It is a general misconception that all blockchains are decentralised. While blockchain is inherently distributed, decentralisation is a spectrum, and some projects can be more decentralised than others.
What is decentralisation in blockchain?
In decentralised structures, there is no centralised decision-making and control entity. Instead, a distributed network is in in-charge of governance. The primary purpose of a decentralised network is to create a trustless environment – to reduce the need for trusting a centralised third party. Additionally, decentralisation nullifies the intent of a central authority to exert control on the network.
Cudos is a Layer 1 blockchain, and Layer 2 community-governed compute network designed to ensure decentralised, permissionless access to high-performance computing at scale. But what makes Cudos decentralised? Let’s explore.
Active validator nodes
As Cudos uses the Proof of Stake consensus mechanism, the validators effectively replace the miners’ role in the Proof of Work blockchain network.
For our mainnet launch, our foremost priority was having a secure, distributed network of nodes. As we march towards our mainnet, we have 28 active validators joining for the genesis of mainnet who have collectively staked nearly 15,037,694 CUDOS on the network. What’s encouraging is a number of other validators are lined-up to join immediately after the genesis. The validator activity can be seen in real-time on our Block Explorer dashboard.
Cudos is building a scalable blockchain, and to realise our vision, we have partnered with many independent validators distributed globally to form a secure blockchain infrastructure. These nodes are spread globally from Japan to the United States. The validators participate in staking, verify transactions, and maintain the network’s security.
Since our testnet, dozens of validators have participated in our test runs, staking millions of CUDOS. This growing number indicates that our network has become more secure and decentralised.
What also makes a blockchain project decentralised is the number of independent, diverse developers contributing to the project.
Built on the Cosmos ecosystem using the Tendermint protocol, the Cudos blockchain network is designed with interoperability at its core. The functionality is built using the Cosmos SDK, which integrates and interacts with other blockchains within the Cosmos ecosystem via IBC.
Learn more: Cudos puts interoperability at the heart of Web3
The Cudos blockchain network empowers developers to build and launch decentralised applications like decentralised marketplaces and exchanges, DeFi platforms, Metaverse infrastructure, and any other dApps or smart contracts. Moreover, Cudos’ seamless interoperability will open doors for commercial deployment as developers can build dApps and other projects on our native blockchain, powering the future of Web3.
Part of our plans for the Cudos network is to bring a pool of compute resources on-chain, allowing developers to leverage cloud computing directly from their smart contracts.
The Governance mechanism
An important way of guiding the direction of a blockchain project in a decentralised route is through on-chain governance. At Cudos, the development of our Layer 1 blockchain platform is community-driven.
Stakers of CUDOS distributed globally participate in active proposals and vote to shape the future of the network. Any decision or changes on the network is carried out after stakers accept and vote on the changes.
Since we kicked off Project Artemis, validators have voted on a set of governance proposals in the block explorer. As we launch our mainnet soon, validators will participate in voting for more governance proposals going forward using a similar mechanism.
Our native token, CUDOS, acts as a governance token on the network. For any proposal to be considered for voting, a minimum of 50,000 CUDOS tokens need to be deposited by either the person who sent the proposal or the rest of the community. In addition, 50% of the voting power needs to vote for the result to be valid. Otherwise, the proposal will be automatically rejected when the voting period finishes.
If 50% or more of the voting power cast their vote, they are counted. The proposal is passed if 50% of the votes (excluding abstentions) are ‘yes’ votes. The voting percentages could vary post the mainnet launch if the community deems fit and decides to change this using this exact voting mechanism.
As decentralisation and sustainability is our core ethos, we have entered into strategic partnerships to realise our vision.
Decentralisation provides access to permissionless financial services with a smartphone. Cudos enhances financial inclusion through a partnership with Tingo, giving access to crypto to nearly 10 million Nigerians. Users can earn CUDOS by utilising spare compute capabilities through Cudos monetisation apps. In addition, we expanded our community reach to another 20 countries in Africa with our partner Kampay.
Another partnership with DeFi protocol MELD removes the reliance on financial institutions. Users can access decentralised financial services through MELDapp’s wallet integration into the Cudos crypto mining infrastructure through a simple user interface available on mobile and web wallets.
As Cudo Compute is building a global, decentralised cloud computing platform, we joined hands with the edge solutions provider, blocz IO, to deploy and manage Cudos’ services globally and cater to the increasing cloud computing needs. Furthermore, aligning on the principles of decentralisation and democratisation, Cudo Compute partnered with a Blockchain-Attached Storage (BAS) provider, Functionland, to support their decentralised storage networks for pictures and data.
Head to our partnerships section to learn more about our alliances.
Cudos has emerged as a game-changer by integrating blockchain in the cloud computing sector. Our platform relies on a distributed network of hardware to provide their spare cloud computing. The decentralisation challenges the monopoly of centralised cloud service providers like Amazon Web Services (AWS), Microsoft Azure, Google Cloud Platform, Digital Ocean, among others.
With Cudo Compute, thousands of nodes spread worldwide will offer near-limitless computational capacity at a fraction of the cost of centralised cloud platforms. Furthermore, the decentralised nature of this model ensures that no single entity will have control of the user’s private data, eliminating any chance of data monetisation.
The innovative architecture of Cudos to integrate interoperability and security with the Tendermint protocol eliminates scalability issues while retaining high decentralisation and enhancing security.
Support decentralisation, earn rewards
We are building a decentralised and sustainable world with Cudo Compute. To realise our vision, we seek data centres and cloud service partners across the globe. To partner, join our pilot phase and earn rewards.
Cudos is powering the metaverse bringing together DeFi, NFTs, and gaming experiences to realise the vision of a decentralised Web3, enabling all users to benefit from the growth of the network. We’re an interoperable, open platform launchpad that will provide the infrastructure required to meet the 1000x higher computing needs for the creation of fully immersive, gamified digital realities. Cudos is a Layer 1 blockchain and Layer 2 community-governed compute network, designed to ensure decentralised, permissionless access to high-performance computing at scale. Our native utility token CUDOS is the lifeblood of our network and offers an attractive annual yield and liquidity for stakers and holders.