layer One Protocol utilizing the Cosmos SDK for high-performance and interoperable blockchain applications.

Encryption: Ensures data protection and privacy.

Auditable Smart Contracts: Transparent and open for review, allowing for the identification and rectification of vulnerabilities.

Delegated Proof-of-Stake (DPoS): Efficient consensus mechanism reducing centralization risks and enhancing network resilience.

Validator Requirements: Validators must meet specific hardware requirements and stake AKT to secure the network.

Non-Custodial Staking: Users maintain full control over their tokens without relying on third parties.

About the Founders

Akash Network was founded in March 2018 by Overclock Labs, a software development company formed by Greg Osuri and Adam Bozanich. Overclock Labs initially focused on building a traditional multi-cloud deployment platform but eventually decided to launch a distributed cloud computing marketplace with the goal of decentralizing cloud computing.

Risks of AKT

Like an investment in other crypto assets, there are some general risks to investing in AKT. These include:  (i) volatility risk and liquidity risk, (ii) short history risk, (iii) demand risk, (iv) forking risk, (v) code defects, (vi) regulatory risk, (vii) electronic trading risk, and (viii) cyber security risk. For additional information of these and other general risks associated with crypto assets and Uphold’s platform, please refer to the Risks Specific to Holding Digital Assets statement.

In addition to these general risks, an investment in AKT is subject to the following specific risks:

The Layer-1 space is intensely competitive. Several new blockchains continue to emerge which boast high-profile teams, claim unparalleled transaction speed, energy-efficiency, as well as developer-friendly programming languages. Any potential success associated with AKT is reliant on the extent to which the Akash Network is adopted by enterprises and developers.

We emphasize that this Crypto Asset Statement is not an exhaustive description or summary of all risks associated with AKT. Investors should conduct their own research and perform their own assessment before trading any crypto asset to determine the appropriate level of risk for their personal circumstances.

The AKT community and Akash Network founding team are not under any legal or regulatory obligation to disclose material information to the public regarding its activities. Holders of AKT have no recourse to the AKT community, Akash Network founding team, or Uphold if AKT declines in value for any reason.

Changes to applicable law may adversely affect the use, transfer, exchange, or value of any of your crypto assets, and such changes may be sudden and without notice.

Uphold’s Evaluation Process

Prior to listing AKT on the Uphold Platform, Uphold performed due diligence on AKT and determined that AKT is unlikely to be a security or derivative under relevant securities legislation. Uphold’s analysis including reviewing publicly available information on the following: 

The creation, governance, usage, and design of AKT, including ensuring the source code is open-source, audited and peer reviewed, security, and roadmap for growth in the developer community. 

The supply, demand, maturity, utility, and liquidity of AKT.

Any marketing materials put forward by the AKT social team including on, Twitter, Medium blog, LinkedIn posts, Discord and Telegram channels.

Material technical risks associated with AKT, including any code defects, security breaches and other threats concerning AKT and its supporting blockchain (such as the susceptibility to hacking and impact of forking), or the practices and protocols that apply to them.

Legal and regulatory risks associated with AKT, including any pending, potential, or prior civil, regulatory, criminal, or enforcement action relating to the issuance, distribution, or use of AKT.