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The alliance will enable applications running on Cudos to connect to the Elrond Network as a settlement layer.
Elrond Inks Partnership with Cudos Network
Scalable smart contract platform Elrond Network today shared details about its partnership with the Cudos Network, a decentralized cloud computing network used by more than 300,000 businesses and individuals across 145 countries.
For the uninitiated, the Cudos Network establishes a link between on and off-chain resources, effectively combining the immutability of blockchain networks with strength of computing resources provided by a distributed network.
This arrangement facilitates developers to host applications on the Cudos Network while at the same time connect with the underlying blockchain as required.
By allying with Elrond, Cudos-based applications will be able to seamlessly connect with the Elrond Network as a settlement layer. Notably, this will allow Elrond developers to consume Cudo Compute resources to offer virtually WebAssembly, container or virtual machine workload to their distribution network with over 300,000 users.
Further, a certain portion of the Cudos token will be moved to the Elrond Network in the form of Elrond Standard Digital Token (ESDT) to participate in decentralized finance (DeFi) opportunities on Elrond-powered Maiar Exchange.
It is worthy of mention that Elrond is committed to exploring joint operations of infrastructure – including the Cudos validator nodes – to foster further collaboration and expansion of its ecosystem.
Commenting on the development, Elrond Network CEO, Beniamin Mincu, said:
“True decentralization needs to happen both at the settlement layer, from centralized financial systems to the blockchain, and at the compute layer, from centralized data centers to distribute compute networks. Platforms such as Cudos can efficiently complement the Elrond Network to offer true end-to-end decentralization.”
Similar sentiments were echoed by Cudos Founder and CEO, Matt Hawkins. He said:
“We’re excited to connect to a great developer community that shares our passion for Rust. We look forward to exploring these synergies and provide Elrond developers with access to the fast and efficient Cudos distributed compute platform.”