We’ve had an especially brilliant last few weeks here at Cudos; with the launch of our Incentivised testnet program Project Artemis as the ultimate highlight. We also had an insightful ‘ask me anything’ (AMA) joined by Cudos Founder and CEO, Matt Hawkins on the 7th of September, with over 47,000 attendees from around the world! 

Needless to say, the AMA was a terrific success, and Matt answered some noteworthy questions from members of the DefiRacoons community. Don’t worry if you missed it, we’ve got the whole AMA below for you!

 

Introductory Questions

Sly Cooper | DeFi Raccoons:
Great. Could you please start by introducing yourselves to the Raccoons here tonight? What kind of role do you have at CUDOS and how long have you actually been into crypto?

BlockMatt: Hi everyone, I’m Matt Hawkins CEO and Founder of Cudos, my background is I previously built C4L which was one of the UK’s largest cloud and data centre providers. We ended up providing 1% of the UK’s infrastructure and had a global business. The Cudos journey began in 2017, with the aim of making the same in software using blockchain to use the world’s spare computing capacity.

DeFi Naut | Owner @DeFiRaccoons: Hey @blockmatt happy to meet you, thank you for joining us today

Sly Cooper | DeFi Raccoons: Haha, finally

BlockMatt: Great to meet you too!

Sly Cooper | DeFi Raccoons: Oh, cloud computing! Loving the market segment, it’s definitely a huge one to touch onto.

Sly Cooper | DeFi Raccoons: 1% might sound small but it’s actually quite a large one in such a huge segment.

Sly Cooper | DeFi Raccoons: What got you into blockchain, Matt, if I may ask?

BlockMatt: I’ve always been interested in the technology and its ability to drive forward this new sharing economy which we have seen emerge over the past 5–10 years. Coming from the traditional cloud service background it became apparent that there needs to be a change as the current market has been essentially monopolised, blockchain gives us the ability to change that.

Sly Cooper | DeFi Raccoons: Yeah the transition seems kind of smooth given your background. Love it, great to have players like CUDOS driving towards decentralization and the future.

Sly Cooper | DeFi Raccoons: What’s the aim of CUDOS itself? Could you give an overview of what CUDOS is building and why?

Sly Cooper | DeFi Raccoons: You gave us some hints already in the intro but perhaps to dive in a bit further into what you’re building and why 🙂

BlockMatt: Cudos is a cross-chain decentralised compute network being designed to power Web 3.0. It will enable anyone to sell their computing or consume decentralised computing resources either via blockchain/smart contract or via more traditional cloud computing API’s.

In essence, what this means is Cudos will be one of the few networks which can power other blockchains and scale to the demands of cloud computing required today.

We’re essentially building the Airbnb of computing power for a new internet!

Sly Cooper | DeFi Raccoons: Loving the comparison there with Airbnb, and surely there’s a lot of untapped devices not running with full efficiency and capacity.

Sly Cooper | DeFi Raccoons: Coming to that actually — with what kind of innovations and applications are you, in general, developing to propose value to make the world’s computation overall more efficient?

BlockMatt: Haha glad you like that comparison

Sly Cooper | DeFi Raccoons: Yeah it was the same with flats/apartments prior to Airbnb — when people were on vacations or having some other transitions in life

BlockMatt: The underlying Cudo cloud network; miners, gamers and service providers, is fully distributed in the sense that Cudo does not own or operate any of the infrastructure. We are simply the middleware that connects buyers to this infrastructure, giving anyone or business with computing power the ability to contribute and earn.

The Cudos Network is a decentralised layer that will be able to access this supply. It is decentralised because the Cudos Network is proof of stake and all the validators are independent from us and the governance of the network is run by code (Tendermint protocol), not by humans. 

What we’re creating is in effect a circular economy for cloud computing power. Amazon, Microsoft etc, provide anyone or business with the ability to purchase computing power, but they take 100% of the revenue, they deploy to only their servers, they own the facilities and they control the governance of their platform.

BlockMatt: Exactly, Airbnb is a great example of the growth of this new sharing economy

Sly Cooper | DeFi Raccoons: Oh! That’s a lot of potential there — anyone could participate with their devices.

BlockMatt: Exactly🙂

Sly Cooper | DeFi Raccoons: I actually saw an interesting word on your website related to this

Sly Cooper | DeFi Raccoons: Given that you’re the middleware there, where does the “eco-friendliness” come into play with CUDOS?

Sly Cooper | DeFi Raccoons: While scrolling through your website I noticed that you used phrasing “environment wins” on your website. You’re more cost-effective for consumers as well I’d assume when it comes to cloud platform costs? 😄

Sly Cooper | DeFi Raccoons: I think it’s a rather trendy topic these days considering just the talk that we had regarding Bitcoin mining for example recently, and how wearing it’s for the environment. How would CUDOS help to run nodes, to do mining etc. in a more eco-friendly fashion?

