November 4th, 2020 - Since the Algorand Foundation launched its Grant Program earlier this year, many developers and innovators around the world have been eager to participate. After thorough review and selection, we are delighted to announce that Cudo is the latest recipient of an Algorand Foundation Grant.
Cudo, a distributed computing platform, used by businesses and individuals in over 145 countries with the vision of making better use of the World’s computing power, has now launched the CUDOS Validator Network (CVN). The CVN provides a decentralised layer 2 oracle, bridging on-chain and off-chain resources, powering smart contracts, DeFi, and the internet. With a fully encrypted layer 2 network and over 20,000 daily active nodes on the underlying Cudo platform, the CVN will provide blockchain developers with access to highly scalable compute resources for a fraction of the cost of running directly on a layer 1 blockchain protocol.
Algorand has partnered with Cudo and the CVN to build services for the Algorand developer community to offer Turing complete compute. Developers building application services for specific blockchains will be able to consume Cudo Compute resources, with smart contracts pushing only the data that needs to be stored on-chain for immutability.
Optioning ALGO as a payout token enables anyone running compute or mining to earn ALGO using Cudo software.
As an important utility within the CVN, the CUDOS token will provide staking rewards of around 10% for validators wishing to join the network. If you would like to find out more about the CVN or CUDOS token sale, please contact [email protected] for more information.
“We are delighted to support the Cudo’s grant application" said Sean Lee, CEO of the Algorand Foundation. “It will attract blockchain developers looking to build applications on Algorand, by leveraging CUDO's smart contract innovation.”
Matt Hawkins, founder & CEO of Cudo adds ‘We are extremely excited to be collaborating with the Algorand Foundation and the opportunity to add to Algorand’s ecosystem. As the 1st step in our development partnership, adding ALGO to our platform will provide over 150,000 existing users on the Cudo platform, with a way to earn what we believe will become a top 5 cryptocurrency within the next 2-3 years. It will also be unique, with no other distributed computing platform offering ALGO as a payment option.’
Algorand Foundation is proud to support this project with funding through the Algorand Foundation Grant program. For more information on Cudo specifically, please visit their website. If you are interested in submitting a project for support from the Algorand Foundation Grant program, please apply here.