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What is Akash Network?

Akash Network (AKT) is a decentralized, open-source cloud computing marketplace primarily targeting the decentralized finance (DeFi) industry. It aims to democratize cloud computing by providing more flexible and cost-effective services through a Proof-of-Stake (PoS) blockchain, utilizing the native token AKT for staking and lease settlements.

How is Akash Network used?

Akash Network (AKT) is used in several key ways:

  1. Security: AKT is used to secure the network through staking, which provides a passive income stream for stakers and increases the security of the network.

  2. Governance: AKT holders govern the network by voting on proposals to improve the network and manage critical parameters such as inflation rate and take rates.

  3. Value Exchange: AKT acts as a default mechanism to store and exchange value, and serves as a reserve currency in Cosmos’ multi-currency and multi-chain ecosystem.

  1. Incentivization: AKT incentivizes participants by providing rewards for staking and participating in the network.

  2. Lease Settlements: AKT is used for lease settlements in the Akash marketplace, facilitating transactions between providers and users.

  3. Deploying dApps: AKT is required for deploying decentralized applications (dApps) on the Akash network.

  1. Participating in Governance Voting: AKT holders can participate in governance voting to shape the direction of the network.

These uses highlight the central role AKT plays in maintaining and utilizing the Akash Network.

How do I store Akash Network?

To store Akash Network (AKT) tokens, you have several options:

  1. KuCoin Account: You can hold your AKT tokens in your KuCoin account, which provides quick access to trading products like spot and futures trading, staking, and lending. This option is convenient for frequent trading but requires setting up strong security settings to prevent unauthorized access.

  2. Non-Custodial Wallets: For enhanced security, you can withdraw your AKT tokens to a non-custodial wallet, giving you complete control over your private keys. This includes hardware wallets, Web3 wallets, or paper wallets. Ensure you store your private keys securely to avoid losing your tokens.

  3. Cosmostation App: You can create an Akash Wallet within the Cosmostation App, which allows you to stake your tokens and earn passive income. This app is user-friendly and provides a secure environment for your tokens.

  1. Keplr Wallet: Keplr is another popular option for storing AKT tokens. It is a desktop wallet that supports Cosmos tokens, including AKT. You can stake your tokens and manage your account securely within the wallet.

  2. Leap Cosmos Wallet: Leap Cosmos Wallet is another compatible wallet in the Cosmos ecosystem. It supports various networks, including Akash, and allows you to transfer and manage your AKT tokens securely.

Each option has its pros and cons, so choose the method that best suits your needs and preferences.

How to buy Akash Network?

To buy Akash Network (AKT) tokens, you can follow these steps:

  1. Create an Account on a Supported Exchange:

    • Kraken: Create a Kraken account, fund it, and select your desired AKT trading pair to start trading.
    • KuCoin: Sign up on KuCoin, secure your account, verify your identity, and add a payment method. Then, use a variety of payment options to buy AKT.
    • Gate.io: Create a Gate.io account and follow their process for buying AKT.
  2. Fund Your Account:

    • Kraken: Fund your Kraken account with a debit card, credit card, wire transfer, or Bitcoin.
    • KuCoin: Add funds to your KuCoin account using a debit card, credit card, wire transfer, or Bitcoin.
    • Gate.io: Fund your Gate.io account using a debit card, credit card, wire transfer, or Bitcoin.
  3. Buy AKT:

  • Kraken: Use your funds to buy AKT on Kraken.
  • KuCoin: Transfer your crypto to a KuCoin Trading Account and place an order to exchange your existing crypto for AKT.
  • Gate.io: Use your funds to buy AKT on Gate.io.
  1. Store Your AKT:
    • KuCoin: You can store your AKT on KuCoin or transfer it to a personal wallet.
    • Coinbase Wallet: If you prefer to use Coinbase Wallet, you can buy AKT by downloading the wallet, choosing a username, securely storing your recovery phrase, and buying ETH to swap for AKT.

Remember to follow the specific instructions for each exchange and ensure you understand the fees and risks involved in buying and storing AKT tokens.

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