CUDOS x SatoshiClub AMA from 09 January
Winter 2021 is very hot for Satoshi Club, the January amarathon is in full swing! And today we would like to tell you about the AMA session with our friends from CUDOS. The AMA took place on January 9 and our guestwas Jeff-Ell, Head of Marketing and Community at CUDOS.
The total reward pool was 1300$ and has been splitted in 3 parts.
In this AMA Recap we will try to summarise the most interesting points for you.
Part 1 — introduction and questions from the Telegram&Bitcointalk community
Luis Merino | Satoshi Club: Hello dear community! Today we have CUDOS as guests. It’s a real pleasure to host this AMA
Jeff-Ell: Hi there
Thanks for having me today
GoldRocket: Thanks for joining @Jeff_Ell ! To begin with, please tell us a few words about yourselves and how did you get to be involved in CUDOS
Jeff-Ell: Sure, I’m Head of Marketing and Community at CUDOS , I’ve been working with crypto and building crypto communities for over 4 years now.
Luis Merino | Satoshi Club: 4 years, not bad
GoldRocket: Good experience! So, what is CUDOS?
Jeff-Ell: CUDOS is a cross-chain decentralized compute network designed to power Web 3.0. It enables anyone to sell their computing or consume decentralised computing resources either via blockchain/smart contract or via more traditional cloud computing API’s.
In essence, what this means is CUDOS is one of the few networks which can power other blockchains and scale to the demands of cloud computing required today.
GoldRocket: Sounds good! the problem of scaling is currently very important
Jeff-Ell: Definitely, this has led to the rise of layer 2 networks such as our own
Q1 from Telegram user @Okkk0p
Does Cudos support any smart contracts, from any network or does it work only with a number of blockchains?
Jeff-Ell: Great question! The CUDOS token will be able to provide access to global scalable Decentralised compute for blockchains and smart contracts:.
We have other networks we are working with like NKN, Noia Networks etc.. that are lined up to use the CUDOS global network to expand their own network coverage.
As well as that we’ll be providing scalable Cloud Computing:
resources can be consumed on the network as required in the same way as traditional compute but in a greener more efficient manner.
Lowering the cost of compute/transactions and DeFi on blockchains:
The transaction costs and compute costs on the CUDOS network are substantially lower and scale better. Able to scale on EVM, eWASM , Rust and other languages. Also this provides greater language flexibility.
As well as that we’ll provide turing complete solutions for non turing complete networks. Algorand is a good example, we have a partnership with Algorand. Algorand is a low cost fast transaction network, but because of the design choice it is limited in its functionality and it not turing complete. Working with Algorand we are integrating the CUDOS network so that Algorand smart contracts will be able to do full turing complete work using the CUDOS network. The network can run this in WASM, Docker or VM’s.
GoldRocket: Wow! You have great plans! what have already been implemented? Or will it be implemented in the near future?
Jeff-Ell: Our work with Algorand is almost complete and we’ll have announcements regarding this coming out very soon. As well as that many Validators have been onboarded already which we’ll be releasing more details about over the next few weeks. These are a mixture of Staking Validator providers and also global data centre and hosting providers. Software platforms that are integrating our platform to monetise their users hardware include the likes of Ultra gaming network, which is like a blockchain version of steam and lets gamers sell their games afterwards. Gather is using the CUDOS network to scale its underlying blockchain network. Blendergrid is using the network to scale video rendering films and movies, which is one of the largest Blender rendering platforms.
Kings Partnership (Distributed compute labs ) — For providing global research and distributed compute / HPC. There are many more we have been working with we will be announcing over the coming weeks.
Q2 from Telegram user @fottiomel
It’s stated on your website several times that Cudos is already generating revenue. This is very good, and already more than many projects have, but very often the devil is in the details. Can you tell us more about the generation revenue model? How profitable is it for the users to participate in sustaining the network?
Jeff-Ell: This is a good question, as you mentioned we’re already generating revenue via Cudominer our sister company, with this we’ve already built an extensive network with mining farms, as well as that our CEO Matt Hawkins previously built C4L which was one of the UK’s largest cloud and data centre providers. We ended up providing 1% of the UK’s infrastructure and had a global business. With this combined we have already built an extensive network of users who require large amounts of compute resource, the CUDOS network will not only allow them to get it a a lower cost but also be able to earn by renting out their excess compute capacity.
GoldRocket: This is a very smart decision! How green does it work? Are you green?
Jeff-Ell: Yes so by utilising excess compute, you are not only being more financially efficient, it’s also highly energy efficient and can contribute towards keeping a low carbon footprint and being as green as possible
GoldRocket: Ecology is our common concern! Thanks for thinking about it!
Q3 from Telegram user @Kany_West
Your biggest partners are directly involved or very much in contact with the gaming industry. Does this have anything to do with the functionalities of Cudos or the team’s background and contacts with the gaming industry? Should we expect that the gaming industry is a central focus point for your project?
