coincodex.com
Key highlights:
- Decentralized cloud computing project Cudos has announced Amsterdam Node as the latest validator to join its network
- Cudos is a layer 1 blockchain platform that can also function as a layer 2 solution by providing other blockchains Turing-complete compute and external data
- Users can delegate their CUDOS stake to validators on the network to earn staking rewards
Cudos adds Amsterdam Node as new validator
Decentralized cloud computing project Cudos has added Amsterdam Node as a new validator. Amsterdam Node is headed by cybersecurity expert and cryptocurrency investor Marc Landman, who says that joining the Cudos network as a validator will provide first-hand experience with decentralized cloud computing.
Cudos is a layer 1 blockchain in itself, but it can also function as a layer 2 solution that expands the capabilities of other layer 1 blockchains by giving them access to Turing-complete compute, and external data (oracles). In this way, it can either provide additional smart contract capabilities for blockchains that don’t have Turing-complete smart contracts, or are dealing with high transaction fees.
Cudos is working on bridging its platform with Ethereum, Algorand, Polkadot and Cosmos. The Cudos network is secured through a Delegated-Proof-of-Stake (DPoS) consensus mechanism. Currently, validators can only join Cudos through a whitelisting process, and the project is accepting applications for new validators. However, users who don’t operate a validator can also benefit by staking their CUDOS tokens and delegating them to a validator of their choice. In return, they receive a portion of the CUDOS staking rewards collected by the validator.
The Cudos mainnet has not launched yet, but the project launched the first phase of their Project Artemis incentivized testnet in September. According to Amsterdam Node’s website, stakers who delegate their CUDOS can currently expect a yearly return of about 26% on their CUDOS holdings.
Pete Hill, the VP of sales at Cudos, commented on the opportunity the network presents for validators. Validators not only contribute to the security of the Cudos network, but also earn revenue in return.
“The validator network is an opportunity for anyone with the technical knowledge and desire to build revenues for themselves, to contribute their value to the Cudos network and participate in the wider web 3 revolutions. We'd like to welcome the Amsterdam node with open arms as we continue to scale and secure our network.”