- The blockchain-based cloud computing startup recently declared the dates of its “Akash summit.”
- In the last 24 hours, the AKT token has increased by more than 50%.
On the Cosmos blockchain, the cloud computing platform Akash was created and implemented using the Cosmos software development kit (SDK).
The market value of the AKT token is more than $1 billion.
The value of the token, AKT, issued by the decentralized cloud computing platform Akash Network surged to almost $7 on Tuesday after it was listed on the Upbit exchange in South Korea.
AKT has been trading steadily at $4 for the previous week, but during the past day, it has increased by over 50%.
Upbit is the largest cryptocurrency exchange in South Korea based on trading volume. According to Messari data, AKT is currently valued at $1.45 billion on the market.
On the Cosmos blockchain, Akash was created and implemented using the Cosmos software development kit (SDK). On this public network, users can buy and sell computer resources through its own marketplace. It connects server owners who need processing capacity to host applications with cloud computing resources.
The company also disclosed the dates of its ‘Akash summit,’ scheduled for May, on Monday. The summit’s primary focus will be on the field of decentralized artificial intelligence (AI).
Part of the greater “DePIN” narrative that has captured the attention of venture capitalists recently is Akash Network. The creator of Canonical Crypto, an early-stage venture finance business, Anand Iyer, told CoinDesk that the processing demands of artificial intelligence are realizing the full potential of decentralized technology.
Here, companies and protocols like Ritual and Akash Network are setting the standard, and Iyer predicted that more participants will embrace decentralized networks for purposes other than cryptocurrency.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