BlockMatt: The Cudos ecosystem as a whole is about using spare power when we can. So each and every person who is contributing their hardware to the network is ultimately reducing the amount of computing power required in the big clouds, and those big clouds are having to continuously scale their server environments and build new facilities to cope with the peak demand, leaving a lot of underutilisation in non-peak hours.

For the Cudos Network specifically, our network is a proof-of-stake rather than proof-of-work network. We have done the maths and we are over 99% more efficient than Ethereum in its current PoW state. 

To go even further, we have signed a partnership with Climatetrade and we will be offsetting all of the carbon produced on the Cudos Network. So whatever our validators produce, we will offset that by purchasing carbon credits. Climatetrade is 100% on-chain and that is why we chose them, as we can probably track and trust their carbon project purchases.

In the future, we would like to help our hardware owners contributing to the network offset their carbon footprint as well. This will likely entail a feature within the application to automatically set aside a % of their earnings to offset carbon.

In my opinion there is no excuse as a new technology to avoid being carbon neutral. The technology is there and it is our responsibility to drive the right behaviours

Sly Cooper | DeFi Raccoons: Indeed, and as I mentioned previously with Bitcoin — it’s a proven fact how much more wearing PoW is in comparison to PoS.

BlockMatt: Absolutely

Sly Cooper | DeFi Raccoons: Being carbon neutral definitely would help you out in the coming years — lots of regulation coming there imo

Sly Cooper | DeFi Raccoons: Great standpoint already to have the offset carbon footprint

Sly Cooper | DeFi Raccoons: How big of a market is cloud computing actually in general? I think it covers mobile devices or gaming consoles as well on top of more regular devices.

BlockMatt: That is correct, almost everything relies on the cloud these days.

The global cloud computing market size was valued at 274.79 billion USD in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 19.1% from 2021 to 2028. The introduction of emerging technologies, such as Artificial Intelligence (AI) and machine learning, enables cloud growth by empowering companies to tap into AI capabilities.

Cudos takes the cloud market into a new realm, the realm of decentralisation and the new sharing economy.

Sly Cooper | DeFi Raccoons: Gosh, approx 275 billion. Talk about the potential there. Billions, tens of billions of $.

Sly Cooper | DeFi Raccoons: 19.1% sounds really high as yearly growth rate but now when thinking about that closer, sounds reasonable. Just blockchain is evolving so much and so much more data to process all the time.

Sly Cooper | DeFi Raccoons: Ideally CUDOS could take quite a nice piece out of it I guess.

BlockMatt: That’s it! Cudos is poised to fit nicely in that figure as part of the growth of not only the cloud market but also the blockchain market.

Sly Cooper | DeFi Raccoons: Which blockchain architecture were you actually using for this?

BlockMatt: Cudos is built using the Cosmos SDK and Tendermint architecture. This not only provides speed to market due to the well established building blocks available, but it also provides us with a protocol providing governance over the network. In future releases we absolutely want our community to be able to vote on key decisions and also network healthiness… i.e. validators can be voted in and out based on performance, to ensure the network is always at its strongest.

At launch of the mainet I would say we will be 70–80% decentralised, over further releases this will increase to as close to 100% as possible

Sly Cooper | DeFi Raccoons: Ah, gotcha. The decentralization plan seems quite fair — need to have a bit of centralization to begin with and get things rolling. Cosmos SDK + Tendermint combo is doable, they’re very scalable and with a proven governance indeed. =)

Sly Cooper | DeFi Raccoons: Besides those, could you shortly onto the partnerships of CUDOS in general? What kind of ties have you built around the blockchain network and beyond that to make all this possible?

Sly Cooper | DeFi Raccoons: Let’s ask actually about generic people at first

Sly Cooper | DeFi Raccoons: How could we “regular joes” utilize the CUDOS’ ecosystem in a more efficient manner? I’d assume there are few ways. Could we run some nodes through CUDOS and provide a greener alternative that way?

BlockMatt: As mentioned previously, users will be able to rent out the spare computing power of their devices to the network, you could also join the network as a validator, providing you have 2million Cudos tokens. Validators play a special role in the Cudos Network’s day to day workings. They validate blocks, perform complex security checks on proposed transactions, interact with other stakeholders in various Governance votes that ensure the network’s security, integrity and viability on an ongoing basis.

In addition to that the “average Joe will be able to stake on our network, enabling them to earn rewards while helping to uphold the network.

Sly Cooper | DeFi Raccoons: Ah, glad to hear there are opportunities including staking. =)

Sly Cooper | DeFi Raccoons: Could you shortly onto the partnerships of CUDOS in general? What kind of ties have you built around the blockchain network and beyond that to make all this possible?

BlockMatt: Partnership wise, we have recently announced Accubits as technology partners. Accubits are experts in both AI and blockchain and our collaboration will see new dApps, tools and compute use cases emerge on the Cudos Network. 

We are also continuing to drive forwards with AMD. Many in our community will know that this is taking more time than we initially planned for. Nonetheless, the collaboration has been in place for over 3 years now and we are getting closer to the first big news / product launch.

