[PRESS RELEASE – London, England, 8th September 2021]
Elrond started an exciting collaboration with Cudos, a decentralized cloud computing network used by 300,000 businesses and individuals in over 145 countries.
The Cudos validators network connects on- and off-chain resources, bridging the immutability of blockchain networks with the power of computing resources provided by a distributed network. This allows developers to host applications on the Cudos network and connect with the underlying blockchain as needed.
Through cooperation with Elrond, applications running on the Cudos computing layer will be able to connect to the Elrond Network as a settlement layer. This will enable Elrond developers to consume Cudo Compute resources that will provide virtually any WebAssembly, container, or virtual machine workload to their distribution network with over 300,000 users.
In addition, a portion of the Cudos token will be bridged to the Elrond Network as Elrond Standard Digital Token (ESDT) to participate in decentralized finance opportunities on Maiar Exchange. Elrond is exploring joint operations of infrastructure, such as Cudos validator nodes, that are relevant for the collaboration and the expansion of our ecosystems.
Beniamin Mincu, CEO of Elrond Network, said:
“True decentralization needs to happen both at the settlement layer, from centralized financial systems to the blockchain, and at the compute layer, from centralized data centers to distribute compute networks. Platforms such as Cudos can efficiently complement the Elrond Network to offer true end-to-end decentralization.”
Matt Hawkins, founder, and CEO of Cudos, said:
“We’re excited to connect to a great developer community that shares our passion for Rust. We look forward to exploring these synergies and provide Elrond developers with access to the fast and efficient Cudos distributed compute platform.”
Elrond is an internet-scale blockchain, designed from scratch to bring a thousand-fold cumulative improvement in throughput and execution speed. To achieve this, Elrond introduced two key innovations: a novel adaptive state sharding mechanism and a secure proof-of-stake algorithm, enabling linear scalability with a fast, efficient and secure consensus mechanism. Thus, Elrond can process upwards of 15,000 transactions per second with six-second latency and negligible cost, attempting to become the backbone of a permissionless, borderless, globally accessible internet economy.
The Cudos Network is a layer-one blockchain and layer-two computation and oracle network that ensures decentralized, permissionless access to high-performance computing at scale and enables scaling of computing resources to 100,000 nodes. Once bridged onto Ethereum, Algorand, Polkadot and Cosmos, Cudos will enable scalable computing and layer-two oracles on all of the bridged blockchains.
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