With the ever-increasing concept of the Internet of Things (IoT) in the last few years, one has to wonder at just how far we have come to having connected devices. As of now, the number of devices connected is growing steadily, and forecasts indicate over 20 billion devices by 2020. Consequently, these means that in the future we may generate massive amounts of data which may result in more demand for data services and centers. However, the centralized nature of our data services often leaves more customers and less supply of the data services.
While there are plenty of technologies popping up, blockchain technology is proving beneficial in its application within the machine economy and especially peer-to-peer transactions. As we get to see, that sole capability allows for deployment criteria which can help streamline the future of data services. Rather than the typical bottlenecks experienced with a central data service, here how a blockchain network wants to reduce the massive latencies and overhaul the transmission and storage of our data.
What Is Akash Network?
AKASH's network solution plans to leverage the underutilized capacity that we often witness with on-premise or collocated data centers that are around the world. Rather than a centralized source of data servers, the AKASH network will incorporate an auction-driven decentralized marketplace where companies can seek extra data servers and services to speed up their computing capacity. Consequently, the data service providers will be able to meet the growing demand for data resources through a safe and secure payment method (Akash tokens).
How Akash Decentralized Idle Power Cloud Computing Works
The Akash Network platform lists the outline of how the process works through their platform. The procedure includes:
Installing The Akash Agent
Companies looking for extra data capacity will have to first install the Akash agent on the servers they want on the network. Once full registration on the network occurs, the data tenants are now ready for deployment
The deployment slots later undergo a deployment process which occurs through an auction with criteria put in place. Providers can bid on the implementation, with the lowest bid expected to win. Afterward, the tenant and provider can create a lease on the chain to ascertain the transaction within Akash.
The peer-to-peer protocol present on Akash network will allow for the delivery of the workloads off the chain and through an established secure system. Additionally, there is an automatic payout of the Akash tokens once the contract.
Akash Network Benefits
Depending on the category of participant you are on the Akash Network, here's how you can stand to gain:
- Providers get to bid on the workloads which ultimately drives down the cost
- Akash network also provides for a transparent structure which fosters a healthy ecosystem for useful products
- Companies with idle server capacity can get to earn from the marketplace
- There is recurring revenue for the computing providers as they attempt to meet the growing data demand
Akash Network ICO Details
Unfortunately, the Akash Network platform provides little information as to the token roll-out of their project. That may mean the concept is still relatively new and it may need time to implement fully. All-in-all, the Akash Network is a solid concept, but the development should strive to ensure that the blockchain venture meets the expectation of the blockchain community