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October, 2021

Blockchain Cloud Computing Comparison: Akash vs. Internet Computer ($ICP, $AKT)

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Blockchain Cloud Computing Comparison: Akash vs. Internet Computer ($ICP, $AKT)

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.
 
MeanwhileAKT 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).
Internet Computer has drawn criticism for its overly-centralized structure and lack of focus — Also, there’s plenty of evidence to suggest that DFINITY conducted the largest rug-pull ever, yet ICP still ranks #24 in terms of market cap.
 
Conversely, Akash boasts a fully-decentralized governance and payment structure, a clear roadmap for deployment, and a promising array of partners in the crypto space such as Solana ($SOL) and Chainlink ($LINK) — AKT ranks #241 by market cap.

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