CUDOS Review and Token Analysis
CUDOS is a multi-chain Layer 2 solution governed by smart contracts. It is a cost-effective, scalable Turing complete network that connects blockchain developers and services like DeFi to computing power on the Cudo platform. The Cudo platform is a distributed computing platform that provides users with cost-effective computing and equity for hardware owners. The smart contracts on the CUDOS network connect blockchains to secure external platforms and sources in a decentralized manner. CUDOS allows smart contracts to request off-chain computation, offering a Turing complete solution capable of running code in several languages. (Python, C++, Go). The CUDOS network solves scalability issues by providing Layer 2 to blockchains.
CUDOS was founded in 2017 by Matt Hawkins. Matt Hawkins assembled a highly experienced team to help to get CUDOS started. The team behind CUDOS comprises serial entrepreneurs, scientists, data scientists, strategists, and engineers. The team was also guided by advisors like Chris Deering, the ex-president of Sony Playstation, and Jorg Roskowetz, the blockchain director at AMD.
CUDOS wants to “make better use of the world’s computing power.” The Cudo platform, a distributed platform providing cost-effective computing, is present in nearly 150 countries. It has a network that consists of blockchain enthusiasts, service providers, and gamers. It is linked to the CUDOS blockchain through a Layer 2 oracle governed by smart contracts. This helps to streamline DeFi services through the platform and reduces the cost of any action carried out by users on the blockchain.
What is CUDOS?
CUDOS is a Turing complete, multi-chain Layer 2 blockchain providing compute and external data to blockchains. It is seamlessly integrated with Cudo, allowing for the use of specialized hardware on demand. The capability of blockchains is hampered due to the inherent, immutable nature of blockchains, restricting blockchains’ use. This is where CUDOS comes into the picture. Cudos acts as a bridge between blockchains and other services, enabling them to compute and consume data.
The CUDOS network and the Cudo platform have been in development since 2017. Over the years, the network has accumulated more than 150,000 users and has a presence in nearly 150 countries and 20,000 nodes worldwide. CUDOS has several partnerships in place with data and compute providers and is backed by a team with a proven track record,
CUDOS acts as a bridge between blockchains and external services.
CUDOS acts as a bridge between blockchains and external services. It enables blockchains to use external data, APIs, and extra compute power. These external services are not hindered or limited by the blockchain’s immutable nature. The bridge between blockchains and external services is essential as it makes it possible for blockchains to focus on mass adoption of their services.
How does CUDOS work?
Smart contracts in Layer 1 can request the CUDOS smart contracts for the work to be computed off-chain. Off-chain computation is done in CUDOS validator nodes. CUDOS validator nodes need to stake 2,000,000 CUDOS to be eligible. A request for a compute job comprises three main components.
- Target identifier
- App hash identifier
- Inputs needed for the workload
CUDOS uses a piece of data known as the target identifier that helps the nodes decide when they need to execute a job. The data can either be a set of hashes or a unique identifier. The app hash identifies which code the CUDOS nodes need to run. The app can be an existing app or an external storage address. A node executes the work by triggering the WebAssembly executor. Once the node has started implementing the work, it will fetch the inputs, transfer the API requests to the marketplace to run the compute workload.
CUDOS has a strong foundation
The CUDOS team comprises some of the most stellar minds and is backed by a strong advisory board. The team also operates the Cudo network, a scalable compute network generating value for users on the network. Users are rewarded for their contribution to the platform, and developers can use off-chain data and computation to unlock new functionalities, all at low cost.
The Cudos platform is present in nearly 150 countries and comprises thousands of blockchain enthusiasts and service providers. This strong foundation of the CUDOS platform increases the chances of success of the platform.
The CUDOS team details are available on their website, but we can discuss them in brief. Matt Hawkins founded CUDOS. The team is an experienced mix of engineers, data scientists, entrepreneurs, and strategists. The advisory board comprises Chris Deering, the ex-president of Sony PlayStation, and Jorg Roskowetz, the Director of Blockchain at AMD. The experience that CUDOS has at its disposal significantly increases the platform’s chances of success.
The CUDOS token
The CUDOS ERC-20 token will power the CUDOS blockchain, enabling users to earn rewards through staking. Users can stake 2 million CUDOS and become a CUDOS Validator Node (CVN). CVNs can earn rewards and discounts. Utilities of the token include
- Delegated staking support to CVNs
- Staking for a discount on fees
- Powering the CUDOS network through MoE
- Staking to receive computing jobs
A token with more utility increases interest in the token, leading to more buyers for the token. This also influences the token price.
The CUDOS tokens will be made available publicly for the first time on Jan. 12 2021 when they will be listed on crypto exchange BitMax at 2PM UTC.
CUDOS can become a successful project for several reasons. They have defined a clear roadmap and are on track to meet their goals. The project has an ambitious vision and has a strong foundation, thanks to Cudo. The CUDOS token is a great utility token, and historically, utility tokens have excellent growth potential. The CUDOS team also has a wealth of experience from diverse backgrounds, virtually guaranteeing the project’s success.