Key Use Case of the Cudo Token within the Blockchain and Non-blockchain Communities
There is a huge untapped computing capacity lying idle on our computers, servers and even mobile phones. These idle computing infrastructure can be harnessed to offer a cheaper and decentralised way to process and store data globally. CUDOS is solving this with its disruptive technology. The CUDOS project is a decentralised layer 2 oracle network, governed by smart contracts, connecting blockchain developers and services including DeFi, to a global footprint of computing power on the Cudo platform. Cudo is a distributed computing platform already providing customers with up to 10x more cost-effective computing, whilst rewarding hardware suppliers with CUDOS token.
The CUDOS token is the utility token governing the network. It is an ERC-20 token with a total supply of 10,000,000,000 CUDOS. The token is Germain to the CUDOS distributed network and platform. The key token uses are highlighted in the next sections.
Discounted Network Fees
Customers and suppliers who leverage the CUDOS network and platform to compute tasks have to pay network fees. The fees are paid in the CUDOS token. To get a discount on the fees paid, suppliers have to stake an amount of CUDOS tokens to earn discounts on the fees. If a new supplier connects his/her new computer hardware, they can accumulate more CUDOS to qualify for the maximum discounts allowed. Discounts are computed at each round based on the discount pool and the number of tokens staked.
To qualify for jobs
On the Cudo network, reputation matters and one way to build your reputation is to stake CUDOS tokens on your account. This reduces the chances that the account will willfully engage in malicious activities. Hence, on the layer 2 level, node suppliers also have to stake at least 2,000,000 CUDOS to quality as a validator on the CUDOS layer 2 network. The higher the CUDOS tokens staked, the higher the chance of the node to receive job request from a customer. There are currently over 20,000 validators staking their CUDOS tokens to perform tasks on the network. Node servers earn up 30% staking reward per annum for running and computing jobs.
Delegated staking to support CUDOS Validado Nodes (CVN)
A person who is not providing a network node or hardware compute resources for tasks and storage can also stake the token to support any node operator and share in the rewards they get. If you believe some validators are providing a valuable service, you can help build their reputation by staking your CUDOS token against their account to boost their chances of getting more jobs to perform in the network.
Trading
The token will become tradeable on exchanges and wallets allowing users to swap/exchange it for other tokens. This allows anyone lovers of the project to support it by buying and holding the tokens, which they can later trade. Remember, buying the token is not a way of investing in the project and entitles you to now equity or benefits thereof.
The CUDOS Token Public Sale
The private sale of the token has closed but the public sale will happen on the 12th of January, 2021. Look out for the announcement and participate in the early sales. The token uses will evolve but make sure to stick with the news and updates coming from the project team. Staking your CUDOS tokens as a validator node or as a hardware supplier is a way of getting people to commit to good behaviour on the network since they have a vested interest as well. It also leads to great discounts for suppliers and increase their earnings on the network and platform. For normal traders, you can earn by staking your CUDOS tokens against a validator node and share in their network rewards. You can also support the project by buying and trading the token to provide liquidity.