Jeff-Ell: Another great question, so cloud gaming has increased in popularity over the coming years and is set to continue to grow, as it expands and the demand increases there will have to be a much more scalable and cost efficient infrastructure to support this, this is where our network comes in, decentralized cloud gaming will be key to ensuring this is possible, We have AMD rebranding our technology which you will see in the coming weeks, and Ultra integrating our compute engine, between them is due to expand the network to over 1 million nodes in 2021. We are currently already live in over 145 countries.
Luis Merino | Satoshi Club: I see you have partnered with huge projects
Jeff-Ell: Yes, we work very closely with very well established projects, and they are all very excited about our network, the CUDOS token and what’s to come
Q4 from Telegram user @mohaa198o
Your network is designed to power WEB 3.0
How exactly are you going to do that? Share some real use cases with us
Jeff-Ell: So as previously mentioned we’ll be providing decentralised compute which will be able to support industries such as gaming, Scientific research that requires high levels of computing power, especially those using AI and Machine learning, during the COVID period demand for this has increased as AI and Machine learning has been heavily implemented in the battle against covid. We’ll also be able to support projects that require intense compute resource for rendering such as movie and animation studios.
GoldRocket: By the way, share your tokenomics. I heard private distribution of the #CUDOS token is closed.
Jeff-Ell: Yes unfortunately it’s too late to get involved in our private distribution, however we will be listing this month and will be releasing more details about that 12 hours before we list accross all our channels, so stay tuned especially if you’d like to get involved early.
In terms of tokenomics our total supply is 10bn CUDOS and the initial supply is around 8%:blush: We will be releasing in depth break downs of our tokenomic model for the community in the next few days so please keep an eye out for that too!
Luis Merino | Satoshi Club: When will you list and where? Any hints you can give us?
Jeff-Ell: Sorry, we’re under a strict NDA and so we cannot give any hints unfortunately.
Q5 from Telegram user @dominiksss
If I correctly understood, you aim to become a global compute network, connected with traditional and blockchain computing. Also, you aim to create a greener cloud computing. I didn’t quite understand the process. Any computing requires energy. How will ensure it’s greener? How would you know its using green energy?
GoldRocket: partially answered :see_no_evil:
Jeff-Ell: haha! no worries but yes as mentioned previously, being able to use excess compute power can lead to a massive drop in your carbon footprint and is far more energy efficient.
GoldRocket: Thanks for the answer! You can share important links and information with Satoshi Clubbers if you like.
Jeff-Ell: Sure, please visit our channels and join our community to stay up to date with what we’re up to:blush:
Q6 from Telegram user @george_benderos
I’ve seen many projects with similar objectives like Oasis or Matic. You think that they haven’t performed well and want add something new? Is AMD helping you build this infrastructure?
Jeff-Ell: Great question, there are a number of great projects in this space. These include the likes of Near Protocol, Oasis Protocol, Matic Network. The vast majority have focused purely on smart contracts. You of course have Ethereum and the upcoming Ethereum 2 as well. CUDOS enables you to scale out compute on EVM/eWASM, Docker Containers and VM’s on a global compute network. We have over 30,000 active compute nodes already and over 150,000 users which is scaling quickly, which gives us substantial global compute capacity. As well as this we have been busy signing up global data centre providers and bandwidth providers to expand the network further. The difference is we took a market approach first and applied the technology to that which is what is giving us the quick scale of network and users. I say quick we have been working on this for 3 years now!
Our work with AMD will definitely help to accelerate us and differentiate us from others in the market.
Part 2 — live questions from the Telegram community
Q1 from Telegram user @Demvrick
Where does the project name come from? What does it mean for you and why did you choose that name for your project?
Jeff-Ell: I like this one! Cudo is Latin for coin/money when used as a verb and Cudos is the term for giving praise. So we felt CUDOS was a good name as we are building a more sustainable cloud where anyone can be part of it. CUDOS to that!
Q2 from Telegram user @cryptofollower
I see that as Cudos you are against to tokenburn events. Is it because you want to enter to U.S market and don’t want to face problems with SEC? If that’s the case, which alternative ways will you use to gain better token economics?
Jeff-Ell: Yes that is correct! We have removed the earlier idea of burning. The reason being is that we have designed our tokeneconomics along with Delphi Digital (who advised ETH 2.0) to limit the amount of circulating supply, keeping it low at all times. We are also targeting 70–75% of the circulating tokens to be staked with high staking rewards to incentivise this.
As a utility token, we want to make sure that we can operate within the US as well, so it is very important for the token to remain a true utility, rather than a vehicle for profit which is how US law views burning
Q3 from Telegram user @Shuvoapon4
Any new updates coming cudos?
Jeff-Ell: Yes we have lots of great announcements coming up regarding listing, partnerships and the development of or network, so please join our channels to stay up to date!
