We’d like to say massive thanks to all of you who actively participated in the Cudos AMA held on 16th September 2021 at the Game of Bitcoins Channel. We appreciate all your support. This blog post is a recap of the entire session for all who missed it!
Hi everyone, I’m Matt Hawkins, CEO and Founder of Cudos. My background is that I previously built C4L, 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 to make the same in software using blockchain to use the world’s spare computing capacity.
Q1. One of the milestones recently achieved by the Cudos team is their new Staking protocol, which many have been waiting for. Could you tell us more about your new model? What advantages will it bring to the Cudos ecosystem and its users? How will we be able to participate in it?
We started offering pre-staking services in AscendEX and Kucoin, which are still live today. AscendEX has an unprecedented market scale: pre-staking on AscendEX currently has over 260 million staked and counting. The amount staked in AscendEX oscillates from 20% to 25% of our entire circulating supply!
As the community knows all too well, we are currently developing our own layer 1 blockchain in the Cosmos ecosystem, and the launch of the private testnet was announced a few weeks ago. Testing is progressing very well, and we’ll be giving further, in-depth updates very soon.
We also launched our own on-chain Ethereum staking for the CUDOS token. Our development team has worked very hard to get the smart contract ready, alongside a user interface to interact with it.
The main features of this staking offering include:
- A fully decentralised staking offering governed by a smart contract.
- User-friendly UI to interact with the contract in order to stake and withdraw tokens and claim rewards.
- APR starting at around 30%
- Validators and stake delegation, to emulate the design of the future Cudos Network mainnet.
Also, here you can learn more about using the Cudos staking portal.
Q2. One of the limitations in centralised clouds, and even in some decentralised clouds, is the limited storage capacity of these protocols. Within Cudos, did you notice a limitation in terms of data storage? How have you managed to solve this issue?
We haven’t faced this issue as our network is not designed for the purpose of storing data but instead, 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 APIs.
In essence, what this means is that Cudos will be one of the few networks which can power other blockchains and scale to the demands of cloud computing required today.
Q3. What kind of partnerships with different projects/platforms/protocols can we expect from Cudos in the future? Could you give us some examples of how other projects can leverage Cudos?
From a business partnership perspective, we recently partnered with Animoca Brands, who have invested into our parent company. They specialise in blockchain gaming and NFTs and have recently raised $150m themselves. Over the next two weeks, you will see further large partnership announcements that will bring enormous value to our brand and sustainability ethics.
We have AMD launching our technology which you will see in the near future, and Ultra who have just gone mainnet with their platform will be integrating our compute engine in a future release. Thanks to these, we’re due to expand the network by millions of nodes within a couple of years. We are currently live in over 145 countries.
Beyond this, we have been busy signing up global data centre providers and bandwidth providers to expand the network further. Our partners will be able to take advantage of our compute infrastructure for workloads like video rendering, gaming, AI, as well as being able to build dApps on top of our network with the support of our compute infrastructure.
Q4. Cudos will launch Cudos Incentivised Public Testnet “Somniorum” in the 3rd quarter. Can you explain more about this Public Testnet Somniorium? How will this works and be implemented in your platform? After this Incentivised PublicTestnet, what will be the next step for Somniorium?
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 us feedback. We’re receiving feedback from them already. Our team is working closely with them to ensure that we iron out as many creases as possible before launching Project Artemis, our public testnet.
Project Artemis will be broken into 3 phases, and we will publish information on each phase before they go live.
I’m delighted with our progress so far!
You can find out how to get involved in the blog post about Project Artemis.
Q5. Cudos has 100+ validators. What are the criteria for the selection of validators? How many validators are required to maximise decentralisation and provide the best computing?
Those who join the network as a validator will need to have 2million Cudos tokens. Validators play a unique 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.
As well as the 2million Cudos tokens, Validators will be required to meet specific hardware requirements. You can find out more and sign up to become a Validator here!🙂
Q6. When will your tokens be listed on an exchange, and on which exchanges do you plan to list on in the future?
Q7. With the release of a new generation of Consoles, the gaming industry is on the hype. How does Cudos plan to participate in the development of the blockchain gaming industry? What innovations does Cudos bring to the gaming industry?
We currently have the former CEO of Sony Entertainment (Playstation) on board as an advisor, which has opened many doors into the gaming industry.
Beyond that, we have partnered with AMD and Ultra.io, and we’re currently speaking to big hitters in gaming. However, I can’t reveal any details just yet, so please keep an eye on our channels for updates.🎮🕹
Q8. Do the token holders have the right to participate in the governance of the project? On what kind of decisions can they vote on about the project?
Yes, token holders will be able to become validators if they meet the hardware requirements. They’ll also be able to choose which validators they stake with, giving the community the power to support the best validators and “vote down” the validators that are not up to scratch.
Q9. Smart contracts are prone to failure, and many projects fall victim to this, costing users money and the project discrediting. How reliable and secure is your smart contract? Have you audited it through any of the parties?
This is a good point. That’s why our smart contracts have been audited internally and externally via Certik and Limechain.
Q10. What are your targets for 2022? Will you enter the NFT industry in the future? Are you also thinking about adding an NFT to your portfolio?
NFT’s are definitely on our radar. As mentioned before, we recently partnered with Animoca Brands, who have invested in our parent company. They specialise in blockchain gaming and NFTs and have recently raised $150m themselves. As well as that, developers will be able to build NFT platforms and marketplaces onto 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 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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