Blockchain has evolved a lot since its inception in 2008. However, with so many new developments, many people forget that blockchain is still a new technology at its core and has some limitations. Looking specifically at Ethereum (ETH), the most popular blockchain for smart contracts, transactions usually take a long time to clear, as well as being expensive as transactions pile up. Together, these traits lead to a larger and more general scalability problem, with each node in the network resulting in a bottleneck for processing a particular transaction.
The solution will be, in part, sharding, an upgrade that will improve efficiencies by redistributing network load across 64 new chains. Apart from Ethereum 2.0, there are many other solutions that want to take up the challenge; The only caveat is that these offers are limited in scope and not cost-effective.
Cudos is targeting this market as a decentralized cloud computing network that is one of the first in the world to run non-fungible tokens (NFTs) on the Cosmos Network. In practice, users will be able to bypass the need to set up a new smart contract for each NFT, while mining, approving and transferring it directly to their accounts.
The scalable network is designed to generate value for all participants and help unlock new functionality by computing off-chain data and at competitive costs, using additional computers, in the future of a decentralized, sustainable and connected world. helps.
Launching a Successful Testnet
Last year, the team launched the first phase of its boosted testnet, Project Artemis, which focused on multiple startup tasks to help onboard validators and developers and gather feedback to grow their community. Cudos has since reported that more than 22,000 developers have expressed interest, providing many valuable insights for Cudos to improve and grow its network, which will be used to prepare for the mainnet launch in February.
After the first phase, Apollo, the kudos team continued to work hard on the next phase, Buzz, which goes beyond basic commands, but instead examines developers’ functional tests related to smart contracts. In addition, the Phase Two release will allow participants to try out Gravity Bridge, a method of moving assets from the Kudos network to Ethereum, while ensuring that validators keep their nodes fully operational on the testnet. maintain. Now entering the fourth phase of their testnet, the team shares that this is the last chance for users to join and participate in their token migration.
Upon completion, the complete solution presented by Cudos will include a layer-one blockchain and layer-two oracle network, enabling scalability up to 100,000 nodes, which in turn will be joined by chains including Ethereum. , Polkadot (DOT), Algorand (ALGO) and Cosmos (ATOM).
a powerful ecosystem
In recognition of their progress so far, Matt Hawkins, founder and CEO of Cudos Stock,
“We are all working hard to get our mainnet launched after months of tireless work by the team during the testnet phases. We have used this time to get the needed feedback from 22,000 developers interested in our work and create some powerful partnerships to expand our ecosystem.”
To date, this includes GPU maker Advanced Micro Devices (AMD), along with ClimateTrade, a blockchain-based carbon credit company that will help the team offset their carbon emissions. As a result, by continuing to work with these strategic partnerships across its ecosystem, Cudos could establish itself as the network of choice for developers looking for a cheaper, faster and more sustainable solution to Ethereum.
Cudos continues to focus on sustainability and already operates in a way that is two million times more energy efficient than Ethereum. This vision is made possible through a partnership with Tingo to tackle the premium of poverty and provide individuals and organizations with a sustainable solution as outlined in their project’s vision. His next steps then include powering the Metaverse and positioning himself as a resource for the NFTs that build it.