How decentralised blockchain network solutions are powering the metaverse and the future of technology
Technology is moving faster than ever in today’s increasingly digitally interconnected world. One of the biggest enablers of this is artificial intelligence and machine learning.
This cutting-edge technology is driving the development of a host of new applications that run on blockchain and use smart contracts such as decentralised finance (DeFi). Blockchain alone has already been widely adopted in a range of industries, from banking and financial services to healthcare, with a growing number of uses.
Then there is the metaverse: a virtual reality where users can interact, play online games and experience new and different activities. It’s fuelled by cryptocurrency and non-fungible tokens (NFTs), which are used to buy digital assets ranging from gaming cards to art and real estate.
However, for users to experience this new technology seamlessly, a huge amount of computational power is needed. Yet, there is also a surplus of hardware that is unused 60% of the time.
But there is a solution. Blockchain expert Cudos is set to launch the mainnet (an independent blockchain running its own network with its own technology and protocol) of a new interoperable Layer 1 blockchain network in the coming months, which brings together all of these worlds of DeFi, NFTs and online gaming. It will be easy to use, affordable, fully transparent and secure.
When completed, the new solution will run using its own native Cudos token and will power Web3 projects with decentralised cloud-based solutions. Ultimately, it will provide a fully scalable, sustainable and interconnected network for developers, validators and entrepreneurs.
By matching up the ever-growing demand for and supply of high-performance computing power, the network will enable individuals and entities with surplus capacity to get paid for providing computing power, which then gets put into a large global, central pool. This will allow users who, for example, may be running a rendering job or a machine learning algorithm, to access the power they need to perform their work much cheaper than hyper-scale centralised providers.
“We have seen that the nature of the functionality in other blockchains has been limited by the computational power available,” says Matt Hawkins, founder and CEO of Cudos. “For example, many DeFi and NFT products, such as generative NFTs, have had to be stored off-chain, but because of our more advanced capabilities, we’re able to do everything more effectively on-chain.”
Another problem is the high gas fees users have to pay for the computing power required to process and validate transactions on the Ethereum blockchain. This is due to the huge energy consumption used in mining under Ethereum’s existing proof-of-work mechanism.
However, the more efficient delegated proof-of-stake model Cudos employs will offer lower gas fees compared to other Layer 1 networks. That’s because the new model will allow it to process thousands of transactions per second.
Another challenge is that while many blockchain solutions have been established to support smart contracts, they are still in their relative infancy in terms of capability. That means users are limited in the number of applications they can adopt them for.
But with the Cudos solution, the platform will leverage its computing network to enable more complex smart contracts to be built and run than can currently be done on popular platforms such as Ethereum. It will also use the Rust programming language, which is easier to use for those who aren’t so familiar with blockchain.
Cudos has been developing its new network over the last 12 months. During that time, it has been using several testnets (an alternative blockchain used for testing) by incentivising various stakeholders, including its community of developers, validators and delegators. Tasks include deploying smart contracts, using Cosmos’ Gravity Bridge, minting and transferring NFTs.
The process has involved various moving components, including all of the validators coming online at the same time and migrating their tokens from ERC-20 Ethereum tokens to the native chain. As the backbone of the blockchain, Cudos provides security for validator deposits, and enables slashing and governance voting. Once all dependency tasks, including security patching and its phase four testnet, have been completed, it will be ready to go live.
The company plans to launch the mainnet later in the year. It will add additional functionality as the product develops over time. “Initially, we want to provide developers, validators and token holders with a fully decentralised network solution,” says Hawkins. “But we’ll be looking to add more meat to the bones as it develops in the future in terms of how they will be able to interface with it.”
Cudos’s blockchain is built on Cosmos, an ecosystem of interconnected apps and services. Its inter-blockchain communication protocol enables the transfer of tokens, assets, NFTs and data to and from other blockchains.
Focused on reducing entry barriers for developers to build decentralised apps, its blockchain is designed to enable them to add to its limitless network. Its decentralised cloud infrastructure is distributed among millions of people globally to facilitate this.
This decentralised cloud computing solution called Cudo Compute allows for peer-to-peer sharing of computing resources across the world. This prevents the need for hyper-scale data centres and utilises idle computing power, which may otherwise become environmentally damaging e-waste.
If technology continues to evolve at its current breakneck speed, blockchain networks such as Cudos will have a crucial role. Meeting the ever-growing need for computing power is only the start in a ‘metaverse’ of new and exciting opportunities.
For more information about Cudos’ new blockchain network solution visit cudos.org
Promoted by Cudos