A decentralized altcoin in the field of cloud computing is experiencing a significant surge in value following the announcement of support from Upbit, South Korea’s largest crypto exchange. Akash Network (AKT) saw its price increase by over 68%, rising from $4 to a high of $6.74 after the news broke. As of now, AKT has retraced slightly to $5.30, with a market capitalization of $1.2 billion. Akash Network is an open-source decentralized cloud network that facilitates decentralized finance (DeFi) applications, machine learning, blockchains, and AI. In April, AKT became available for trading on Coinbase, a prominent US-based crypto exchange. The developers of Akash Network have also announced a summit scheduled to take place in Austin, Texas on May 28th, where they plan to bring the entire community together for a day of presentations and panel discussions featuring experts in the decentralized AI space. Akash Network was built using the Cosmos (ATOM) software development kit (SDK) and operates on the Cosmos blockchain. Its primary objective is to function as a decentralized marketplace for cloud computing, utilizing unused computing power to meet the needs of customers.
