By now you’ve probably heard about CUDOS token, but what exactly is it? And what is its purpose?
In this article I will try to make a summary of it according to my research about the CUDOS token.
1. The CUDOS token is an ERC-20 token, which facilitates the blockchain elements of our network.
2. The CUDOS token in conjunction with our network allows all participants to stake and earn rewards and discounts. As well as all of that the CUDOS token also has uses as a qualification and discount vehicle.
According to the CUDOS Token introduction page, It’s stated that :
The CUDOS network key functions are:
- Staking 2,000,000 CUDOS to become a CUDOS Validator Node and get rewards 🎁
- Delegated staking to support other CVNs 💪
- MoE powering the on-chain CUDOS network ⚡️
- Staking for discounts 🥩 (Steak 😂)
According to the CUDOS Token use case, The token can be used for :
- Staking to receive a discount in fees or share the revenue from fees 💰
- Staking to qualify for jobs and earn greater revenue 🤑
and they stated that :
Any leftover tokens from the treasury will be burnt 🔥.
Burning will be introduced in order to have a deflationary effect which will, in turn, benefit the health of the CUDOS economy.
Also, CUDOS isn’t just an normal ERC-20 Token !
Ethereum has had issues with scalability and transaction speeds, Ethereum’s dapps on its network have grown too much for the network itself to handle.
The issue of scalability became a major problem when the popularity of the game backfired and caused the entire Ethereum blockchain to become stagnant due to an overwhelming amount of traffic that Ethereum was clearly not ready to handle. Ethereum has recently launched Ethereum 2.0, a series of upgrades to the Ethereum blockchain that officially began rolling out on Dec. 1, 2020.
Then what will happen to CUDOS as an ERC-20 ? Will it just follow the Slow, Expensive, and crowded Ethereum Network ?
The answer is no, CUDOS are trying to move into much faster network called Algorand as what they said on their official post :
CUDOS token will not be exclusive to the Ethereum Blockchain and will also be supported by the much faster Algorand Blockchain as an Algorand Standard Asset (ASA).
An Algorand Standard Asset, ASA for short, is a layer 1 mechanism that allows users to host any token on the Algorand blockchain, in turn benefiting from the same level of security and ease of use as Algorand’s native Algo token.
How better can Algorand Network be to help CUDOS Token ?
According to what Jeremy Allaire ( CEO of Circle ) answer when being asked for “What the difference is between Ethereum and Algorand ? How it will impacts the end-user” ?
Jeremy Allaire ( CEO of Circle ) responded with :
Algorand brings over 1,000 transactions per second and transaction fees of 1/20th of a cent to the USDC ecosystem, and soon to be released innovations from Algorand offer the potential of scaling throughput by 8–10x on Layer 1, accompanied by new secure smart contracts that complement standard tokens such as USDC.
With the response from Jeremy Allaire ( CEO of Circle ) with the USDC comparison about running on Ethereum Network and Algorand. We came into conclusion that Algorand will bring a lot of advantages over the main Ethereum network and might attract more Ethereum token to support the Algorand network.
The CUDOS Token are working to implement Algorand soon.
That means CUDOS Network will be able to be a faster, inexpensive and provide a better experience to end-users.
CUDOS Website : CUDOS.org
CUDOS Telegram : @cudostelegram
CUDOS Twitter : @CUDOS_
CUDOS Facebook : cudos.org
CUDOS LinkedIn : cudos1