Cudos has announced the public listing of its ERC-20 token on BitMax starting from January 12th 9AM EST; the listing event is set to be concluded next week on January 19th, at 9AM EST. This marks a major milestone for the project which leverages blockchain technology to decentralize cloud computing services. Now, the token has also been listed on Poloniex, yet another high-volume cryptocurrency exchange. Both BitMax and Poloniex customers can actively trade the token via the CUDOS/USDT pair.
The Cudos network has been in the works since 2017 with its mission being to ‘Make better use of the world’s computing power’. Led by serial entrepreneur Matt Hawkins, this project seeks to maximize the underlying potential in unused computing power to enable ecosystems such as DeFi to thrive.
Currently, there are only a handful computing power service providers which include the likes of Google (Web Services), Microsoft (Azure) and Amazon (AWS). These centralized entities have been the dominant players in cloud computing services for a couple of years, a ‘monopoly’ that is now under threat given the development of decentralized cloud computing services.
Cudos Decentralized Cloud Computing Architecture
Cudos is a multi-chain Layer-2 solution that connects blockchain projects to the Cudo platform; a distributed ecosystem where they can access computing power at better rates. The Cudos network is linked to Cudo through smart contracts which are tasked with the role of connecting blockchain developers to secure external computing resources. This decentralized cloud computing network offers a Turing-complete solution by allowing smart contracts to initiate off-chain computations.
To achieve this level of functionality, Cudos network is designed to harness the power of unused computing power in hardware devices such as computers, smart phones and crypto mining equipment. According to Statista, over 21.5 billion devices owned by people around the globe are idle for a good part of the day; this is one of the cutting edges in the Cudos network value proposition.
Cudos plans to incentivize the owners of these hardware devices to provide computing power and earn a utility token in return. Having partnered with AMD, Cudos network validators are secure and privacy-focused which means that the user data shared on the cloud remains protected. While focus maybe on blockchain and nascent ecosystems like DeFi, this decentralized cloud computing network creates an opportunity for other niches such as machine learning, data analytics and scientific research.
The Cudos token which just got publicly listed on BitMax debuted in a private sale back in Oct-Nov 2020 where an initial 5.55% of the tokens were sold. Its total supply has been capped at 10 billion Cudos tokens which will be eventually unlocked as the project develops. Private sale investors bought the tokens at $0.006 per Cudos with the exclusion transaction fees and other associated costs.
As for the public listing allocation, a total of 166,666,666 tokens have been distributed; this is roughly 1.67% of the total Cudos token supply. BitMax has since announced that there will be share rewards worth 30,000 USDT tokens to celebrate the exclusive primary listing of Cudos token on their platform. The airdrop rewards will be distributed to participants of the listing event that kicked off this week, depending on whether they meet the set requirements.
Proceeds that will be raised from the public sale event are set for allocation to the Cudos management team in the following criteria;
· Product research and development (30%)
· Marketing and incentives (20%)
· User acquisition (13%)
· Community engagement (10%)
· Administrative and operational costs (10%)
· Node validator incentives (10%)
· Contingency fund (7%)
Cudos Token Value Proposition
Like most utility tokens, this particular one is a vehicle to the Cudos ecosystem given that holders can stake it to increase their crypto token worth. The minimum amount that one can stake to become a Cudos validator node is set at 2 million tokens; however, interested holders who will not be able to meet this number can leverage the delegated staking mechanism to participate as well.
Cudos tokenomics is designed to maintain the APY between 5%-30% depending on the number of staked tokens at a given time. Fewer stakers means that participants yield higher rates while the vice versa will influence a decrease in the payouts.
So far, the Cudos network enjoys a worldwide presence with over 100,000 contributors coming from over 145 countries. It also runs 20,000+ validator nodes which continue to support its course towards building a decentralized cloud computing service based on blockchain.
CUDOS Trading Analysis
Following the token listing, traders worldwide were quick to capitalize on the gains promised by bullish positions. In the few hours that CUDOS has been trading so far, it faced a sheer 1556% value growth when compared to its starting price. On BitMax, CUDOS reports a 24H low of 0.006 USDT, alongside a 24H high of 0.12 USDT. In other words, anyone who was quick enough to purchase the token right after its listing has made a profit. Of course, there’s quite a bit of bullish sentiment associated with CUDOS, thanks to its comprehensive use cases and the potential poised by its underlying platform. Current estimates report a 24H volume of 142M CUDOS tokens, which is likely to grow as more cloud computing enthusiasts and traders hear about the token.
Similar values have also been reported on Poloniex, where the CUDOS/USDT trading pair was just recently listed. On this exchange, the CUDOS token is reporting a current price of 0.124 USDT and a 24H high of 0.56USDT, values that are considerably higher than those reported on BitMax. As such, some traders may even consider engaging in arbitrage between the two exchanges. It’s worth noting that the CUDOS token may continue its price uptrend, as the team establishes its layer-2 oracle network for linking blockchain ledgers to cloud computing resources.
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