Q4 from Telegram user @feranno
You say that CUDOS has reached 145 more countries. You have covered almost the entire Earth? How did you achieve this great feat?
Jeff-Ell: As mentioned previously, we are already well established in the cloud space we ended up providing 1% of the UK’s infrastructure, with the relationships we built and the development of that network on top of the coverage we have with cudominer we were able to expand globally.
Q5 from Telegram user @tsafik
You’ve already gathered a pretty impressive list of validators for the project with +100 validators out there. Why does Cudos need so many validators and what’s your plans with validators moving forward?
Jeff-Ell: Good question, we’ve gone with 100 global validators as this provides us a secure distributed core network and will enable it to remain decentralized. Our validators are all well known Validator providers or recognised hosting providers.
As our project develops the network will open up to allow anyone to become a validator.
Q6 from Telegram user @m_i_l_e_s_u
No Project can ever Guarantee the Safety & security of the Platform, Isn’t it? What is the Your Plan to do that?
Jeff-Ell: Naturally we have a lot of internal risk and security policies. We are ex data centre and cloud people so this runs in our blood. We have resiliency and failover across our smart contract, blockchain and infrastructure. From a market perspective, the network relies on the blockchain and the cloud computing market. This enables us to spread our risk between 2 markets. When the crypto market goes down , we have the compute market to rely on to continue to build demand for the network and the token.
Proof of Stake also brings demand and stability of the token and network. As well as its utilisation.
Q7 from Telegram user @kikirush
The private distribution of the #CUDOS token closed yesterday, Do you have plans for a public sale, especially for those that missed the private round and are still interested in getting the CUDOS token?
Jeff-Ell: So we’ll be having an initial listing this month with an exchange that we cannot currently name, but we are very excited about this and will be announcing details very soon so please keep an eye out across our channels!
Q8 from Telegram user @boradam
Do you have any ambassador program for growing the community of Cudos?
Jeff-Ell: We do! You can sign up to it here!
Q9 from Telegram user @RjDisha
Everyone knows, if you want to go fast, go alone, but if you want to go far, you go with your partners, so with Your Project which partners will promote and help Your Project reach and achieve the project’s goals?
Jeff-Ell: I completely agree with you, we are 100% about our partnerships and our community. Major partners we are working with really closely at the moment include Algorand, which I mentioned before. We are a key partner of AMD , the chip provider. Our software is running their blockchain partnerships, also we are releasing in a few weeks and AMD branded version of our software enabling anyone to monetise their hardware. We get access to their entire community. We work closely with their R&D team. We are bringing out an enterprise version of the software later in the year enabling their enterprise clients to use our network. On top of that we also have advisors on board with extensive backgrounds across multiple industries,
Q10 from Telegram user @Baby_Crypto
What does your slogan ‘To make better use of the world’s computing power’ mean in practice?
Jeff-Ell: This means utilising the idle computing power which would otherwise go to waste, in order to create a more financially and environmentally efficient networks for cloud computing.
Q11 from Telegram user @cindy_crypto
The covid19 pandemic affected every business in the world. How did you affected from that? In better way or bad way?
Jeff-Ell: As a tech company we’ve been relatively unaffected as we can all work remotely, this has actually helped us, as now we can choose from a wider pool of talent to add to the team and have team members stationed across the world.
Q12 from Telegram user @Joseunda
I read in your telegram group, they are not yet listed in any exchange only in uniswap, do you have plans to launch in any CEX?
Jeff-Ell: We will be announcing more information regarding listing very very soon
Q13 from Telegram user @atillayeni
You postponed the launch of the Cudos in 2020 and stop working with Amazix blockchain & crypto marketing agency. What happened at that time and what are you using right now for marketing purposes?
Jeff-Ell: We postponed the launch because we felt it wasn’t the most advantageous time for us, this turned out to be a great move as we were able to develop the technology further and make a lot of key partnerships!
Q14 from Telegram user @imrealsatoshi
You have many competitors in this market area with traditional centralized but really powerful solutions and technologies. How do you think you can compete with them?
Jeff-Ell: As demand for cloud computing grows, there will be an increased demand for financially efficient alternatives, this is where we come in, the traditional centralised solutions will not be able to compete, as our networks will be open for anyone to join and the continued development and interest coming into the blockchain space demonstrates that
Q15 from Telegram user @topind7
Marketing is a central element for every project. So that everyone knows the potential that a project can bring is vital to achieve the goals set. What is your strategy to attract new users and Investor to CUDOS and keep them long term?
Jeff-Ell: Great question, our marketing efforts have increased over the past few months and will continue to do so as I’ve mentioned before we are running an ambassador programme which you could join www.cudos.org/ambassador. We will also be hosting all sorts of contests, giveaways and challenges in the future, so please visit our channels to be in with the chance to get involved!
Part 3 — Quiz Results
In the final part we tested your knowledge in terms of CUDOS. They’ve prepared 4 questions for this part. The total reward pool for quiz was 1000$.
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