The metaverse dominates boardroom discussions as the new playground for brands to create bespoke virtual experiences for consumers. A report by Bloomberg forecasts that the metaverse will be an $800 billion market by 2024. But are we equipped to meet the thousand-fold greater computing needs, as estimated by Intel, the future metaverse will demand?
Let’s begin by exploring what a metaverse is? There’s no universally accepted definition of the metaverse except that it’s the next stage in the evolution of the internet. As Matthew Ball, author of the extensive Metaverse Primer, puts it, “The metaverse is an expansive network of persistent, real-time rendered 3D worlds and simulations that support continuity of identity, objects, history, payments, and entitlements, and can be experienced synchronously by an effectively unlimited number of users, each with an individual sense of presence.”
The metaverse provides immersive experiences through the confluence of augmented reality (AR), the Internet of Things (IoT), 5G, artificial intelligence (AI), and other technologies. Much of the advancements around the metaverse are built around gaming, virtual meetings, shopping, digital concerts, and more with the integration of blockchain and NFTs.
But the journey hasn’t been smooth for the metaverses supported by the centralised cloud services, as lag and server outages remain an issue. Evidently, the current computing infrastructure isn’t enough to create immersive virtual environments. For the real-time rendering of digital avatars with realistic details and high-end NFTs, platforms need a steady supply of computing power with low latencies for data transfer.
As the demand for computing increases, the hyper-scalers rely on more data centres to fill the gap, increasing energy consumption and undesirable carbon footprint levels.
But in the race to meet computing needs, we cannot overlook the need to embrace environmentally sustainable options.
Our network offers a solution by providing near-limitless computing power through a global network of service providers. We are a marketplace where the demand-side can access computing capabilities cheaper than hyper-scale providers while enabling the suppliers to earn revenues from their spare hardware resources.
Our upcoming mainnet launch will enhance the distribution of computing power of our decentralised cloud platform, Cudo Compute. We released the alpha version of Cudo Compute recently, and it challenges the monopoly of hyper-scalers like Amazon, Microsoft, and Google with a sustainable solution. There is a colossal waste of computing and hardware capabilities at data centres globally, as almost 85% of computing is underutilised. Our purpose is to harness the spare capacity for these cost-intensive businesses.
On another level, our network includes idle home and personal devices offering spare capacity. These range from gaming PCs and consoles to small-scale data centres to support the computing efforts to power artificial intelligence, machine learning, video rendering, and other functions. In exchange for computing power from idle devices, we provide a source of income for unbanked communities.
Our well-designed network of nodes spread worldwide provide scalable peer-to-peer sharing of computing with low latency and ensure that the effects of outages are not as widespread.
Another obstacle in the vision of the metaverse becoming a genuine alternative to Web2 is interoperability. It is the ability to move your avatar and digital assets with you from one app, game, or virtual world to another.
As a Layer 1 interoperable blockchain, Cudos solves this issue by embracing cross-chain support. It is built on the Cosmos ecosystem utilising the Inter-Blockchain Communication (IBC) protocol. The IBC protocol allows interoperability between different chains in the Cosmos SDK ecosystem, facilitating transfers of tokens, assets, NFTs, and data between them and the building of cross-chain applications.
Additionally, using the Gravity Bridge, the Cudos network supports transfers of assets to and from Ethereum into the Cosmos hub with the ability to move them across other Cosmos chains.
The soon-to-be-launched Cudos blockchain will function using its own native CUDOS token and provide affordable transactions. The network is designed to mint, own, or transfer NFTs without spending on heavy gas fees.
The metaverse is fast emerging as the next big technology platform, tightly integrating real and virtual worlds. Consequently, blockchain networks like ours will be fundamental to effectively architect its future.
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 to create 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.