SAN FRANCISCO, Sept. 24, 2020 /PRNewswire/ -- Akash Network, the world's first decentralized cloud computing marketplace and the first DeCloud for DeFi, announced today an integration with Kava, the first cross-blockchain DeFi platform, to enable Kava's stablecoin USDX as the first coin for fee settlement on Akash's DeCloud platform. The integration with Kava will also enable Akash Token (AKT) to be used as collateral for USDX loans.
Through the integration of Kava's USDX, Akash becomes the first decentralized cloud platform to have a stablecoin, allowing cloud providers to avoid the market volatility of cryptocurrency, and developers to pay for cloud computing using USDX. This integration strengthens AKT's liquidity and provides Akash users with a stable medium of exchange, while achieving greater adoption for Kava's stablecoin and an increased debt ceiling from AKT collateral.
"We built Akash to give developers and companies faster, lower cost, and more flexible access to cloud computing with multi-currency settlement," said Greg Osuri, CEO at Akash Network. "We're excited to partner with Kava Labs to integrate the first stablecoin in the Cosmos ecosystem, bringing dollar denominated payments to Akash."
"Akash's promise to provide decentralized compute resources at significantly lower costs than leading providers like Amazon makes it one of the most promising projects in the blockchain space today. Akash's technology will transform the compute industry and be a critical foundation for decentralized projects and Web 3 applications going forward," said Brian Kerr, CEO of Kava Labs.
Both companies are pioneers in the blockchain and crypto spaces. As global demand for content and throughput increases, Akash Network is developing the world's first and only decentralized cloud computing marketplace, and will leverage 85% of underutilized cloud capacity in 8.4 million data centers around the world. Akash enables any data center and anyone with a computer to become a cloud provider by offering their unused compute cycles in a safe and frictionless marketplace. Akash's DeCloud is the first decentralized cloud and vertically integrated solution that increases scalability and security, and the best price performance for DeFi, in the market.
Kava Labs has built the first cross-blockchain and multi-asset lending platform that allows users to collateralize a multitude of crypto assets in exchange for a loan in the form of Kava's stablecoin USDX.
In Q2 2020, Akash Network launched The Akashian Challenge Incentivized Testnet, which, to date, has attracted 211 teams and 99 active validators, making it one of the largest Testnets in the Cosmos Hub and one of the largest active Testnets globally. Akash will launch Mainnet 1 in September, followed by Phase 3 of The Akashian Challenge.
In Q3 2020, Akash announced a partnership with Cosmos's Interchain Foundation to accelerate development of the Inter-Blockchain Communication interoperability protocol. For crypto and blockchain, where interoperability and composability are essential to continued growth for decentralized sectors like DeFi, IBC is the most promising and production-ready solution.
About Akash Network:
Akash Network is developing the world's first and only decentralized cloud computing marketplace, enabling any data center and anyone with a computer to become a cloud provider by offering their unused compute cycles in a safe and frictionless marketplace. As the first decentralized cloud for DeFi, Akash DeCloud greatly accelerates scale and price performance for DeFi, decentralized organizations, and high-growth industries like machine learning/AI. Through Akash's platform, developers can easily and securely access cloud compute at a cost ten times lower than the current market providers (AWS, Google Cloud, and Microsoft Azure). The platform achieves these benefits by integrating advanced containerization technology with a unique staking model to accelerate adoption.
Kava is the first decentralized hub for cross-chain DeFi applications and services. Kava's platform operates like a decentralized bank for digital assets connecting users with products like stablecoins, loans, and interest bearing accounts so that they can do more and earn more with their digital assets. Developers, applications, and financial institutions can integrate Kava's open platform to connect their users with Kava's suite of decentralized financial products and services.