CUDOS Token, a Decentralized Cloud Computing Solution, Set to Launch on BitMax Today
The world has been rapidly embracing cloud computing services over the past decade with the growth of Web2 services. Companies such as Amazon (AWS), Microsoft (Azure) and Google (Web Services) have each heavily invested in providing cloud computing services in line with the growing demand worldwide.
However, centralized cloud computing networks are still struggling to provide a privacy-enabled system and low latency solutions. Moreover, slow speeds and connection between networks raises a challenge in fulfilling users’ needs of a scalable, secure and personalized network.
This has given rise to decentralized cloud computing services such as CUDOS blockchain, which promises a safe, low latency blockchain – complete with token incentives.
CUDOS blockchain: “Making use of the world’s computing power”
CUDOS blockchain offers a better cloud computing platform through its decentralized platform that taps into unused hardware across the globe including data servers, smartphones, crypto miners and laptops. The platform reduces the overall cost of cloud computing while incentivizing hardware owners who provide the devices.
According to Statista, the number of connected computing devices across the world is set to increase to 21.5 billion devices but most of these devices remain idle for most part of the day. CUDOS blockchain is a layer 2 oracle solution built on the Cudo platform that aims to utilize this unused computing power through a decentralized platform. The network offers a low-latency, robust, and secure platform – minimizing the cost of cloud computing resources.
CUDOS token listing now underway on BitMax
A Medium post from the CUDOS blockchain team confirms the CUDOS token is set for public listing and released to the public on the 12th of January. The CUDOS token was launched in October through a private sale that saw a number of strategic partners and VCs purchase their share of tokens.
The private sale was carried out from October 1 to November 2020, releasing a total of 5.55% of the total 10 billion CUDOS tokens available on the blockchain. Each token traded for $0.006, excluding the transaction fees and costs. There’s no lockup period for the private sales but strategic investors will “vest the tokens for 12 months and other investors for six months with 1/365th and 1/181st CUDOS released and accessible daily respectively”.
The public listing has been allocated a total of 166,666,666 tokens (1.67%) with no lockup period or vesting. To purchase and sell the CUDOS tokens, traders and investors must create a BitMax account and fulfill the eligibility requirements. The primary listing event is scheduled between the 12th of January at 9AM EST, until the 19th of January at 9AM EST, as announced in the recent BitMax press release. A few lucky traders will be eligible to obtain airdrop rewards.
Other allocations of the CUDOS token include:
- Advisors (5%)
- Team members (20%)
- Reserve amount (33.78%)
- Ecosystem and Community development (34%)
Proceeds from the public token listing event
The funds raised via the primary listing event on BitMax will be allocated by the management team at CUDOS Ltd. for:
- 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%)
Uses of CUDOS token
In order to utilize the CUDOS platform, users are required to stake their coins on the platform. There are two main ways of staking on the platform – direct and delegated staking mechanisms. A stake value of 2 million CUDOS tokens allows a user to become a CUDOS validator node (CVN), which allows them to earn huge incentives from staking.
However, users who cannot stake 2 million tokens can choose to delegate their staking to other validators but will earn lower rewards. If 70% of the total circulating CUDOS tokens are staked on the platform, an 8% APY will be paid out to stakers with the rate increasing if there are fewer stakers and vice versa.
The tokenomics by the team ensures the APY varies from 5% to 30% at all times while staking.
CUDOS aims at changing the world of cloud computing by utilizing the unused computing power across the world and incentivizing the hardware providers. The network has steadily grown over the past few months and is currently available in over 145 countries with over 100,000 participants on the network and 20,000+ validator nodes running on the blockchain.