CUDOS is a multi-chain layer 2 solution that provides blockchains with Turing-complete computation and external details. Since blockchains are immutable, this implies that what they can do is usually very restrictive. This very much restricts their use, and there would be no cases of use such as DeFi without another solution. To allow blockchains to consume outside data, APIs, and computing, CUDOS provides a bridge between the blockchain world and the outside world.
CUDOS also goes a bit ahead and combines smoothly with Cudo, a distributed networking network that for blockchains can be easily interpreted as layer 3. This facilitates the use of advanced on-demand hardware, demanded directly on-channel.
Why is CUDOS needed?
Layer 2 networks, for various reasons, that are a must for multiple blockchains. In Ethereum, when attempting to run complicated workloads or store data, gas costs are prohibitively high. In the case of Algorand (which is a Top 50 blockchain), their blockchain is not complete with Turing, which means that its computational capability is very restricted. To make them a complete computing network, CUDOS is working closely with the Algorand team to add DeFi data feeds and a Layer 2 computing network to the Algorand network.
A convenient way to capture and use external data, which is important for many applications, including DeFi, is still absent from blockchains. For blockchain technology to move to its next level and achieve mainstream acceptance, CUDOS is a necessary step.
Why CUDOS?
The CUDOS network lets the blockchain hit its next level of acceptance. Since 2017, the underlying Cudo network has been evolving, is live with over 150,000 subscribing users in over 145 nations, and over 20,000 nodes on the Cudo network operating different blockchain and computing workloads. At cudominer.com, the OS, front end app, administration software, billing engine and all the other features available are all open. Therefore, CUDOS not only has a very seasoned team in the field of cryptocurrencies with an established track record, but also has multinational collaborations with data and device providers. Over the past few years, the Cudo team has been working very hard to achieve this point and is now able to provide all blockchains with Cudo through the CUDOS network and standard cloud, with the vision of bringing both together when both systems are globally ready.
CUDO token ecosystem
Within the Cudo ecosystem the token can be used for:
Staking to receive a discount in fees or share the revenue from fees
Staking to qualify for jobs and earn greater revenue
Any leftover tokens from the treasury will be burnt . Burning will be introduced to have a deflationary effect which will, in turn, benefit the health of the CUDOS economy.
CUDOS token is an ERC-20 token.
The token CUDOS is an ERC-20 token native to the blockchain Ethereum. In partnership with our network, the CUDOS token encourages all users to join and receive prizes and discounts. As well as all that, the CUDOS token also has applications as a vehicle for certification and discount. A key component of our network is the CUDOS Token, but the fact that it is built on the blockchain of Ethereum could restrict it to the constraints that Ethereum is currently dealing with.
Ethereum’s scalability issues
Crypto Kitties, a popular online game developed on top of the Ethereum network, is an example that is often cited when addressing the scalability problems of Ethereum. When the success of the game backfired and led the whole Ethereum network to become stagnant due to an immense volume of traffic that Ethereum was simply not able to tackle, the question of scalability became a big issue. Ethereum recently launched Ethereum 2.0, a series of Ethereum blockchain updates that started formally rolling out on Dec. 1, 2020.
While Ethereum developers are working hard to fix the problems of scalability they have encountered, it could be a while before the updates are running smoothly, this is part of why our CUDOS token will not be unique to the Ethereum Blockchain and will also be funded as an Algorand Standard Asset by the much faster Algorand Blockchain (ASA).
An Algorand Basic Asset, ASA for short, is a layer 1 mechanism that enables users to host any token on the blockchain of Algorand, benefiting in turn from the same level of protection and ease of use as the native Algo token of Algorand.