A simple guide to understanding Cudos Network
Just few days ago,internet users around the globe could not access most popular websites out there as they experienced an outage,lots of crypto websites were also affected. The centralization of critical compute infrasctructure is a failure and cudos is seeking to provide a decentralized alternative.
As more and more people come online,there is a increase strain on current internet infrasctuture,the crypto world also experiences high as more users jam a blockchain network,the resultant effect is high gas fees.
Also many computing devices like PCs, office computers and other computing devices are not been utilized to their full capacity,Cudos provides a platform to enable the these resources serve a greater good while the owners earn rewards.
Why do we need cudos?
1. The problem of underutilized computing resources
It will be wrong to state that many PCs and other computing resources are unused,no they are not,rather they are underutilized.
Before Uber,many thought and used cars just for basic personal or private needs but the advent of Uber popped a consequence into people that they can do more with their current underutilized resource.
Cudos already have a product called the Cudo Miner,the BBC even covered it in a report,it’s a product that pools people computing resource together to serve some customer(s) needs for a fee and in return give rewards in monetary value to these individuals
So with Cudos,we say bye bye to underutilized resources
2. Scaling existing blockchains
It’s no news that Ethereum and many other L1 blockchains are slow and inefficient, hence they have to rely on l2 scaling solutions.
Cudos is already in partnership with Algorand to help it scale,Cudos can provide an off chain compute layer for existing blockchain networks to help them scale.
3. Scaling current compute infrastructure
To avoid the outages caused in the past with the likes of AWS, CloudFlare,Fastly etc,we need to decentralize the compute layer.
Cudos not only scale blockchains but it’s a cloud computing solution.
Cudos is a PoS blockchain built using the Cosmos SDK and it uses the tendermint consensus engine. The token is listed on Gate.io,Kucoin, AscendEX,Bilaxy, Uniswap and other exchanges and it has the following uses:
1.Staking : Validators must stake a minimum 2,000,000 cudos tokens to be eligible for been enlisted as a validator,the more tokens staked the more revenues they may earn. Also users that do not meet the validator’s conditions may delegate their stakes to an existing validator to also earn rewards.
2. Medium of exchange: As more blockchain and cloud computing needs are demanded from the network,they are required to pay for these services with the cudos token. Also payment gateways and large partners will also be payed with the token.
3. Incentives : It will be used as an incentive for those who supply computing resource to the network, the more resource you supply,the more earnings you will have.
One’s earning are dependent on the number of jobs they successfully execute,jobs in the network are assigned based on some criteria like Reputation,security level,location,performance,availability and capabilities.
4. Governance : The token will also play a critical around voting and governance in the network
What is coming up with the cudos network
- In Q3, launch an incentivised public testnet alongside other hackathons and spread the word in different university groups
- Launch a grant program or a launchpad to help funding existing or new blockchain products
The aim is to attract thousands of developers to Cudos who could build many products on Cudos like NFT issuance platforms,data oracles,wrapped assets,synthetics, DEX’s, gaming, digital identities, stablecoins etc
- Also in the pipeline is the plan to build briges to other chains like Ethereum,Algorand,Polkadot and Cosmos