It’s worth following our podcast series ‘CudosCast’ as we recently interviewed the Head of Blockchain at AMD which is now live. Check it out here https://anchor.fm/cudoscast-cudos.

As well as this we’ve partnered with Algorand, Shyft, Ultra and many more!

Sly Cooper | DeFi Raccoons: That’s some great one’s for sure as expected. So big market to tap into

Sly Cooper | DeFi Raccoons: Getting into the token, what are the use cases for the CUDOS tokens then within your ecosystem?

BlockMatt: CUDOS is a utility token with functionality including governance, staking, payment and a medium of exchange.

Sly Cooper | DeFi Raccoons: A short but concise answer 😄

Sly Cooper | DeFi Raccoons: Lastly, before moving onto the live questions — let’s have a brief look into the future of CUDOS. What kind of things do you have upcoming on your roadmap for the next few months or so (and perhaps overall even beyond that)? Would you have some roadmap to share with us actually?

BlockMatt: Our main goal is to launch the mainnet this year. There are a number of earlier launches that will progress us towards this goal. These are:

Onchain staking

Public testnet

Onchain staking is currently live. The first stage of the testnet, what we are calling ‘Cognitum’, is already live and we have invited the first 10 developers into our testing group to build and give feedback. We’re starting to receive feedback from the first few developers within this group already and our team are working closely with them to ensure that as many creases are ironed out prior to the launch of Project Artemis our public testnet.

As well as that we have lots of great new partnerships and projects in collaboration with our current partners in the pipeline.

I’m very happy with the progress being made!

https://medium.com/cudos/cudos-announces-the-launch-of-a-brand-new-testnet-incentive-programme-project-artemis-728badccd3a6p

Sly Cooper | DeFi Raccoons: Mainnet is always a big steep forward for sure. Staying excited on the sidelines as a plain holder waiting for the future developments. =)

Sly Cooper | DeFi Raccoons: Thanks a lot for your thorough answers Matt!

Twitter Questions

Question 1 @kondenzatr asks: “CUDOS is a UK registered entity, which makes me think about the regulative approach that you guys have overall. When it comes to Binance for example, they’ve proven to be strict towards crypto licenses. How does CUDOS handle the compliance of regulations around the world?”

BlockMatt:): We have a great legal team who provide guidelines to ensure we are fully compliant, even if that means extra careful we’d rather be safe than sorry. We take a forward thinking approach to regulation and attempt to anticipate regulatory speedbumps that may arise in the future as well.

Sly Cooper | DeFi Raccoons: Thanks a lot — regulatory stuff is always something to think of when we’re looking a bit further in the future of blockchain in general.

Live AMA Questions

Question 1 @heropanti75 asks: “Do you have tutorial videos so we can get to know your project more clearly or do you have a YouTube channel or something? can you share it with us?”

BlockMatt: That’s a lot of questions haha, lets get started with this one.

Yes we have a great explainer videos, panels and interviews on our Youtube channel which you can check out here🚀

https://www.youtube.com/c/CUDOS

Question 2 @RobinHarper315928 asks: “While you build your project, do you take into account community feedbacks and demands?”

BlockMatt: 100% we are a community driven project and are always open to community feedback.

Question 3 @Shiemboss4444444444454 asks: “What are the top priorities for your project this year? and what plan will you do for the development of this project? What is the main vision and goal of your project and who are your targeted customers?”

BlockMatt: Our main goal is to launch our Mainnet this year, but before that we will be launching our Public Testnet very soon, so keep an eye out for that!

Question 4 @ceokhushi asks: “Why did you choose CUDOS as the name of the project, what motivates you to name this project?”

BlockMatt: Cudo is latin for Coin /money, Kudos means good essentially, and we want to create good and better use of global computing and enable anyone to earn off their hardware and items they purchase, hence the merging of the 2.

Question 5 @modhaz asks: “What is the global expansion plan? Does CUDOS need more community for the project??? How can I join the administration?”

BlockMatt: We currently have communities spread across the world, we’re currently working with Panony for our Chinese marketing services and Despread for our Korean communities.

We also plan to expand into Russian speaking markets and India!

Question 6 @shatbio asks: “currently most investors only care about profits at the moment but ignore the long-term benefits. So can you give them some advice as to why they should buy and hold this token/coin in the long term?”

BlockMatt: The team comes from a background of building large scalable businesses, and we know how to do this and have done this before. My last company I ran for 16 years to grow the global network. I believe our partnerships, advisors and VC’s in itself show the trust aspect, there is a large gap in the compute market, which has not been filled, no one in my opinion has successfully bridged this gap to blockchain, I believe we will be the first ones to do this successfully and already know how to do this. We already have major projects and blockchains partnering and integrating. The success of a project is down to its partnerships, its community, its utilisation and its technology which is what we have focused on.

Sly Cooper | DeFi Raccoons: Thank you for extremely detailed answers today Matt, it was a great pleasure to have you here today and hear more details regarding CUDOS. Hoping you loved the experience at DeFi Raccoons as well. 😊

About Cudos

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 and enable 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.

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