The wellbeing of our planet is one of the main concerns among most people, here the $CUDOS team went from concern to taking positive action.
The dramatic reduction of waste in global computing resources is Cudos’ main driving force. Cudos make possible a more efficient use of everybody’s computing resources in a global sense.
This decentralized cloud services network is not only greener in terms of consumption, it is also significantly cheaper.
CUDOS is Making a Difference
In Q2 2021 Cudos launched their private testnet called ‘Cognitum’ which helped raise their network base to 350,000 signed up users. During Q3 this year, a public testnet named ‘Somniorum’ will be deployed to attract developers globally.
Cudos is aggressively promoting this public testnet among the crypto ecosystem and beyond, with the idea of thoroughly challenging its network capabilities, inciting developers to get creative and demanding when testing layers 1 and 2 with their tools and dApps.
Once the mainnet goes live, Cudos will be powered by over 50,000 nodes, accessed by over 300,000 users, and will generate more than 500K TFLOPS of computing power in more than 145 countries.
CUDOS mission: “Make Better Use of the World’s Computing Power”
Cudos was founded in 2017 by tech maven Matt Hawkins and a highly experienced team of entrepreneurs, engineers, data scientists, and strategists.
The founding team is also joined by world-class advisors such as Chris Deering, former President of Sony Playstation, Jörg Roskowetz, current Director of Blockchain at AMD and Maggie Fang, an early major investor in Uber and Alibaba.
Around 20 million computers and servers are currently used in cloud computing, and this figure is continually growing.
Centralized cloud computing providers draw excessive costs and waste, being in some manner themselves part of the growing demand for decentralized alternatives.
Considering ETH’s network congestion earlier this year during bullish market days, lessons after much suffering point out decentralized cloud services as an option for keeping DeFi and NFT markets running smoothly.
Other efforts to fix scalability issues like sharding did not nail the problem so far.
Distributed computing becomes key to widespread acceptance of this innovative technology connecting billions of electronic devices all over the world.
A World of Potential Power
Computing power may come from laptops, smartphones, and company servers that would otherwise be idle.
Cudos’ decentralized computing power contributes to a variety of projects on DeFi, scientific research, data analytics, artificial intelligence, video rendering, and other high-processing applications, all of which contribute to the development of human culture .
Cudos’ goal is to provide unrestricted access to high-performance computing at a large scale. This would not only eliminate the need for a dedicated computing supply, but it would also save money by allowing users to access resources on demand.
This will be especially beneficial for blockchain developers and ecosystems that need to swiftly ramp up their capacity when traffic spikes.
New Solutions for Common Problems
As expected, gaming companies, DeFi data analysts, NFT developers, etc are already lined up waiting to deploy on the Cudos network as soon as it goes live later this year.
Cudos’ published roadmap in their website announces the Cudos Mainnet V1 with BFT Consensus – called “Ingenii” — going live in Q3.
The project started with a level 1 blockchain and a level 2 oracle network based on Tendermint. Later Cudos develops a highly scalable layer 2 and 3 solution that uses smart contracts and APIs to link onchain and offchain users to the network.
Cudos intends to create a concrete link between cloud computing and blockchain. This means that any blockchain connected to Cudos can benefit from the network’s reliable scalability.
Initially, ETH, Algorand, and Cosmos will be supported, with further networks to follow soon after.
More Ways to Be Connected
The global adoption of decentralized cloud computing will benefit both blockchain initiatives and businesses but also everyday individuals obtaining revenue from their idle hardware.
For example, data centers and mining farms can optimize their ROI by tokenizing their computing power that otherwise would be wasted.
During Q1 earlier this year, Cudos accomplished one of its most notable achievements, the oversubscribed and successful token sale (Cudos ERC-20 Token Live) which resulted in the CUDOS currency being listed on several exchange platforms.
Borderless Capital, which focuses on Algorand’s growth and development, has also invested in the platform.
David Garcia, the founder of Borderless, has recently joined as an advisor with the goal of accelerating the relationship between both ecosystems. Also Moonrock Capital, Outlier Ventures and GBV are advertedly welcoming the Cudos project.
Cudos has the potential of becoming the game changer in an increasingly digitized world — making smart contracts and DApps far more efficient, and enabling simplified NFTs and asset creation.
