Last week was a brilliant week for us here at Cudos, we announced an amazing new partnership with Animoca Brands and took part in a very insightful AMA featuring our CEO Matt Hawkins in the official AscendEX telegram channel which hosts over 61,000 members! Needless to say, the AMA was a great success and Matt answered some great questions from members of the community, however, he didn’t have the time to answer all the questions on the day so he sat down and took the time to answer them for you here for you to check out!
Q. When will we see Mac OS and Windows desktop app?
A. We already provide a MacOS and Windows desktop application. You can create an account via www.cudominer.com . The desktop application will enable you to earn cryptocurrency from your device. We are currently in build mode to support alternative compute workloads such as AI. Once introduced in a future release, then providing you have ‘Automatically enable new workloads’ turned on, you will automatically start to receive these workloads, providing your hardware meets the demand customers requirements.
Q. Where does the project name come from? What does it mean for you and why did you choose that name for your project?
A. Cudo (parent company) is latin for ‘coin’ when used as a verb Cudos (network and token name) is a play on Kudos; the term for giving praise. With our company ethos to share revenue and to also use our technology for good causes, these two brand names were chosen, as they perfectly represent our company and support our overall vision.
Q. What are your Strategies in building a strong and big Community?
A. In Q3, we will be launching an incentivised public testnet. This will be heavily marketed along with hackathons and potentially promotions into uni groups. We’re aiming to attract 1000’s of developers from around the World to test the Cudos network, and to be creative in what they build either as a dApp or tool.
We are also at the early stages of planning a grants/launchpad type program, where we will create a fund for attracting developers. These could be new projects or existing ones with multi-chain strategies.
Everyone within the network will also earn a share of the network fees. This includes developers who have launched their dApps on Cudos, as well as our stakers securing the network.
We will also heavily use our strategic backers and partner network to bring new projects, users and use cases to the network.
Q. What’s the focus of Cudos now? Build and develop products, win customers and users or partnerships?
A. We are laser focused on launching both onchain staking and the public testnet. Onchain staking is expected to be launched first, providing all token holders with the opportunity to earn yield on their holdings. A brand new Cudos staking portal will be launched and holders currently prestaking on either AscendEX or KuCoin, will be able to move their tokens across to the new portal for a higher APR. The public testnet, will follow the successful conclusion of the current private testnet. Within the private testnet launched on the 7th May, we have already moved to the 2nd phase, inviting the first few developers in to build and test their decentralised applications (dApps). Whilst our internal and externa, blockchain teams continue their focus on the technology, our commercial team are busy finding projects and building partnerships, with the view of onboarding new dApps across multiple verticals including DeFi, NFTs, Data Oracles and Blockchain Gaming.
Q. Are there any plans to burn or block unsold $CUDOS tokens? control flexibility, cost and security?
A. There are currently no plans to burn tokens, our strategy is to lock as much value back into the network through staking. Security is of paramount importance and one of the many reasons for choosing to use the Cosmos SDK and Tendermint protocol to build our own blockchain. Each of our validators will sit behind sentry nodes used for firewalling and anti-DDoS. The Tendermint protocol itself is BFT (Byzantine fault tolerant).
Q. Please explain the funding behind Cudos. What kind of income does it generate? On what is it based/backed?
A. Parent company Cudo launched Cudo Miner in 2019 and has scaled to be profit making, with record revenues to date topping $800,000+ in a single month. This is predominantly from cryptocurrency mining and so revenues can move up and down with the market. What is highly encouraging, is that our active device numbers on the network are growing each month.
We are also very well backed, raising over $3.5m in our private sale (Dec 20/Jan 21) and further large token purchases from strategic backers since, including our most recent announcement; Animoca Brands.
Once the Cudos network goes mainet later this year, we will start to receive revenue from selling compute resources to our blockchain customers.
Q. What kind of strategy do you currently use to make Cudos platform more familiar to many users? What do you think about “bad feedback” on your platform?
A. Any feedback is valuable, good or bad. In fact, more is learnt from bad feedback providing it’s constructive, but let’s hope there’s not too much of that! As we are currently in private testnet, the feedback is restricted to the few developers we have invited in. This will change when we open the testnet to the public, where we expect 1000’s of developers worldwide to start testing for themselves. Each stage is an opportunity for us to gather feedback and we have therefore built a feedback form into our process. From a non-developer community member, i.e. a token holder, trader or follower, we will be ramping up educational material about the Cudos network.
Q. What do you think are Cudos’s biggest problems and how do you plan to solve them?
A. Time. We are building a highly ambitious ecosystem to address the gap between blockchain and cloud computing and that is no small feat. With multiple moving parts, our aggressive targets and agile methodology to deliver, will at times cause priorities to change. To remain laser-focused, we have to tackle 1–2 things at a time max, remaining cognisant of how this may impact other releases down the line. This can impact the delivery date if something we learn mid-build requires another area/feature/tool to be developed first. E.g. our on-chain staking portal was delayed due to learning mid-build of how we could improve the security and user experience. Whilst a small number of the team have been working through these improvements, the rest of the team moved their focus over to another area. It works both ways though, the other area was our private testnet, which was delivered ahead of schedule. We are also continually scaling our teams to enable shorter project development times.
