Cryptocurrency News

Two Major Developments Announced by Cudos

Cudos is a technology that aims to make better use of the computing power around the world with its distributed cloud computing service. Cudos was founded back in 2017, and the services it provides still revolve around facilitating its networks. The networks it facilitates are owners of hardware that do not use them and profit from sharing their resources with other users in the network.

Cudos is a decentralized cloud computing service provider and the services it provides cost way less than what the users on a similar centralized platform would incur.

Recently, the platform announced the launch of its Cudos Network, which is an attempt made by Cudos to gain more exposure in the blockchain market. The core functionality of the Cudos Network is that it has the ability to bridge a gap between blockchain ledgers and cloud computing.

The Cudos Network has all the resources to execute the bridging in a decentralized, incentivizing, and secure manner. The network has been formed with the aim to introduce more innovation and development in the blockchain space.

As time passes by, the majority of the blockchain networks are finding it too difficult to manage things on the primary blockchain networks. Even some of the major platforms such as Ethereum (ETH) have launched their layer-two solutions in order to bring stability to their blockchain networks.

Cudos has already started working on the layer-two solution as it aims on becoming one of the pioneers in that sector. As of now, Cudos has joined hands with several tech companies including PlayStation Partners, Outlier Ventures, NexGen Cloud, AMD, Verne Global, and Sapphire.

When it comes to cloud computing networks, the platform has unified all its users and resource providers under the same standard of Cudos tokens. The Cudos are utility tokens that the users can utilize in the Cudos Network to access worthwhile revenue streams.

Just recently, Cudos has announced that it is getting it’s token listed through the KuCoin exchange. The decision comes after experiencing such a high volume of oversubscription in the presale and the platform being able to run more than $10 million.

It has been revealed that once the Cudos utility token has been listed on the KuCoin exchange, the users will be able to use it for staking. Staking is a process that allows the users to keep their tokens in their exchange wallet for a particular period of time. As a result, the users are provided with interest for the particular currency or they can even get other currencies in the process.

The great news for the KuCoin exchange users however, is that Cudos already has its staking process in place. As per Cudos’ staking mechanism, the users will have the opportunity to earn up to 30% interest.

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