Before we dig deep into the events of the first week there’s a hearty congratulation in order for Akash Network on a smooth mainnet launch.
The genesis for the launch was released on Sept 23, 5PM UTC with the genesis time being scheduled at 25 Sept 2020, 2 PM UTC. There were a number of changes in the genesis parameters, rarely seen before in any Cosmos-SDK based networks. The validator set was capped at 64 with exactly 64 submissions for gentx with every single one of them being a valid gentx! Akash Network had detailed token economics parameters and Genesis inflation was set to 52%. You can find the full details about the Akash token here: https://akash.network/token/
Initial voting power on the genesis block was 64000 which was distributed equally amongst 64 validators with Overclock Labs (core developer of Akash) not being one of them. This was quite possibly the most decentralized launch any network has experienced so far and kudos to the Akash team for pushing for this type of a launch and trusting the Akash validator community.
The genesis block was proposed by Akaikumo and the first transaction was submitted by WeStaking. Block 14684 was the first block which had a complete set of precommits from all the validators(64 precommits). Biggest delegation transaction was for 5M AKT and the highest transfer recorded so far was 10K AKT.
Quick Stats (as of Monday, 5th October 2020, 1230UTC):
Blocks Produced: 137,989
Active Validators: 64
Total Validators: 72
Total Accounts: 251
Current Supply: 101.37M AKT
Bonded Tokens: 86.40M AKT (85.23%)
Total Block Rewards: 1.37M AKT
Inflation Rate: 51.96%
Total Transactions: 51,054
Max Transactions in a block: 7
Empty Blocks (zero txs): 89274
Highest Transactions in a day: 6316 (Sept 29th, 2020)
Avg Block Time: 6.22s
Proposals: 0
Highest Voting Power: Kava Labs (11.74%)
Lowest Voting Power: OurLink (0.48%)
Highest Holding: akash1um7qp57h59ec7ccezjxzlkvg25rylfmz08wduv (25,960,238 AKT , 25.61%)
Top 10 Accounts are Holding 68.23% tokens
Least Blocks Missed: TRGCapital (7 Blocks)
Most Blocks Missed: Anon Stake (20944)
Untouched Wallets: 66
Decentralized Quotient (DQ)
DQ is a metric which represents how decentralized a network is with a max value of 1 for a completely decentralized network (67% of voting power is distributed b/w top 67% of validators). Akash Network’s DQ currently sits at 0.42 which is comparatively better than a lot of PoS networks operating right now. 18 validators (28.125%) are holding 67% of the voting power. The foundation team is very keen about decentralizing the voting power as evidenced by their delegation strategy.
Whats next?
After a successful mainnet launch, Akash Network have announced their BitMax IEO which is scheduled to start on Oct 14th, 10pm EDT. Q4 of 2020 will bring Akash DeCloud live with upgrade to Mainnet 2 along with Akashian Phase-3 challenge (Akash’s incentivized testnet) scheduled to occur before Mainnet 2.
