Cloud-computing and blockchain-computing are frequently discussed in the world of cryptocurrencies, but how often are they mentioned in the same breath? While they may seem exciting and ambitious, most of these networks cannot scale because they were designed for smart contracts, not for computing – which explains why several of them have just a handful of nodes in operation.
With the growing demand for Layer-2 (L-2) networks to meet the needs of the exploding blockchain industry, one needs to look no further than the scalability issues of Ethereum and all the projects that have decided to build on top of it. The gas fees required to complete a single transaction has gone through the roof, making many blockchains undesirable.
On the Ethereum network, gas costs are prohibitively high when running complex workloads or storing data. Blockchains are (by design) also missing an effective method to fetch and use external data – which is crucial for many applications, including DeFi.
Algorand (a top-50 blockchain) is not Turing-complete, which means it is very limited in its computing capability. Scalability is the biggest issue with these massive networks that transfer extensive amounts of data quickly. It’s no secret that Ethereum 2.0 will eventually relieve a significant amount of congestion from its network, but it will take some time to roll out all the phases and have them tested thoroughly.
What if there was a way to bypass Eth 2.0 in favour of a more efficient solution available right now?
CUDOS is working closely with the Algorand team to bring DeFi data feeds to the Algorand network to make them a full computing network to resolve critical performance issues. A distributed network to scale to the world’s computing demands (which requires much more resources and a completely different design altogether) has just been unleashed to supply additional computing power to those in need while also providing a marketplace in the ecosystem.
CUDOS is a decentralized, multi-chain, Layer-2 solution providing Turing-complete and external data to blockchains designed to power Web 3.0. Blockchains are immutable, and they are generally very limited in what they can do. Limited in its efficiency and without another viable solution, use-cases like DeFi would not, and could not, exist. CUDOS provides the bridge between the blockchain world and the outside world to enable blockchains to consume external data, APIs, and compute.
It allows anyone to sell their computing or consume decentralized computing resources at a lower cost of entry compared to traditional cloud providers via blockchain/smart contracts, or via more traditional cloud computing APIs.
“Algorand brings over 1,000 transactions per second and transaction fees of 1/20th of a cent to the USDC ecosystem, and soon to be released innovations from Algorand offer the potential of scaling throughput by 8–10x on Layer 1, accompanied by new secure smart contracts that complement standard tokens such as USDC.“Jeremy Allaire, CEO and Chairman of Circle
By integrating seamlessly with Cudo, a distributed computing platform that can effectively be understood as a Layer-3 solution for blockchains, this allows for the use of specialized hardware on-demand – requested directly on-chain from a smart contract.
CUDOS aims to build a global compute network that powers blockchain and traditional computing, using the spare computing available worldwide (of over 500 million suitable and underutilized devices) to create a greener cloud computing that exists today.
- 20,000+ computer nodes
- 150,000+ users who are scaling quickly – with substantial global computer capacity
- AMD rebranding CUDOS tech, which you’ll see in the coming weeks
- Ultra integrating our compute engine
- 1 million+ nodes in 2021 combined for AMD & Ultra
- Live in 145+ countries
More information on AMD can be found here.
More information on Ultra can be found here.
Blockchain as a Layer-1 protocol is expensive to scale and limited in what workloads it can support due to its highly distributed topology. In the case of some blockchains, including Algorand, it’s designed not to offer Turing-complete compute to achieve a higher TPS (Transaction Per Second) rate.
A solution is needed to provide a decentralized compute that offers both clustered and distributed infrastructure to match the optimal environment for any workload request. CUDOS fills this gap. It is a Layer-2 and therefore provides decentralization (through its validator network) along with different infrastructure environments through its underlying supply base (service providers, miners, and gamers).
The CUDOS Validator Nodes (CVN) provide the decentralized layer to the network. There will be 100 CVN’s in total, globally distributed running either AMD (SEV/SME) or Intel’s (SGX) encryption technology. These nodes will run all blockchain application workloads and integrate with multiple chains, including Ethereum, Algorand (1st two), and expanding to others in the near future, including Polkadot and Cosmos.
Blockchain developers will be able to securely connect to CVNs matching their requirements (geography, trust score). The CVNs have the ability to distribute work out to non-CVNs when additional computational power is required without having to communicate with a centralized entity. All CVNs are owned by third-parties making CUDOS completely decentralized.
Cudo is solving the cost and scale issues of blockchain and cloud computing and enabling lower cost, more scalable decentralized solutions.
“The vision of CUDOS is to make better use of the world’s computing power, a true two-way cloud computing marketplace that operates over a distributed network. CUDOS is to compute as Filecoin is to storage.”
