Convert XELS XELS to Akash Network AKT

XELS is an eco-conscious blockchain platform enabling corporations and individuals alike the ability to easily and transparently offset their carbon footprint by purchasing tokenized carbon offset credits. Since the birth of carbon offset markets in the wake of the Kyoto and Paris agreements, fraud has been a serious problem. Bad actors have been known to sell fake or expired carbon credits, and credit “recycling” fraud can lead to double spending of unretired carbon credits (see here for an example of one of the biggest fraud cases to hit carbon credits, which even ensnared Deutsche Bank. Blockchain’s distributed ledger technology is the perfect use case for carbon credits, as it cannot be changed, reversed, or double spent. Digital assets can also be “burned,” along with a transaction hash that proves the associated credit has been retired forever. We’re initially launching the eponymous XELS token as a “platform token” to access a future suite of stable tokens pegged 1:1 to various industry-standard voluntary carbon offset credits – think of those as being the “USDT” of carbon credits.

Akash is a blockchain network that supports a decentralized compute marketplace. Akash allows users to lease computing resources from the network’s providers. AKT is the network’s utility token and can be used to secure the network through staking. AKT can also be used to participate in network governance. AKT tokens can be used to vote on proposals related to the network’s development and grant allocations.