Blockchain solutions for cloud computing are still in the development stage. And as a potential investor, discernment is of vital importance when evaluating projects.
Consider these two similar but distinct cloud-focused protocols:
- Internet Computer: Claims to be the world’s first web-speed, internet-scale public blockchain. Developed and managed by the DFINITY Foundation. Internet Computer’s blockchain utility token, ICP, has become infamous for its -95% decline in price from the mainnet launch in May 2021. Current Market Cap: $7.6B
- Akash: Styling itself as the “Airbnb for Cloud Compute”, the Akash Network provides a fast, decentralized, and low-cost cloud deployment solution for applications. By leveraging underutilized cloud capacity and open-source tech, Akash’s development team claims they can offer cloud computing services at 2x-3x lower cost than that of centralized providers. The price of AKT, the utility token powering the Akash Network, has gained more than +500% since launch in October 2020. Current Market Cap: $328M
ICP burst onto the scene with immediate listings on major exchanges (Binance and Coinbase) which sent the price to an ATH of $650
within days. Since then, the price of ICP has declined steeply alongside underlying chatter
Meanwhile, AKT has yet to receive a listing from a major centralized exchange, but investors’ interest has steadily gained alongside the project’s market cap, up +69% QoQ and closing on its “larger” competitor (30d MA).