A Deeper Dive into Cudos
The Cudos network delivers decentralized permissionless access to high-performance computing scale, being a level 1 blockchain and level 2 computation and oracle network.
Cudos will provide scalable computing and Layer 2 Oracles on all of the bridged blockchains once it is bridged onto ETH, Algorand, Polkadot, and Cosmos.
Cudos Benefits Everyone:
- Horizontal or cross-chain interoperability due to the network’s integrated Inter Blockchain Communication (IBC). IBC allows smart contracts on the Cudos Network to run on multiple blockchains
- Compared to Proof of Work protocol consensus blockchains, transaction and gas fees are 10x lower on Cudos
- A genuine massively scalable blockchain that allows sophisticated smart contract operations
- Proven better performance with any operation on the network needing in between 200 to 500 Peak TPS
- Complete non-turing Layer 1 blockchain networks can benefit from Cudos Turing complete solutions
Token Holder Benefits:
- Holders obtain staking rewards and shared transaction fees (mainet)
- Validators are Incentivised to participate in public testnet for testnet nodes to receive high staking rewards shared across all stakers (mainet)
- Validators also receive a share of network transaction fees (mainet) and a commission from others delegating their stake to the node (mainet)
- And Miners will be able to earn Cudos utilizing the Cudo Miner dApp
- Low cost transactions and scalable layer 2 compute for NFT issuance & DeFi operations
- Multi-chain interoperability: (IBC) protocol, bridges to ETH first, Algorand and Polkadot will be integrated later
- access to a large layer 3 high-performance computing network when needing powerful resources for computing-intensive applications (like AI, CGI, simulations or rendering, etc)
- anyone or any business can become a network supplier and earn a piece of the network’s earnings. The model is similar to that of AirBnB and Uber, except for computing power
Cudos Token Distribution
The CUDOS token has the following main functions: Governance and management of the network, staking mechanism for receiving blockchain and cloud workloads and a medium of exchange (MoE).
In other words, CUDOS is the utility token that will be used to compensate the network’s validators and compute nodes for their computing power.
The CUDOS token is both a medium of exchange and a staking token that is used to lock value into the network while also providing stakers with staking rewards.
A total of 10 billion CUDOS tokens will be distributed during a ten-year period (starting from January 11, 2021). Currently we can estimate a supply of approximately 1 billion circulating in the crypto market.
The 10 billion CUDOS are spread across different allocations, with 34 percent going to Ecosystem & Community Development, 33.78 percent to Reserve, and 20% to Team (depending on milestones met out of 10 major pre-determined milestones), 5% for advisors, and finally 7.22% for presale token holders.
Cudos Aims at AMD
The Cudos website informs of over 16 different ongoing partnership agreements with key players in the industry, worth checking out.
One of these Cudos’ fellow travellers is the world’s second largest semiconductor corporation, offering GPUs and CPUs primarily to the gaming industry as well as cloud services and PC shops.
AMD’s SEV/SME encryption service will be included into the Cudos network. Cudos is also collaborating with AMD on a gaming-focused application that will be unveiled soon.
Cudos Environmental Highlights:
- Partnership with Climatetrade: Cudos network will be 100% carbon neutral from day 1 in partnership with Climatetrade (Q3 2021)
- Proof of stake is substantially more efficient than proof of work in the Cudos network
- Cudos layer 3 network cuts down on IT waste by maximizing underutilized processing resources. 50 percent or more of a server’s carbon footprint is created before it is even turned on! (manufacturing process and transportation).
- Customers from mining farms in 100% renewable energy zones are the only ones targeted
How to Start using CUDOS
CUDOS token is listed on Uniswap, CoinGecko, CoinMarketCap, and Blockfolio, and can be traded on Kucoin, AscendEX, and Gate.io exchanges.
Also, at CUDOS website you can become a validator (future node) by enlisting your profile on their online enrolling program. For more information see the CUDOS website.
Don’t miss any of the upcoming news and releases by following CUDOS on LinkedIn, Twitter, Telegram, YouTube and Medium.
CUDOS is bridging the distance between classic cloud computing and blockchain, by harnessing the world’s computing resources to power a more decentralized, sustainable, and connected future.
The post Cudos: Greener & Sustainable Decentralized Cloud Computing appeared first on Blockonomi.