Akash (AKT): A Blockchain-Based Marketplace for Decentralized Cloud Computing

The currently unfolding revolution in artificial intelligence (AI) has created a lot of enthusiasm, both among consumers and businesses.

Akash (AKT) is a blockchain platform that facilitates the decentralized trade of computing resources, such as CPU, GPU, memory and storage capacity. Begun in 2018, the platform added AI-focused GPU capacity trade functionality with the launch of its Supercloud in August 2023. The platform's native crypto asset, AKT, is used for governance, staking, purchasing access to computing resources and incentive payments to resource providers.

Akash is a blockchain-based distributed cloud computing marketplace that enables the trade of hardware resources, such as GPU, CPU, membrane and storage. To achieve this goal it brings together resource providers, incentivized by crypto rewards, and resource consumers who need access to such capacity on a flexible, affordable and easy-to-use basis. Akash was built using the Cosmos SDK and Tendermint Core, and is part of the broader ecosystem of Cosmos-based blockchains. It uses a delegated proof of stake (DPoS) block validation model.

The Akash project was founded in 2018 by Overclock Labs, a software development outfit founded by Greg Osuri and Adam Bozanich. The platform's mainnet was launched in September 2020. Originally, the Akash network offered access to distributed CPU, memory and storage capacities. In 2023, recognizing the explosive growth of AI services and the importance of GPU computing in enabling resource-hungry AI computations, the platform launched its Supercloud, part of the sixth iteration of the Akash mainnet. The Supercloud introduced the functionality to trade GPU capacity on the network.

The pivotal sixth mainnet upgrade also introduced the option for resource consumers to pay for access to computing capacity in USDC stablecoin, in addition to the option to pay in AKT coins. This helped ensure cost stability for resource users who had previously depended upon AKT's market price fluctuations when leasing Akash's services on a long-term basis.

Akash's architecture includes four principal components.

Blockchain Layer: Provides the core security and consensus mechanism.

Application Layer: Manages and regulates deployment and resource allocation.

Provider Layer: Includes tools and applications that help resource providers supply their computing capacity to the network.

User Layer: Comprises the interface and tools for resource consumers, known as tenants, to utilize the computing capacity offered by the platform to deploy their apps.

Besides providers and tenants, another key role on the network is that of validators. Akash validators don't participate in the distributed hardware resource trade. Instead, their job is to provide transaction validation services to keep the overall platform functioning and free from security threats.

Akash uses a reverse auction system in its decentralized marketplace to enable trade in computing resources. Tenants can deploy apps in three easy steps:

Choose a template or customize their app.

Find a provider according to their preferences.

Deploy and manage the apps.

Resource providers then offer their bids to meet the users’ requirements. The lowest bidder gains the right to provide the requested resources. Thanks to the competitive reverse auction mechanism, Akash represents a cost-effective alternative to traditional cloud providers for resource consumers.

Providers can gain access to reverse auctions held on the network by installing and running provider node software and staking AKT coins. The number of active providers on the network fluctuates depending upon the ongoing activity. As of Aug 15, 2024, there are close to 70 resource providers offering their services on the Akash network from locations all over the world.

Source: console.akash.network

Akash boasts a thriving ecosystem of tools and apps. Below are some of the main apps deployed on its network.

Akash Console provides tenants with the tools to easily source computing capacity from the network. In order to start leasing hardware resources on Akash, users first need to create a virtual container that specifies their resource requirements. Alternatively, they can choose from pre-made templated containers. The Console app makes it easy to deploy containers, evaluate bids from providers, choose a provider and monitor their performance.

Praetor App is the main interface for resource providers to offer bids and manage their capacity provision on the platform. It allows providers to interact with the network using a set of easy-to-use graphical user interfaces (GUIs) as alternatives to command-line options. Using Praetor App, providers can set up virtual machines and join the network as multi-server or single-server resource suppliers.

AkashChat is a generative AI tool similar in concept to the highly popular ChatGPT. It operates on the Akash Supercloud and supports various large language models (LLMs), with Llama 3.1 as the default model as of Aug 15, 2024. This setup provides users with a quick, free and privacy-focused chat experience without having to sign in. We asked AkashChat how it differs from its legendary Web 2.0 competitor, and below is what we received in response.

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