The Cudos ecosystem consists of a layer 1 network, layer 2 solutions, and an oracle network. The network ensures decentralized, permissionless high performance computing at scale while enabling computing scaling up to 100,000 nodes.
Specifically, Cudos aims to bridge the gap between cloud and blockchain by utilizing available global computing power. As a result, the project will create a more decentralized, sustainable, and connected world.
Eventually, the network aims to attain cross-chain interoperability by bridging with Ethereum, Algorand, Polkadot, and Cosmos. With cross-chain interoperability, Cudos will support scalable computing and layer 2 oracles on the bridged networks.
Of note, Cudos cross-chain operability will be achieved using the blockchain’s Inter Blockchain Communication (IBC) integration. BIC enables Cudos smart contracts to run on multiple blockchains.
Also, the underlying Cudos platform is already live in over 145 countries, with over 300,000 users. Presently, the blockchain is running its private testnet with select developers.
Table of contents
- History Overview
- The Cudos Blockchain
- The Cudos Team
- Who can use Cudos?
Matt Hawkins launched Cudos in 2017. Hawkins is a multi-award-winning tech entrepreneur who also founded and built C4L. C4L is a data center, network, and cloud infrastructure company that ran 1% of the UK’s internet infrastructure.
Also, C4L laid the foundation for Cudos. This is because years of working in traditional cloud infrastructure revealed that there was a large amount of computational power going to waste. In addition, this wasted computational power contributes to excess carbon emissions.
And so Hawkins launched Cudo Donate as the first iteration of Cudos. This initial version leveraged computational power donations to generate revenue for various charities.
Cudos Donate was followed by Cudo Miner, which is still operational. Cudo Miner is a plug-and-play mining platform where users can connect their devices, mine crypto, and earn crypto rewards including non-minable tokens like Algorand’s ALGO.
Presently, the Cudos network consists of a layer 1 blockchain and a layer 2 scaling solution. The blockchain consists of a decentralized computer network designed to power Web 3.0. Thus, enabling users to sell their computing resources or use decentralized computing resources on the blockchain.
The Cudos Blockchain
Cudos is built on the Cosmos blockchain and uses the Tendermint protocol for network governance. Also, Cudos utilizes the Proof-of-Stake (PoS) protocol which makes the blockchain faster, cheaper, and more eco-friendly compared to Proof-of-Work (PoW) blockchain like Bitcoin and Ethereum.
The network also supports a globally distributed layer 3 network of secure resources and cloud computing. This includes turing-complete solutions for non-turing-complete layer 1 blockchains. As such, Cudos is one of the few blockchains capable of powering other blockchains. At the same time, Cudos is helping scale current cloud computing demands.
The Cudos Team
The Cudos team consists of the core team and strategic backers and partner networks. As previously mentioned, the project founder and CEO is Matt Hawkins. The CTO is Andrew Sturmey, Dr. Joan Garcia Tormo is the Data Scientist, while Richard Poole is the Lead Developer/Architect, and Andrew Walker is the CPO. The complete Cudos team currently has over 40 members.
Who can use Cudos?
Cudos users range from crypto/blockchain enthusiasts, developers, gamers, to anyone with excess computational power. Although the network aims to onboard new blockchain users, blockchain veterans can also benefit from using the network.
In fact, the network is halfway through its private testnet with several external developers. The developers are currently building dApps on the network and providing the Cudos team with feedback based on their experience using the network.
Cudos is a unique network that aims to bridge the already existing Cudos distributed computing power supply base. This base consists of data center locations and consumer devices like gaming PCs. Notably, what makes Cudos unique is that other blockchain decentralized infrastructure projects focus on using hyperscalers like AWS for more intense compute applications.
However, this benefits centralized hyperscalers at the expense of decentralization. In comparison, Cudos can utilize any person or business contributing to the network to scale its cloud computing capacity. In addition, the network rewards participants to incentivise a fairer decentralized model.
Also, developers can build dApps on the network using the Rust coding language by using the CosmWasm toolset. The toolkit also integrates with Cosmos SDK chains adding enhanced security to Cudos. In fact, the integration prevents vector attacks from known threats on ETH.
In addition, the network can run any use case deployed using the CosmWasm contract. This capability will be tested once the network’s testnet is launched to enable 1000s of users to build on the Cudos network.
Other features that make Cudos unique include:
- Working with more sustainable and centralized partners.
- More affordable than its competitors.
- The decentralized model ensures that there is decentralized control.
- Decentralization makes the network more secure and transparent with no single point of weakness.
- Decentralization makes the network less vulnerable to attacks and hacking.
As previously stated, the Cudos ecosystem consists of various products and tools that enable the network to be the ‘Airbnb’ of computing power for a new internet.
