Matt was joined on the panel by Ben Goertzel, Founder & CEO, SingularityNET, Keyvan M. Sadeghi, CEO, Functionland, and Herbert Yang, China GM, DFINITY.
Below are the excerpts of the conversation Matt Hawkins shared at the panel discussion:
- On the need to repurpose the existing hardware structure with Web 3.0
“There are around 4 billion devices globally that are available to contribute to the network at any point in time. If we look at the cloud computing market, about 75 billion a year is spent by the top 20 hyper scalers to keep up with the demands of computing at the moment. The computing market has a revenue of about 200 billion. At Cudos, we are trying to build a network by using all the spare capacity that’s underutilised at the moment.”
For instance, a home computer can earn anywhere between $50 to a few hundred dollars a month from the spare computing sitting on there. From the perspective of data centre service providers, hyper-scalers sell computing power or bandwidth for up to 300 times their cost.
At Cudos, we want to use all this infrastructure, bandwidth, GPU, CPU storage and help people monetise on spare capacity.
- On the increasing demand for scaling compute and how Cudos plan to fill the gap
“The scaling demands of blockchain today are different. Many blockchains are designed to run smart contracts, but they now need more computing and more storage as they become more advanced. Cudos focuses on scaling compute for servicing smart contracts and addressing the growing demand.
NFTs today are rendering high-quality graphics, and a lot of them use centralised services like Amazon, and it partly goes against the decentralised ethos of the blockchain in the first place.
The metaverse needs a distributed network with low latency and ideally located in the connecting country to ensure high performance. If you look at past metaverses like Fortnite, they have about 12 million users on their platform, and to support that, you need to scale to 10,000 servers. So we need networks that can scale on capacity and on-demand. We want to use all that spare capacity, mainly in the consumer and data centre environments and enable monetisation, which benefits the network owners and the consumers.
The data centre providers have 30 to 50% spare capacity in their environment that they have to keep available because of the peaks and drops. So we can use that excess capacity to service the metaverses of the future.
- Cudos scaling plans for 2022
Next year, we are scaling our computing capacity to power the NFTs and metaverse.
Our recent partnership with Tingo has given us 10 million mobile users. We will be using that to deploy distributed computing on those devices and do data analysis for research companies. So it means rather than research companies spending money on Amazon or Google, they could use these globally distributed networks and create monetisation opportunities for them.
With 10 million mobile users, this is our largest deployment in Nigeria, and we will expand into other regions in 2022. Essentially, we plan to make the best use of available infrastructure to fill this gap.
There are about 100 million plays stations and 100s of millions of Xboxes that we will be focusing on making all the unused computing capacity available.
We are looking for data centres and cloud service providers with global locations. So we want you to contact us now! If you already have your CUDOS tokens, why not make the most of them by staking them on our platform and securing our network?
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 hundreds of thousands of nodes. Once bridged onto Ethereum, Algorand, Polkadot, and Cosmos, Cudos will enable scalable computational and layer-two oracles on all bridged blockchains.