This DePin token has increased by 44% since the mainnet upgrade completed on May 2.
Akash Network (AKT) is trading at $5.50 at the time of writing, up from around $4 before launching “Mainnet 11” earlier this month.
The crypto asset ranked 73rd by market capitalization is also up nearly 35% in just the past seven days.
AKT 1-year price chart | Source: Coingecko
Akash Network is an open source and decentralized cloud computing platform. The network connects server owners who need computing power to host applications with cloud computing resources through Akash Marketplace, where users can buy and sell computing resources.
Akash Marketplace runs on Akash, a Tendermint-based blockchain built using the Cosmos SDK. Akash relies on the Delegated Proof of Stake (DPoS) consensus mechanism. The network is secured by a group of validators responsible for creating blocks and processing transactions and state changes. To run validator nodes, users must meet the node's hardware requirements and stake AKT.
The project says the new upgrade has improved the management and tracking of authorized AKTs, while also simplifying the deployment licensing process.
House of Chimera, a blockchain research firm, noted that Akash Network saw a spike in ecosystem growth in the first quarter of the year, reaching more than $140,000 in revenue in Q1, compared to $100,000. USD in Q4 2023 and below USD 20,000 in Q3.
The company explains, “Growing interest in DePin, coupled with growing developer demand, is leading to greater adoption of AKT.”
According to CoinGecko, despite the recent gains, AKT is still down nearly 29% from its all-time high of $8.07 set in April 2021. AKT has increased by as much as 2,200% in a year's time, A remarkable increase even during the downtrend period.
What is DePIN?
DePIN (Decentralized Physical Infrastructure Networks) is a concept in the blockchain and cryptocurrency field that refers to the construction and development of decentralized physical infrastructure networks.
Decentralized: DePIN focuses on building physical infrastructure without a single organization or individual controlling it. Instead, it uses a decentralized model in which multiple entities work simultaneously to validate and maintain the network.
Physical Infrastructure: DePIN focuses on building and maintaining physical elements such as servers, nodes, and networks to support the operation of blockchain and applications. electronic money.
Networks: DePIN typically consists of a network of network nodes that are distributed across multiple locations and do not have a single point of control. These network nodes work together to confirm transactions and maintain network transparency and security.
DePIN is considered an important part of the development of the blockchain and cryptocurrency ecosystem, as it helps enhance the sustainability, security and decentralization of these systems.
Source: https://tapchibitcoin.io/akash-network-akt-tang-vot-sau-khi-hoan-thanh-nang-cap-mainnet-11.html