On the 12th of January 2021, the long-awaited CUDOS token was finally listed on partner cryptocurrency exchanges. Due to the significant value proposition of the underlying project, CUDOS saw a considerable price boost alongside high trading volumes on both BitMax and Poloniex. Surpassing over a 1700% price growth following the public listing, CUDOS is showing great potential for early adopters.
Blockchain Technology Meets Decentralized Cloud Computing
Cudo represents a well-established cloud computing company that leverages a network of hardware owners for cheaper, more secure, and low-latency computing resources. By tapping into the unused power of data centres, digital currency mining farms, and individually-owned hardware devices, Cudo is building incentivising mechanisms for distributed cloud compute resource sharing. In other words, hardware owners worldwide will be able to leverage their idle machines to contribute computing power to Cudo’s clients. Designed to serve the blockchain industry, but also to facilitate other computing demands like scientific research, video rendering, and machine learning, Cudo provides distributed cloud computing power in an ethical and incentivising manner.
Cudo is well-aware of the colossal potential associated with blockchain technology. Despite considerable innovation within the industry, blockchain ledgers still lack access to off-chain resources, especially those capable of providing extra processing power. The CUDOS Network aims to create a fully-fledged layer-2 oracle network that can link blockchains to cloud computing resources. In doing so, blockchain project owners can harness significantly more energy, thereby fostering innovation.
Overview of the CUDOS Token
As a utility token, CUDOS will power the layer-2 network, while providing holders with monetary incentives. Given its rising value, CUDOS is also proving itself as an excellent choice for holders and traders looking to cash in on emerging projects.
Based on these aspects, CUDOS can be staked in order to become eligible to join the network of CUDOS validators. By staking at least 2 million tokens, users can run their very own validator, harvesting significant rewards. Validator node operators can expect an yearly percentage return (APR) varying between 5% and 30% of their stake. The actual amount will depend on the number of CVNs and CUDOS tokens staked on the network. As expected, if the number of validators remains relatively low, a higher APR will be attained as a means to incentivise others to join the validator network. To keep the network sustainable, the reward will decrease in the presence of numerous CVNs.
It’s worth noting that delegated staking is also supported, allowing lower-threshold stakers to harvest rewards as well. CUDOS is also a prerequisite to accessing revenue streams from blockchain compute jobs. Lastly, CUDOS token owners are eligible to participate in the governance mechanism, where they can vote on community proposals.
The total supply of CUDOS tokens is hard capped at 10 billion. A small percentage of these tokens has been sold as part of the strategic funding round, whereas another percentage has been placed on the public market for trading purposes. The capital raised via the token sales is being used to fund the network’s development, whilst financing validator nodes, research efforts, marketing, and community engagement.
Recapping the Success of the CUDOS Listing Events
During the private strategic funding round, CUDOS was purchasable at the mere price of $0.006. Things have certainly changed since then, following the huge success of the public token listing events. Initially listed on BitMax and Poloniex, the CUDOS token saw a whooping 1700% price growth rate, alongside significant trading volume. Traders can purchase and sell the token via the CUDOS/USDT pair for the time being.
At press time, the token is valued at 0.077 USDT, slightly dropping as a result of today’s bearish sentiment on the cryptocurrency market. It’s worth mentioning, however, that CUDOS saw an all-time high of $0.124. As a result of the considerable positive volatility, early buyers and strategic investors continue to uphold the bullish sentiment for CUDOS. Its essential role within the CUDOS Network will certainly drive up its price and trading volume over the medium and long-term as Cudo continues the development of the layer-2 oracle network for blockchain cloud computing.