Some of these products include the following:
1. Cudos Layer 2 Network
Cudos has a layer 2 blockchain that helps layer 1 blockchains that require extra computing or external data. Particularly, some layer 1 networks like Bitcoin and Ethereum are facing scaling limitations. Also, Ethereum has high congestion and exorbitant gas fees. These additional limitations make the top platform inefficient. On the other hand, some layer 1 blockchains like Algorand need help from a Turing complete network that adds extra functionality and external data. Indeed, Cudos can in fact help these blockchains overcome their scaling limitations.
2. Cudos Layer 3 Network
Through this layer Cudos provides a cloud-like service focused on creating low costs, low latency, and high personalization. As such, this layer is a platform, on top of the underlying Cudos network, that provides added on-demand computing capacity. Also, the added capacity helps to support different types of hardware or support jobs that require more resources than the Cudos network can directly absorb.
To clarify, users can access the Cudos layer 2 and layer 3 by utilizing smart contracts. This way users can run any kind of workload on any supported hardware, for as long as they need.
As previously stated, The CUDOS token underpins the entire Cudos ecosystem. The native token can be utilized to pay for computing gas fees, deploying and building dApps, among other uses. In fact, users can use CUDOS directly on the network or cross-chain utilizing an Oracle or integration bridge.
Notably, users can buy CUDOS using various cryptos. This feature is aimed at making new user onboarding easier. Ultimately, the network will also generate revenue using several methods.
CUDOS is the network’s native token which possesses cross-chain capabilities. The token has high utility within the Cudos on-chain and off-chain networks.
For example, the network rewards stakers, network development, and dApps/smart contracts using CUDOS. Apart from earning rewards, stakers also earn a portion of all network transaction fees. On the other hand, developers earn a share of the revenue from the Cudos treasury. As such, the Cudos revenue model aims to incentivize blockchain participation.
CUDOS has a maximum supply of 10 billion coins that will be released over 10 years. At the time of writing, there is a circulating supply of 1 billion CUDOS. The CUDOS token allocation is 34% to the ecosystem and community development, 33.78% in reserve, 20% to the Cudos team, with 2% released per achieved milestone. Also, 5% to advisors, and 7.2% for presale token holders.
Also, CUDOS is presently listed on several top-ranking crypto exchanges.
Speaking on the project’s achievements, Cudos CEO Matt Hwakins noted,
“We have built a profit engine from scratch that looks at the available computing tasks and automatically distributes those jobs to the right environment/hardware based on profitability. By building a single platform that can be used by multiple diverse audiences such as data centers, gamers, and blockchains miners, we have been able to secure and scale a global distribution base suitable for lots of different types of cloud computing tasks.”
Other Cudos achievements include:
Token Launch and Exchange Listing
Cudos successfully launched its token with a listing on AscendEX, formerly Bitmax. After that, CUDOS was listed on the top-ranking KuCoin exchange. Specifically, CoinMarketCap ranks KuCoin as the 6th highest exchange based on traffic, liquidity, trading volume, and confidence. CUDOS is also listed on Uniswap, CoinGecko, CoinMarketCap, and Blockfolio.
Cudos has managed to onboard at least 35 validators to date. In addition, the network achieved key partnerships with strategic partners like AMD, Animoca Brands, Algorand, Ultra, Outlier Ventures, Moonrock Capital, and more.
To date, Cudos has managed to raise about $12 million from several equity investors and token funds. For instance, Borderless Capital, Outlier Ventures, Moonrock Capital, Moonwhale Capital, Double Peak Capital, and others.
Cudos has several competitors other than centralized hyperscalers like AWS. What differentiates Cudos from its competitors is that the network focuses on securing supply for its ecosystem. In comparison, Cudos’ competitors focused on the demand side with the result that their demand often exceeds supply. As a result, Cudos is able to serve as a supplier to its competitors. Examples of Cudos competitors include ETH 2.0, Polygon, Near Protocol, Oasis Protocol, AKASH, and iExec.
Raised $12m in Funds
In addition, the project has raised about $12 million which will be used as follows: 30% for research and product development. 10% for administration and operations. 10% for CUDOS validators nodes (CVN). 13% for acquisition, 10% for community engagement, and 7% for contingency.
The Cudos project has achieved a lot despite being still in its infancy. In addition, the Cudos roadmap is marked with exciting goals including a mainnet launch later this year, hackathons, community governance, and Cudos grants. Clearly, Cudos has a strong proof of concept that includes a clear competitive advantage and real-world application on and off-chain. As a result, the project could very well be the next big thing in the blockchain.
Finally, at the time of writing CUDOS is trading at $0.02252 with a trading volume of $451,353.94 according to CoinMarketCap.
Disclaimer: This material must not be used as the basis for making any investment decisions. This serves only as informative material about the crypto exchange. Trading digital assets involves risk and can result in the loss of investment capital. Always make sure to do in-depth research prior to engaging or investing in any cryptocurrencies.
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