The COVID-19 pandemic has definitely accelerated the adoption of tech. One of these technologies that has been accelerated is the centralized cloud computing service. Cloud services have become an even more important necessity for many businesses. Even in Amazon’s Q2 reports, we can see Amazon Web Services taking a major part. The accelerated growth is not new. In 2019, AWS reported a revenue of $35 billion which is a 35% increase to the previous year. Microsoft Azure and Google Cloud also reported an increase of over 50% in 2019 as compared to 2018. However, it cannot be denied that many issues still remain unsolved in the space. These issues being centralization, data privacy, and limited low-latency options is still a concern with many traditional cloud providers. One platform is looking to disrupt the industry and make fundamental changes to the space.
In September 2020, the cost for basic transaction fees on the Ethereum platform reached (21,000 gas) costing around $1.5. The issue with bandwidth and computation times has been a recurring issue. With the expansion of the crypto space, there will only be more orders at more expensive rates making the practical usage of these tasks impossible. Several projects have attempted to solve the issue, however many end up being overly complex and highly technical. Cudos, on the other hand, will ensure 24×7 revenue. Apart from 24×7 revenue, Cudos is looking to also disrupt the traditional cloud scene by creating a personalized, low-latency compute at a fraction of the cost, and also creating a new incentivization culture for hardware providers, who will play a vital role in blockchain’s mass adoption.
So let's talk about the Cudos Ecosystem…
Cudo Compute is a scalable compute network which will generate value for all the participants. The platform users will receive rewards for the work devices that contribute to the system. The blockchain developers can also unlock new functionalities by utilizing the off-chain data and computation at competitive rates. The consumers of the cloud services will also benefit from the cost-effective computing with a high degree of personalization.
Give me more details on the platform…
The Cudos platform will deploy smart contracts that will act as compute oracles connecting blockchains to the outside world. This connection will be done with the use of CVN which will accept job requests, and run them securely off-chain in parallel, and then reach consensus if necessary before submitting the final work to the original user. Anyone that is willing to support the platform but not become a CVN can delegate their stakes to their favorite validator and earn rewards for their contribution.
Similarly, hardware providers running more traditional compute jobs through Cudo will be able to stake CUDOS in order to receive a discount on the fees paid and also qualify for different types of jobs. The focus for the traditional compute will be for video rendering at the start with data centres and mining farms. However, the use cases will include machine learning modelling, simulations in all types of industries, and many specific workloads that support a wide range of industries which include protein-protein docking for biochemistry companies.
Is there a token?
Yep! The Cudos has its own ERC-20 token. The CUDOS token powers the blockchain part of the network. It will allow ALL participants to take part in staking and earn rewards and discounts. A few of the token utility includes:
- Staking 2 million to become a CUDOS Validator Node (CVN) and obtain rewards
- DElegated staking to support CVNs
- MoE powering the CUDOS network
- Staking to qualify for receiving general compute jobs
- Staking to obtain a discount on the fees
Cudos’ validator node (CVN) hardware will be initially validated by Cudo. This is to ensure an extra layer of security that is provided by AMD’s SEV. Cudos puts in a lot of work into the tokenomics and the token model. The token has been advised by various industry leading token economists which include Michal Bacia, AmaZix and Outlier Ventures. Therefore, the tokens are designed in a way to reflect the success of the platform and also to incentivize a healthy ecosystem that will bring token holders, platform participants and the Cudo team together.
And... what about governance?
The CUDOS validator nodes (CVNs) will have control over the governance of the CUDOS network. The trust scores will be used to calculate a weighted average score which is determinant of the weight of each node in the decision making process. By limiting the total amount of CUDOS tokens that are staked and the delegated staking that each CVN can receive will ensure a larger number of nodes. Each CVN will then be able to choose how to involve the users that have delegated stake. These involvement can include proposing pools, proposing changes to the network, and more. When validators earn a high enough score then the governance will happen by the nodes. This is to ensure that the nodes have reached maturity and complete usage.
What benefits do you get with using Cudos?
By utilizing Cudos the consumer may have many benefits ranging from smarter management, greater efficiency, and reduced costs. Different from other cloud services, Cudo will allow consumers to purchase as little or as much computing power as they need. This provides them with a lot of flexibility and can eliminate additional premiums needed. The Cudos platform is also able to eliminate expenditure that goes to human capital. This allows enterprises to optimize their workflows, improve decision making, and reduce problems from human errors. And lastly, the users who switch their cloud provider to Cudos will be able to save OVER 75% in costs. That’s insane!
Ultimately, the Cudos technology will disrupt how our world operates as it provides a revolutionary technology that will alter how our world operates in the future. The need for cheaper and more efficient tech has been more desired than before with everyone working at home in front of a computer. Cudos definitely sets itself up as one of the leaders in the cloud computing space as well as the crypto space. If you would like to learn more about Cudos or even start using its technology, check them out here!
US publicly traded firm MicroStrategy, which now owns a massive Bitcoin (BTC) stash after its Bitcoin-buying spree last summer, has seen its stock price falling
Arthur Hayes, founder and the former chief executive of crypto derivatives exchange BitMEX, who is wanted by the U.S. government, could surrender to the US
PayPal is in the process of buying cryptocurrency custody firm Curv, a technology firm focusing on the secure storage of crypto assets, according to CoinDesk’s