Akash Network envisions a world where cloud computing is permissionless, sovereign, and open, where builders of the internet have greater freedom to expand the human experience. Known as the “Airbnb for Cloud Compute”, Akash Network provides a fast, efficient, and low-cost application deployment solution. Developers leveraging Akash’s platform can access cloud computing at up to three times less than the cost of centralized cloud providers like Amazon Web Services, Google Cloud, and Microsoft Azure. Utilizing containerization and open-source technology, Akash Network leverages 85% of underutilized cloud capacity in 8.4 million global data centers, enabling anyone to buy and sell cloud computing.
What is Akash Network?
Akash is the world’s first decentralized, open-source marketplace for cloud computing, providing fast, efficient and low-cost application deployment solutions. Akash is a tendermint application based on the Cosmos SDK where users can lease computing resources. The Akash Marketplace stores on-chain records of requests, bids, leases, and settlement payments using the Akash Token (AKT). The cost of hosting your application using Akash is about one-third the cost of Amazon AWS, Google Cloud Platform (GCP), and Microsoft Azure. You can check the prices live using the https://akashlytics.com/price-compare tool.
Transfer some AKT tokens to your Keplr wallet. AKT can be bought on several centralized (CEX) exchange’s like Gate.io, Bittrex or traded on the Osmosis (DEX) decentralized exchange. When you are ready, go to https://wallet.keplr.app/ select the Akash chain and click on “Stake”.
Select a validator of your choosing and click on “Manage”. Select “Delegate” on the pop-up window, enter the amount you wish to stake, and click on “Delegate” again when ready.
It’s recommended to do your own due diligence before choosing a validator!
Select “Approve” to complete the transaction and you have now successfully staked your AKT tokens.
Leave some spare AKT in your wallet to cover transaction fees!
Staking will lock your funds for 21 days. In order for your staked assets to be liquid again, you will need to undelegate. In the undelegation process, you will not be receiving rewards. You can use the “Redelegate” option to change your validator without waiting 21 days.
We can see in the Keplr wallet extension that the transaction was successful and also on the Keplr web app.
You will start accruing rewards the moment you have started delegating. Rewards can be delegated using the same process for a compound effect or something else, depending on your preferences.
Claiming rewards always incurs transaction fees!
If you have any questions, looking for alternatives to delegate, or just want to chat, you can contact us on the following channels: