The decentralized cloud computing platform Akash Network saw a spike in value of its token, AKT, to nearly $7 on Tuesday following its listing on the Upbit exchange in South Korea.
After trading consistently at $4 for the previous week, AKT surged by more than 50% in the last 24 hours.
In terms of trading volume, Upbit is the biggest cryptocurrency exchange in South Korea. Messari data indicates that AKT's market value is currently $1.45 billion.
Using the Cosmos software development kit (SDK), Akash was developed and put into use on the Cosmos blockchain. Through its own marketplace, users can purchase and sell computer resources on this open network. It links cloud computing resources with server owners that require processing power to host applications.
Additionally, the business stated on Monday that it will have its "Akash summit" in Austin, the decentralized artificial intelligence (AI) field will be the main topic of discussion at the summit.
Akash Network is a part of the larger "DePIN" story, which has drawn a lot of interest lately from venture capitalists. According to Anand Iyer, the creator of Canonical Crypto, an early-stage venture capital firm, as AI's compute demands rise, decentralized hardware is starting to show its actual potential.
"Companies and protocols like Akash Network and Ritual are leading the way here and we expect to see more players leveraging decentralized networks for non-crypto use cases," Iyer stated.
April 2024, Cryptoniteuae