We are excited to wrap up 2021 on a high note with a countdown to launch our mainnet on January 25, 2021. The mainnet launch will transition us from the Ethereum network to our native Cudos network blockchain.
Amid the euphoria within the community post the countdown announcement, our Founder and CEO, Matt Hawkins, had an insightful ‘Ask Me Anything’ (AMA) session with crypto enthusiasts on Indacoin’s Telegram group on 22nd December.
If you missed the session, don’t worry, we’ve got you covered. Read the whole AMA below!
1st segment: Introduction
Hello everyone! We are thrilled to welcome CUDOS to the house. We have a distinct pleasure to talk with Matt Hawkins, CEO of Cudos.
Q1. Please introduce the project and tell us more about your team!
Matt Hawkins: Sure, I’m Matt Hawkins, CEO and Founder of Cudos.
Cudos is a decentralised cloud computing network and a first-layer blockchain. It aims to provide decentralised, permission-less, high-performance computing on a large scale, expanding computing resources to hundreds of thousands of nodes. Cudos is built on the existing hardware computing power monetisation software Cudo Miner, which currently has more than 500,000 registered users (hardware providers) in 145 countries worldwide, including blockchain practitioners, gamers, and cloud service providers.
The number of concurrent devices at any time exceeds 50,000, and the total computing power exceeds 50 trillion floating-point operations.
Before Cudos, I previously built C4L, one of the UK’s largest cloud and data centre providers. We ended up providing for 1% of the UK’s infrastructure and had a global business. The Cudos journey began in 2017 to make the same in software using blockchain to use the world’s spare computing capacity.
Q2: Could you explain how/why you started this amazing project and how you intend to make a difference?
Matt Hawkins: During my time running C4L, I became very aware of the vast amounts of wasted computing power and energy in the traditional cloud industry. I wanted to address the wastage, and that’s why I started Cudos. By building a bridge between blockchain and cloud computing, Cudos not only realises secure, transparent, and decentralised cloud services but also lets the blockchain break through the limitations of existing smart contracts, handle turing’s complete high-performance computing, let the blockchain bring subversion to more application scenarios, and empower Web 3.0 and meta-universe – leading to a more decentralised and energy efficient web.
Q3: What is the user interaction strategy? Do you have a way to make it easier for beginners?
Matt Hawkins: The plan is to make the Cudos platform a simple “plug and play” interface similar to what we have for our other product CudoMiner, but even more straightforward. We’ll also have tons of walkthroughs to make the whole process as easy as possible.
Q4: Cudos is constantly growing the number of validators. What are the selection criteria for validators?
Matt Hawkins: There are specific hardware requirements for validators to ensure a robust network, as well as validators are required to stake 2million CUDOS, which means they are invested financially in the success of the network and eliminate the likelihood of bad actors on the network.
Q5: How do you think adding fiat to your ecosystem might affect CUDOS?
Matt Hawkins: I think it will help to attract non-crypto native users to our network. It opens the pool of users to a much wider audience, strengthening it and adding value to the network itself.
Q6: What are the main challenges you faced while building Cudos? Or do you expect it to be after the mainnet launch?
Matt Hawkins: The main challenge has been something the entire blockchain space has faced, to be quite honest. The challenge of bringing awareness of the benefits of decentralised systems to those who sit outside the space. We feel confident that we’ll tackle this as several verticals, including gaming, NFTs, and the metaverse, fall within our network that is now breaking into the mainstream. As well as that, many of our partners and advisors, including AMD and Chris Deering (former President of Sony entertainment), are supporting us in our push to the mainstream.
Q7: As part of your plans, is it intended that the Cudos node will operate on a mobile platform in addition to the IT platform?
Matt Hawkins: 100% this is definitely on the roadmap for us. We’ve recently partnered with Tingo mobile in Nigeria, which will lead to Cudos being live on over 9 million mobile devices. So we’ll definitely look to increase this number moving forward.
Q8: Great plans! Now I would like to know your opinion about the Metaverse.
Matt Hawkins: The whole concept and development of the metaverse are fantastic mainly because, in essence, the entire ethos of the metaverse is in being decentralised. Essentially, users can create their content, be rewarded for contributing to the network, and single entities don’t control environments. Instead, they are made by the many on a single platform.
Decentralised networks support this ethos, enabling anyone to contribute and earn, in a decentralised manner, rather than everything to a single corporate entity.
Cudos is the foundation on which builders and creators have the freedom to build and create upon. Our network provides the infrastructure so that the metaverse creators can focus on the cool stuff like games, NFTs, and experiences on top.
Q9: I have read that CUDOS has two main security features: Secure Memory Encryption (SME) and Secure Encrypted Virtualisation (SEV). So, can you please tell me how these features work and how important they are?
Matt Hawkins: Sure, the CUDOS Validator Nodes (CVN) provide the decentralised 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 and Algorand (1st two), expanding to others, including Polkadot and Cosmos. Blockchain developers will be able to securely connect to CVNs matching their requirements (geography, trust score).
The CVNs can distribute work out to non CVNs when additional computational power is required without communicating with a centralised entity. The SME and SEV will play a vital role in keeping our network secure.
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Q10: Well, thank you so much, Matt, for your very informative responses and for your time. I have greatly appreciated the exchange with you 🤝
Matt Hawkins: Thank you for inviting me to your community; I’ve thoroughly enjoyed answering all of your great questions.
2nd Segment: Live questions
Q1: Token Burn or BuyBack program plays an important role in increasing Token value? Do you have a token burn or buyback program plan to attract investors?
Matt Hawkins: We instead encourage users to help secure the network by locking tokens via staking, for which they will also receive rewards.
Q2: Do you guys feel satisfied seeing your progress and achievements until now, when you look back to when you started this project?
Matt Hawkins: Absolutely, we’ve made great strides in our technology and our team. We’re about to launch our mainnet on January 25th, which is a huge milestone for us!
Q3: Are you ready to onboard non-tech-savvy people as validators?
Matt Hawkins: At the moment, we have solid criteria for validators to ensure we’re in the best shape from genesis; however, we will open this up to the wider public to ensure we are as decentralised as possible.
Q4: What is your strategy to attract new users and investors to your platform and keep them long-term?
Matt Hawkins: We’re working very closely with marketing agencies worldwide to ensure a wide reach.
We have content being produced in several languages and work with influencers from a wide range of regions. This is helping to get our name out there and at the forefront of the industry.
You can be part of our expanding network too. Cudos is always keen to hear from distributed data centres and service providers, so get in touch with us.
The Cudos Network is a layer 1 blockchain and layer 2 computation and oracle network designed to ensure decentralised, permissionless access to high-performance computing at scale. It enables the scaling of computing resources to 100,000’s of nodes. Once bridged onto Ethereum, Algorand, Polkadot, and Cosmos, Cudos will enable scalable compute and Layer 2 Oracles on all of the bridged blockchains.