- Cudos announces a poverty alleviation program in Nigeria with Tingo at the AIBC summit.
- The partnership would enable people to run monetization applications on their smartphones.
- Cudos will list on CoinField, increasing the community reach and liquidity for the CUDOS token.
Cudos, the decentralized cloud computing blockchain network, announces at the AIBC summit in Malta that it is partnering with Tingo to tackle the poverty premium. They will do this through monetisation applications under the partnership. This will help empower over 9 million Nigerians to earn from their smartphones at any time.
Cudos is said to be the first blockchain connecting consumers to scalable computing through smart contracts. Besides, these are the fundamentals for powering the metaverse, thereby, providing a whole country with decentralized computing.
Precisely, the Cudos Network is a layer one blockchain and layer two computation and oracle network designed to ensure decentralized, permissionless access to high-performance computing at scale and enable scaling of computing resources to 100,000’s nodes. Once bridged onto Ethereum, Algorand, Polkadot, and Cosmos, Cudos will enable scalable compute and Layer 2 Oracles on all of the bridged blockchains.
Currently, Cudos has over 500,000 business and individual accounts, contributing underutilized resources and earning at once. Just Like Airbnb for computing, the growing, scalable computing network reduces waste and allocates the revenues fairly across the network.
According to the team, Cudos is presently over two million times more energy-efficient than Ethereum. Interestingly, it is 100% carbon-neutral. For its ongoingtestnet ‘Project Artemis’, attracted 22,000+ developers due to its robust technology which is delivered ethically.
Essentially, the collaboration will initially extend to almost 10 million devices across the Tingo network. Furthermore, as a unique agri-fintech business that has delivered significant impact to rural communities, the partnership will enable the creation of a distributed cloud for Nigerians, run by Nigerians, that pays Nigerians. Since the country is the second-largest Bitcoin market after the US.
In partnership with Cudo, Tingo will support farmers in rural Nigeria by giving them single-digit loans rather than the typical microfinance 25%+ interest via the alliance with DeFi partners MELD. With the native CUDOS, farmers can earn with their smartphones. More so, the network will become a platform for Nigerian institutes and universities, benefiting those in rural areas with earnings and slowing the rapid migration into cities.
Commenting on the project, VP of Sales at Cudos says that their vision of a ‘decentralized, sustainable and connected world where no computing is wasted” is coming to fruition with this new partnership with Tingo.’
As Tingo is in the process of listing its subsidiary company, Tingo Inc (OTCQB: IWBB), on the New York Stock Exchange, it is refreshing to share the same ethos of creating technology and business models for the betterment of communities. Positive social impact is the driver behind this deal, providing financial security to millions of users initially. As a partnership, we will build on this, expanding to other regions creating a circular economy of financial inclusion, security, and democratised cloud resources. Close to 10 million users able to earn and spend CUDOS is also essential for the growth of our network
After Nigeria, Tingo intends to expand across Africa and South America, broadening the positive impact further. Cudos will list on CoinField, a European exchange recently acquired by Tingo International Holdings. By doing so, the community reach and liquidity for the CUDOS token will rise.
In summary, the importance of the collaboration, however, goes beyond financial inclusion and freedom. It unites social and environmental needs focusing on economic empowerment while reducing the ecological impact of computing.