“CUDOS is the decentralized layer to the Cudo network, providing a bridge between blockchain and off-chain computing power.”Matt Hawkins, CEO & Founder at Cudos
Total Token Supply: 10,000,000,000
The $CUDOS token is an ERC-20, the native token for the CUDO ecosystem, and has multiple utility functions:
- Staked for jobs
- Building a trust score for validators on the network
- Building a trust score for compute nodes on the network
- Rewarding job stakers with a discount on platform fees
- Incentivizing further contribution to the network
- Buy-backs will be available in the future
- Used for dApps
- Pay for services/applications
- To consume resources of 3rd-party networks
- Anti-spam/security mechanism to receive compute workloads
- Governance and voting on decisions across the network
Token holders can stake either on their own $CUDOS validator node (CVN) or as a delegated stake on another CVN, earning staking rewards. Staking is the primary mechanism for controlling circulating supply levels, with stakers incentivized by escalating staking rewards.
CUDOS has high liquidity with all CUDOS network resources paid in $CUDOS and all validators earning in $CUDOS. $CUDOS will also be used to pay off-chain user bases such as AMD gamers using their branded version of our software.
Smart contracts written on a Layer-1 network can invoke the CUDOS smart contract, deployed on that same Layer-1 network, to request the workload to be computed off-chain or to access external data, etc. The off-chain computation is done in the CUDOS validator nodes (which need to stake 2,000,000 CUDOS to be eligible). These nodes are constantly listening to events in the CUDOS smart contract to see when a new request for a compute job is created.
This request includes three main components:
- A targets identifier
- An app hash identifier
- Any inputs needed for that workload
More information can be found here.
Cloud computing already uses around 20 million servers, and this number is rapidly increasing. By adding to the network the billions of electronic devices that are spread worldwide, distributed computing is the bridge to the mass-adoption of this revolutionary technology and has several applications:
- Layer-2 oracle
- Scientific research
- Data analytics
- Artificial intelligence
- Video rendering
Cudo is a distributed computing platform where suppliers of hardware monetize the idle time of their hardware, providing:
- Blockchains a layer 2, Turing-complete compute capacity
- Cloud services at a fraction of the cost and with extended personalization and functionality
More information can be found here.
CUDOS provides staking rewards to validators and holders who assign their CUDOS allocation to their own validator node or to another as delegated staking. CUDOS is a medium of exchange with multiple currencies and tokens converted to CUDOS to benefit from rewards within the network before converting to another currency, token, or voucher, depending on the end-user.
- Staking to become a CUDOS Validator Node (CVN) and get 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
- Governance & voting rights
- Compute can only be bought through the CUDOS network with the token.
- Validators will be paid in $CUDOS.
- Any jobs that need to be distributed beyond the validator network to the underlying Cudo supply will be paid in $CUDOS.
More information can be found here.
Staking and delegated staking in the CUDOS platform allows token-holders to receive a bonus on their stake, depending on the length of time the tokens are staked.
The bonus rewards are as follows:
- 3 months lockup: 25% bonus
- 9 months lockup: 50% bonus
- 18 months lockup: 100% bonus
Staking rewards are paid out over ten years, on a fixed per block amount, which reduces per block slowly over that time. The first 2-year levels are fixed; after the first two years, this is opened up to voting via governance. There is a lockup rewards multiplier for staking for a period. The team is currently considering a 50% bonus for six months or a 100% bonus for 12 months.
The network is designed with the aim of the transaction and compute rewards exceeding the pure network staking rewards over time. This provides substantially lower transaction and compute costs over many current networks with the addition of added scalability.
More information can be found here.
CUDOS recently made a few announcements on Twitter worth noting:
Staking has finally gone LIVE via Bitmax as of yesterday.
From today, you will be able to place your available $CUDOS balance into their pre-staking service and earn 30% APR.
- APR: 30%
- Unbonding Period: 14 days
- Reward Distribution: Daily
- Instant Unbonding Penalty: 3%
- Initial Duration: 3 months
More details can be found via the Medium article.
Also, the $CUDOS token has been listed on the Blockfolio app. yesterday.
Behind a very experienced team with a proven track record in the cryptocurrency world, the team at Cudo also has global partnerships in place with data and compute providers. The past three years were spent investing in infrastructure, building up the user-base and getting customers lined up, and creating network and rewards for token holders.
With some key members like early investors in Alibaba, early team members from Docker (who help us bring that usage of the network), and “the Godfather of Playstation” as an advisor to CUDOS on the roster, CUDOS is well-positioned to take blockchain-computing and cloud-computing to heights never before seen.
The Daily Chain
*Disclaimer – CUDOS is our Media Partner, and this content is made possible with their support. The above article does not represent financial, investment, or trading advice, and we do not recommend the purchase of any cryptocurrency or product without consulting a financial aid. The Daily Chain strongly encourages you to do your own research before making any investment decisions.