Cudos has just announced the public listing of the CUDOS token. The token is available to the public starting at 9 AM EST on the 12th of January, 2021 via the BitMax digital assets exchange. The exclusive listing event will conclude on the 19th of January, at 9 AM EST.
CUDOS network was founded in 2017 by a team of serial entrepreneurs led by Matt Hawkins. The team also consisted of data scientists, engineers, and strategists. Guiding the team was advisors like Chris Deering, the Ex-president of Sony Playstation Corp, and Jorg Roskowetz, the director of blockchain at AMD.
CUDOS’ stated mission is to “Make better use of the world’s computing power.” Cudo currently has a presence in over 145 countries, and its network consists of service providers, blockchain enthusiasts, and gamers. The CUDOS blockchain is linked to the Cudo platform through a Layer 2 oracle governed by smart contracts, helping to streamline DeFi services and reducing the cost of any action carried out on the blockchain.
What is Cudos?
CUDOS provides Turing complete compute and external data to blockchains. It is a multi-chain Layer 2 solution and can seamlessly integrate with Cudo. The integration allows the use of specialized hardware on demand. Blockchains are relatively limited in their capabilities, thanks to their immutable nature. Blockchain’s immutability restricts their use considerably. Cudos acts as a bridge between blockchains and other services, enabling blockchains to consume data and compute to fulfill specific goals.
The CUDOS network and the Cudo network have been in development since 2017. The network has more than 150,000 users and is present in 145 countries, with over 20,000 nodes running different workloads. CUDOS has partnered with several data and compute providers and has an experienced team with a proven track record in place. The team at CUDOS can now provide compute to blockchains through the CUDOS network.
The CUDOS tokens will be allocated in the following way.
- Private sale: The private sale was conducted from October to November 2020. The private sale saw tokens sold to partners and VCs.
- Public token listing: The public token listing is now live via the BitMax exchange, for traders and investors looking to purchase CUDOS.
- Ecosystem and community development: Tokens will be used to build the community and the ecosystem around it. CUDOS will give incentives through developer programs, bounties, prizes, and grants.
- Reserve: CUDOS will keep a certain amount of tokens in reserve to provide additional funds for administrative operations, R&D, marketing, and other costs.
Cudos’s private sale was held from the 1st of October to November 2020. The total token supply was 10,000,000,000 CUDOS, out of which a small percentage of tokens were allocated for the sale. This figure included the bonus and equity reward tokens. The token price set was $0.006 = 1 CUDOS, excluding transaction fees and costs.
The ongoing public token listing event will see the initial price set at $0.006 = 1 CUDOS. A total token supply of 166,667,667 will be available for the exclusive event. This figure represents 1.67% of the tokens available.
The funds that CUDOS raises from the token events will be used in the following manner:
- CUDOS plans to utilize 20% of the funds raised on marketing the platform.
- 30% of the funds raised will be dedicated to product research and development.
- 13% of the funds raised will be dedicated to user acquisition.
- 10% of the funds to be utilized for administrative and operational costs.
- 10% of the funds will be dedicated to node validators.
- 7% of the funds will be allocated as contingency funds for any emergency or administrative costs that arise.
- 10% of the funds will be allocated toward community engagement.
Now that the exclusive token listing event is live on BitMax, traders worldwide can sign up and purchase their share of tokens via the CUDOS/USDT pair. A series of airdrops will soon take place, thereby rewarding a number of lucky traders with CUDOS tokens.
It would be prudent to keep an eye on the platform’s website, and social media handles to gain additional information on any new developments. Overall, The CUDOS token is a significant step forward in decentralizing the cloud, upgrading the world wide web, and connecting blockchain ledgers to off-chain computing resources.