What Is Akita Inu (AKITA)?
Akita Inu (AKITA) is a cryptocurrency that started as an internet meme. The team's goal is to turn the Akita Inu coin from a meme into an actual, functional coin with various applications. Akita Inu is an ERC20token on the Ethereumblockchain and aims to expand its capacity to move information and exchange data between other blockchains. As mentioned on the website, the Akita network has also bridged to Avalanche for project governance through the support of the community.
An important project that Akita Inu aims to offer is AKITA network DAO. AKITA network DAO is a decentralized autonomous organization and is a fork of Olympus. AKITA network DAO has an established reserve currency protocol on Avalanche. This established reserve currency protocol is based on the gAKITA token, the governance token of the AKITA network DAO.
As mentioned in the whitepaper, stablecoins pegged by traditional currencies have become an essential aspect of the crypto world due to lower volatility than other tokens. Users are comfortable transacting with stablecoins because they believe the value of stablecoins remains the same. This, however, is a fallacy according to the Akita Inu whitepaper. Governments control traditional currencies. This means that if the traditional currencies fall in value, so will these stablecoins. Thus, the AKITA network DAO intends to address this by producing gAKITA, an unbound stablecoin. gAKITA is an algorithmic reserve currency backed by other decentralized assets. According to AKITA network DAO, by focusing on supply expansion rather than price appreciation, gAKITA can maintain its purchasing power regardless of market instability.
Elaborating on the tokenomics, the maximum supply of the Akita Inu token is 100,000,000,000,000 AKITA. Out of the maximum supply, 7.82% is already burned or destroyed. Token burning is sending the tokens to an unusable or invalid address called burned addresses. Once the tokens are sent to such addresses, they can never be retrieved and are lost forever. This is done to decrease the token supply and increase the token's value.
History of Akita Inu (AKITA)
The developers of the AKITA coin launched it anonymously on February 1, 2021. The community has taken charge of this cryptocurrency, led by many core team members and moderators. The core team members are:
Marcus Zwick is the project manager for Akita Network. Zwick has spent the last ten years directing significant IT and commercial projects (Accenture, Capgemini, Johnson & Johnson). Currently, he manages a team of 100 people and 20+ IT products.
John Hua is the community lead developer for the AKITA Network. Hua is focused on empowering others as he builds and develops teams, communities, and commercial relationships.
Ryan Macgavin is the project lead for AKITA Network. Previously he has worked for Amazon's Audible service as a manager of acquisitions and partnerships and has considerable experience in event management, creative platforms, and community development.
How Are New AKITA Tokens Created?
The AKITA network DAO's principal value accrual mechanism is staking. Stakers can receive rebase incentives by staking their gAKITA tokens. The rebase incentives are based on the number of gAKITA staked in the protocol and the reward rate set by monetary policy.
Staking is a long-term, passive approach. This means that, even if the market price of gAKITA falls below the user’s initial purchase price, given enough time to stake, the increase in the staked gAKITA balance should eventually overtake the price reduction.
When users stake, they lock gAKITA and get an equal amount of sgAKITA. On the other hand, when users unstake, they burn sgAKITA and receive an equal amount of gAKITA tokens. Here, one sgAKITA is equal to one staked gAKITA.
