Imagine a place where computer power could be exchanged in a marketplace with no single group control. Akash Network, known as AKT in the market, provides cloud computing through blockchain technology. It is designed to enable secure and transparent trading of cloud functions. This network allows individuals to share spare computing talent, such as GPU capacity. Akash Network focuses on supporting AI practitioners and researchers managing extensive data for learning algorithms. Basically, Akash aims to connect users who need significant GPU resources with those who have excess GPU capacity.
Founded by Greg and Adam, Akash Network’s whitepaper was released in December 2017, and Akash Network’s blockchain was launched in 2020. Basically, Akash Network is an open-source cloud marketplace that facilitates the buying and selling of computer technology. Akash operates as a public decentralized service that uses a “reverse auction” method to ensure competitively low prices. But what is this reverse auction about? What wins is not the highest bid, but who offers to complete the job for less. Let’s say you allocate $100 to GPU power.
In a reverse auction, you declare your budget and requirements, such as the processing intensity required. GPU providers then compete to offer their services at lower costs. One person may offer $90 and another may offer $80, until the lowest possible bid is reached. This allows you to benefit from the lowest rates, aligned with Akash’s mission to put developers and users first. But this raises a question.
Akash Network is powered by Cosmos SDK, a toolkit for blockchain creation, making Akash a proof-of-stake blockchain. We leverage Tendermint for transaction verification and Byzantine Fault Tolerance (BFT) to ensure accuracy. Let’s break down these concepts for clarity.
The Cosmos Software Development Kit (SDK) helps developers create custom blockchains. It is highly adaptable, allowing you to combine different components to suit your specific requirements. At the core of the network is the Tendermint consensus algorithm. This proof-of-stake system guarantees both security and speed.