Q. What are the negative and positive impacts of governments’ strict regulations on cryptocurrencies and how does this affect Cudos?
A. We have been extremely careful with compliance, ensuring that we operate within the regulations set by each country. For the US, we have not and will not sell any tokens to US citizens until such time our US lawyers say that we can. US IP addresses are geo-blocked on the main centralised exchanges that we are listed on including AscendEX and KuCoin. With the recent law changes in China, we are also working very closely with our team there to ensure that all communication, marketing and business development, operate legally within the new restrictions. As a company, Cudos is registered in Gibraltar under the blockchain framework of the MFSA.
Q. With Cudos, is Southeast Asia on your radar? And do you plan to develop & expand your presence here?
A. Absolutely, we are building a global network to serve all regions of the world. We already have a number of validator operators launching nodes in Southeast Asia and this will lead to more compute nodes from this region connecting to the Cudos network to provide computing resources. Our marketing, including AMAs, press, influencers and events will also increase within this region, to help raise brand awareness.
Q. In the future, there will be improvements across blockchain projects as the industry and tooling mature. So, what will Cudos do to stay ahead?
A. Competition is healthy, it spurs innovation and will push our team to continually improve the network services and overall ecosystem. The key for us is to create a network that attracts and retains each target community; developers, speakers, buyers, partners, funds, media and talented staff. Each of these communities will have its own set of key drivers for contributing to the ecosystem and it is our job to deliver against each in the most frictionless way. Automation, tooling, earning potential, choice, interoperability, company values and brand awareness, are all equally important in staying ahead.
Q. What problems do you see occurring in the blockchain industry nowadays and how does Cudos aim to solve these problems?
A. Blockchain is still a nascent industry, one that currently has growing pains in terms of scalability and cost, limiting it to a small number of use cases only. Cudos is going to dramatically change that by bringing cloud computing scale and lower costs to the blockchain space, whilst still retaining full decentralisation and distribution.
We will achieve this by connecting the decentralised Cudos network to the distributed Cudo network for computationally intensive jobs. That will attract new industries currently into using blockchain technologies, by removing the current scaling and price barriers. Interoperability is also a current pain point within the blockchain space and whilst there are a number of bridges now between certain blockchains (e.g. we are integrating the Gravity bridge to connect to Ethereum), we are not yet at the point of full interoperability between all blockchains.
One of the reasons for choosing the Cosmos/Tendermint ecosystem is due to the IBC protocol, which will provide interoperability between all Tendermint based projects. It is the equivalent of what the TCP/IP protocol brought to the world of networks, standardising how different networks communicate with each other.
Q. Trust is very important in business, what makes investors, customers and users feel safe when working with your project?
A. Transparency is a key company value. Our team has a lot of experience in building and scaling companies within the cloud infrastructure, blockchain and software space. We are active in our communities and will not hide behind an avatar or pseudonym. Our equity investors and strategic token backers have carried out full due diligence as part of their process and this includes well-known venture capitalists including Outlier Ventures, Borderless Capital, and Animoca Brands. The vast majority of our code will be open source and we are deploying a network built on the known and trusted architecture used by top projects including Binance Smart Chain.
Q. Due to covid-19 there are many affected communities. How has Cudos protected themselves from being affected?
A. Firstly our thoughts go out to anyone or business that has been badly affected by the pandemic. We’re fortunate to be within the tech industry, which has grown significantly over the 12–18 months since the pandemic began. Whilst the pandemic put a short term pause on our token launch (originally planned for March 2020), the pause actually gave us more time to focus on scaling the distributed supply base of the underlying Cudo network, generating increasing revenue over a time where markets and sentiment were down. This not only protected our cash flow, it also gave us a chance to reflect on our token economics and network design, making it more attractive to token funds for the private sale. The benefit moving forwards because of these improvements, including the decision to build on Cosmos/Tendermint, will mean increased earnings for our stakers and developers.
Q. What are the listing plans for the Cudos token? What will you do in the future so that Cudos can list other exchanges and moreover dramatically increase transaction volume?
A. We are engaged with all major exchanges and our goal is to list on a tier 1 exchange before we transition to mainet. The strategy extends beyond tier 1 exchanges only, to ensure that we are maximising our community reach. This could be via exchanges that are extremely popular within certain countries that we are targeting, or exchanges that would like to become a validator, thus extending value-added benefits to their customers.
Q. Cudos is a Decentralized Oracle Platform that offers a good 2 layer solution, but what makes you unique considering that exists other good Oracles like Chainlink?
A. Chainlink is a data oracle, Cudos is a network that can support oracles as a use case. That means companies like Chainlink can launch their dApp on Cudos
Q. What are the risks associated with decentralized financial products (DeFi)? What does Cudos do to limit those risks?
A. There are regulatory risks to DeFi and being such a nascent technology still, we are seeing some DeFi projects being hit by security hacks. But, the pace DeFi is growing is phenomenal and mainstream institutions are moving over to DeFi. For Cudos, we want to be the network that these DeFi projects build on. A fast, scalable, secure and interoperable network.
To keep up to date on that and all updates regarding the CUDOS token, and to find out more about all the exciting solutions we’re working on, please visit our website and follow us on our social media channels linked below.