What is CUDOS?
The CUDOS token, or just CUDOS, is the native token powering the Cudos Network. The latter is a distributed cloud computing network that’s 100% decentralized.
CUDOS has more than one use case, however, its core functionality revolves around staking.
- Staking. Network participants must stake CUDOS to be able to execute computing jobs. Moreover, staking CUDOS makes holders eligible to receive exclusive discounts on fees. Additionally, CUDOS plays a key role in securing the Cudos Network. CUDOS holders can become a CUDOS Validator Node (CVN) and earn staking rewards.
- Governance. CUDOS serves as a governance token and grants voting rights to its holders. In other words, it allows token holders to determine the future development of the project by community voting.
The token itself is based on the ERC-20 token standard. Users can use the Cudos Bridge to swap their ERC-20-based tokens for native CUDOS tokens.
There is a max cap of 10,000,000,000 CUDOS. The limited token supply makes it deflationary. This means that there’s a possibility the CUDOS price will increase given the steady demand and decreasing availability of the CUDOS tokens.
They have been allocated as follows:
- 34% - Ecosystem and Community Development;
- 33.78% - Reserve;
- 20% - Team;
- 5% - Advisors;
- 3.33% - Strategic Investors;
- 2.22% - Private Sale;
- 1.67% - Public Sale.
You can acquire the CUDOS token by visiting major supported exchanges. Check out our list of recommended exchanges for CUDOS in the above section.
CUDOS is a cryptocurrency, therefore it tends to experience periods of volatility. In other words, the CUDOS price fluctuates.
This makes it important to do proper research before making a purchase decision. A good starting point is the CUDOS price chart above which will show you the token’s price history as well as other token details.
What are the Main Features of CUDOS?
As discussed in the “What is CUDOS“ section, CUDOS is a distributed computing network powered by blockchain technologies. The team behind the project utilized Cosmos and Tendermint for the development process.
The latter is responsible for the consensus mechanism used to secure the Cudos Network. CUDOS operates using a Byzantine Fault Tolerant (BFT) Proof-of-Stake (PoS) consensus. It’s also referred to as the Tendermint Core. To put it simply, validators stake their CUDOS tokens and validate transactions which, in turn, rewards them with more CUDOS.
One of the primary goals of the project is to ensure that no computing power is wasted by enabling both individuals and businesses alike to utilize that spare computing power.
It brings value to those who need computing power (consumers) and those who have an abundance of it (suppliers). Consumers purchase cloud services while suppliers make a profit from their idle computing power.
Who Developed CUDOS?
The CUDOS crypto project was founded in 2017. Its founder is serial entrepreneur Matt Hawkins who currently serves as the project’s CEO.
CUDOS was his first rodeo. In the early 2000s, Matt Hawkins founded C4L - a major internet service provider in the UK. Prior to the launch of CUDOS, he introduced Cudo, a cloud computing project from which the Cudos Network was born.
CUDOS has managed to put together a solid team of advisors including Jorg Roskowtz from Blockchain for AMD, Chris Deering from Sony Entertainment Europe, Maggie Fang from Alibaba and Uber, Malcolm Tuck from ESET and Kaspersky antivirus, Chris Gale from Verasity.io, and Sean Li from Kitematic.
Furthermore, CUDOS has signed partnership agreements with major players in the crypto industry such as Algorand, AMD, Animoca Brand, and many others.
If you’re considering purchasing CUDOS, don’t forget to have a look at the CUDOS price chart above for more detailed information on its trends.
