Blockchain has evolved significantly since its founding in 2008. However, with so many new developments, many forget that blockchain at its core is still a new technology and, as such, has a few limitations. Looking more specifically at Ethereum (ETH), the most popular blockchain for smart contracts, transactions have typically taken a long time to clear, in addition to being costly as transactions add up. Together, these symptoms have resulted in a larger and more generalized scalability problem, a bottleneck resulting from each node in the network needing to process a given transaction.
The solution, in part, is said to be sharding, an upgrade that will improve the capability by distributing the network’s load across 64 new chains. Alongside Ethereum 2.0 are several other solutions looking to rise to the challenge; the only caveat is that these offerings are limited in scope and are not cost-effective.
Cudos is addressing this market as a decentralized cloud computing network that acts as one of the first in the world to run nonfungible tokens (NFTs) on the Cosmos network. In practice, users will be able to bypass the requirement to set up a new smart contract for each NFT while minting, approving and transferring them directly on their accounts.
The scalable network is designed to generate value for all participants, helping to unlock new functionality by using off-chain data and computation at competitive costs while utilizing spare computing in the future of a decentralized, sustainable and connected world.
In recognition of their progress so far, Matt Hawkins, the founder and CEO of Cudos shares, “We are all working hard in the run-up to our mainnet launch after months of tireless work from the team during the testnet phases. We’ve used this time to collect the much-needed feedback from the 22,000 developers interested in our work and expand our ecosystem with some high-impact partnerships.”
To date, this has included the GPU manufacturer Advanced Micro Devices (AMD), alongside ClimateTrade, a blockchain-based carbon credits company, which will help the team offset their carbon output. The result is that by continuing to work alongside these strategic partnerships in their ecosystem, Cudos can position themselves as the network of choice for developers seeking a cheaper, faster and more sustainable solution to Ethereum.
Cudos has continued to operate with a focus on sustainability, already operating in a manner that is two million times more energy-efficient than Ethereum. This vision is made possible through a partnership with Tingo to tackle the poverty premium and empower people and organizations with a sustainable solution as outlined in their project’s vision. Their next steps will then include positioning themselves as the go-to resource for powering the metaverse and the NFTs that build it.