Learn More About Akash Network
What is Akash (AKT), and what is it used for?
AKT is the underlying token that empowers Akash’s decentralized cloud computing marketplace. AKT is a means to provide governance, secure the blockchain, and provide a reward mechanism for network participants.
What are Akash's staking rewards?
Staking rewards in the form of native blockchain tokens (AKT) are distributed to validators for locking up their cryptocurrencies to a blockchain network to support validator node’s participation in the consensus mechanism and securing the network for a period of time. Refer to the data above for the latest Akash staking reward figures.
What are the costs of staking Akash?
StakeSeeker charges a small percentage-based fee (stated above) allocated towards the administerial 24/7 maintenance and monitoring of our staking infrastructure required to operate our validators effectively and securely. The rewards distributed to our community will be a net of the validator fee charged.
Is staking Akash secure?
When AKT is staked, it’s actually being delegated to a validator. In our case, StakeSeeker facilitates the role of the validator. Similar to staking tokens on any other protocol, staking AKT comes with certain risks. If any downtime is experienced, or if a validator misses another part of the necessary requirements, then a percentage of the staked AKT can be lost as a penalty (known as “slashing”). StakeSeeker monitors its nodes 24/7 and has an excellent track record that minimizes these risks.
What are the current use cases of Akash?
Akash’s ecosystem is used to launch applications across data visualization, Decentralized Finance (DeFi), blogs, and other Web 3.0 applications on a decentralized cloud.
How is Akash different from Kava?
Akash has integrated Kava’s native stablecoin, USDX. Due to that integration, Kava’s native stablecoin, USDX, became the first coin for fee settlement on Akash’s Decentrilized Cloud computing (DeCloud) platform. AKT can also be used as collateral for USDX loans.
How long does it take to unstake Akash?
Unstaking (also called unbonding or undelegating) can be initiated at any time. However, it takes approximately 21 days for your AKT to unstake from the network and become transferable. During this time, you will not earn rewards. When the process is complete, you regain the ability to transfer/trade your AKT tokens.
What is the minimum amount of Akash to stake?
You can stake as little as 1 AKT, but remember to keep some AKT token unstaked in your wallet to pay for any potential future transaction fees.
What are the risks of staking Akash?
Like many blockchain protocols, the consensus mechanism used by Akash includes a slashing mechanism whereby any validator that misses too many blocks or double signs a block is penalized by the network, slashing the staked amount on that validator. StakeSeeker is run by Nasdaq listed BTCS Inc. which has its own tokens staked on the same validator nodes, so we are highly incentivized to minimize these risks and maximize our staking reward. However, delegators should be cognizant of these risks.
How do I get started staking Akash?
To begin staking Akash, click the “Start Staking” button at the top right, create an account with StakeSeeker and gain access to the platform’s crypto portfolio insights. Then, you can begin staking with our validator nodes by delegating your tokens. Within the platform, there are instructions and tutorials on how to link your crypto exchange accounts and digital wallets and how to navigate the platform’s tools. You can view our supported blockchain networks for staking on our homepage.