Blockchain has evolved greatly since its inception in 2008. But with so many new developments, many people forget that blockchain is still a fundamentally new technology and therefore it has many limitations. If we look more specifically at Ethereum (ETH), the most popular blockchain for smart contracts, transactions usually take a long time, in addition to becoming expensive as the number of transactions increases. Together, these symptoms lead to the larger and more general scalability problem, a bottleneck caused by the fact that each node in the network must handle a particular transaction.
The solution is said in part to be fragmentation, an upgrade that will improve productivity by distributing network load across 64 new threads. In addition to Ethereum 2.0, there are many other solutions that want to solve this problem; The only caveat is that these offers are limited in scope and not cost effective.
Cudos sees this market as a decentralized cloud computing network that operates as one of the first companies in the world to launch non-fungible tokens (NFTs) on the Cosmos network. Practically speaking, users will be able to bypass the requirement to create a new smart contract for each NFT as they engrave, approve and transfer them directly to their account.
The scalable network is designed to create value for all participants and help unlock new features through the use of competitively priced off-network data and computing, as well as the use of additional data processing in the future for a decentralized, sustainable and connected world.
Run a successful test network
Last year, the team launched the first phase of their incentive testing network, Project Artemis, which focused on a few initial tasks to help auditors and developers and gather feedback to grow the community. Since then, Cudos has reported that more than 22,000 developers have expressed interest, giving Cudos many valuable ideas to improve and grow their network, all of which will be used to prepare for the mainnet launch in February.
After the first phase, Apollo’s team, Cudos’ team, continued work on the next phase, Buzz, which will go beyond basic commands, rather than exploring functional tests for developers related to smart contracts. In addition, the Phase 2 release will allow participants to try out the Gravity Bridge, a method for moving assets from the Cudos network to Ethereum, while making sure that validators maintain the testnet while keeping their work fully functional. The team, which is currently entering the fourth phase of its testing network, says this could be the last chance for users to join in and participate in their token migration.
More information about CUDOS here
Once completed, the complete solution offered by Cudos will consist of Layer 1 blockchain and Layer 2 oracle networks, allowing it to scale up to 100,000 nodes, which in turn will be connected to chains including Ethereum, Polkadot (DOT) and Algorand (ALGO). ) and space (ATOM).
In recognition of their progress, Matt Hawkins, Founder and CEO of Cudo Shares,
“We are all working hard right up to the launch of the network after several months of tireless teamwork during the network testing phases. We have used this time to gather much-needed feedback from 22,000 developers interested in our work and to expand our ecosystem through high-impact partnerships.”
So far, this includes GPU maker Advanced Micro Devices (AMD), as well as ClimateTrade, a blockchain-based carbon lending company that will help the team offset carbon production. As a result, by continuing to work with these strategic partnerships across its ecosystem, Cudos can position itself as a preferred network for developers looking for a cheaper, faster and more sustainable Ethereum solution.
Cudos continues to work with a focus on sustainability and is already 2 million times more energy efficient than Ethereum. This vision is made possible by partnering with Tingo to tackle poverty and provide people and organizations with a sustainable solution as articulated in the project’s vision. Their next steps will include positioning themselves as the most important resource for powering the metaverse and the NFTs they build.