200x Underrated Crypto Gem (Why It Will DESTROY ICP)

Posted 2 mins ago | by Catoshi Nakamoto

Three cloud computing services from Amazon, Microsoft and Google are responsible for running over half of the internet. If we really want the next generation of the web to be open and secure, we need to revamp this central point of failure in the cloud computing space. Luckily, there is a promising new project that is planning to make this decentralized web possible for the first time ever.

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Let’s get it.

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In this sponsored video, we’re going to be doing a deep dive into Cudos, a blockchain-based cloud computing service that can bring us closer to a truly decentralized web.

The internet as we know it today is still highly centralized, with just a few companies hosting the infrastructure that every website needs to operate. Amazon Web Services, known more commonly as AWS, powers nearly a third of the conventional internet with a 32.4% market dominance. They are followed by Microsoft’s Azure with 17.6% and Google Cloud at 6%. Together, these three companies, who already dominate the economy, are in control of 56% of the websites on the internet.

This is why any time that one of these services has an outage, hundreds of sites go offline until things are back up and running. Obviously, these central points of failure are not the best solution for cloud computing, an important service that is now essential for the internet to grow. This is especially unacceptable in the world of crypto, where we expect a certain level of decentralization.

One major point of weakness across DeFi is that some platforms still use AWS to power their websites, so even if they have decentralized governance and distributed nodes, Jeff Bezos is still technically in control of their website.

With decentralized cloud computing platforms like Cudos, centralized services will no longer be needed. With Cudos, everyone who participates in the network will be able to tap into the computing power of other users around the world, at times when that power is not being used. The users who volunteer their computing power to the network will be paid for their service, so they will have an incentive to stay connected. The service that Cudos is offering is also expected to be much better than the performance we see from companies like AWS.

Cudos will be more efficient than centralized competitors and will also save its users money. The Cudos whitepaper estimates that consumers will save an average of over 75% after switching onto this network. The first users on the platform are expected to save 70% in CPU video rendering, 75% in university research, 85% in GPU video rendering, and up to 95% in simulations.

Professionals and power-users who need to do high level processing or rendering will be some of the first to take advantage of this service, but the average user will also be getting a lot of out Cudos as well. The most exciting thing about this project for most people is the fact that they will be able to use devices that they already own to earn a passive income by contributing their computer power to this network. You don’t need an expensive mining rig to provide value to Cudos, although you can certainly use one if you have the ability. You can actually use personal computers, gaming consoles or even mobile devices to earn rewards on this network, so the barrier to entry is extremely low, almost anyone will be able to participate.

The team estimates in their whitepaper that a standard desktop or laptop computer can earn up to 30 dollars per month by contributing to this network, but gaming consoles can earn up to 50 dollars, and high power gaming PCs can earn up to 150 dollars. This may not seem like a lot by itself, but if you have 5 or 10 compatible devices in your house, that can really add up.

Users who contribute to the network will be rewarded with tokens that they can use to buy additional computing power for themselves, or sell on the market for a profit.

This isn’t just a new innovation for blockchain technology, this is a new crypto use-case with mainstream potential. Sharing computing power or hard drive space is nothing new, there are many projects utilizing blockchains to do just that, and many of them are great projects, but allowing gamers to use idle hardware that they already have to earn money will bring a ton of new people into the space.

And just a reminder the video game industry is now bigger than sports and Hollywood combined, bringing in over $179.7 billion in revenue last year alone.

Cudos already has a ton of impressive partnerships, from traditional companies like PlayStation, to blockchain-based companies like Animoca Brands.

One of the main competitors that Cudos has in the blockchain space is a project called the Insane Clown Posse. Oh. Sorry. That’s the OTHER ICP. Internet Computer Protocol. As many of you may know ICP has had a lot of bad press since it’s launch, when a bunch of VCs dumped on the market, taking the price from around 400 dollars all the way down to 36 bucks where it is today. The project’s future is uncertain, and it still has a market cap of nearly 5 billion dollars.

On the other hand, Cudos is growing an impressive grassroots community and will likely have a usable product long before ICP does, but they are still a low cap gem with a market cap of just 27.3 million dollars. Doing some quick moon math, if Cudos reaches the market cap that ICP has today, it will see a price increase from around 2 cents to just over 4 dollars. That’s nearly 200 times your initial investment.

Cudos was built on the Cosmos blockchain using the tendermint protocol. Tendermint and Cosmos are working to create a web of connected blockchains, or internet of blockchains. This is an ambition that many projects share, but Cosmos has had a bit of a head start. Many people don’t realize this but a lot of top crypto projects were built using tenderment, which automatically connects them to the Cosmos ecosystem. Some of these projects include Luna, Rune Thorchain and Mirror Protocol. Even Binance Smart Chain was built with Cosmos using tendermint.

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Cosmos also has plenty of room to grow compared to its competition. If you take a look at Polkadot, one of the top “internet of blockchain” projects, it has a market cap of 13.2 billion dollars. Cosmos might not get all the press that Polkadot does, but it has a stronger foothold in the industry through its tendermint protocol, and its market cap is just around 3 billion dollars. If Cosmos reaches the current market cap of Polkadot, the current price of 11 dollars, as of this recording, will increase to about 48 dollars, a 333% pump.

It’s a good idea to keep up with these kinds of undervalued projects so you’re ready when the bull run comes back in full force.

But that’s all I got, be blessed. BitBoy Out!

Source: https://thebittimes.com/200x-underrated-crypto-gem-why-it-will-destroy-icp-tbt510.html?utm_source=blogger_source&utm_medium=blogger_medium&utm_campaign=blogger_cam

Category: Cryptocurrency News

Post by: TheBitTimes.com