The metaverse is dominating boardroom discussions as the new playground for brands to create new virtual experiences for consumers. A report by Bloomberg forecasts that the metaverse will be an $800-billion market by 2024. But are companies equipped to meet the 1,000-fold greater-computing needs — as estimated by Intel — that the metaverse will demand?
There’s no universally accepted definition of the metaverse, except that it’s the next stage in the evolution of the internet.
Matthew Ball, author of web article series The Metaverse Primer, said, “The metaverse is an expansive network of persistent, real-time rendered 3D worlds and simulations that support continuity of identity, objects, history, payments and entitlements, and can be experienced synchronously by an effectively unlimited number of users, each with an individual sense of presence.”
The metaverse provides immersive experiences through the confluence of augmented reality, the Internet of Things, 5G, AI and other technologies. Much of the advancements around the metaverse are built around gaming, virtual meetings, shopping, digital concert and more with the integration of blockchain and nonfungible tokens (NFTs).
But the journey hasn’t been smooth for the metaverses supported by centralized cloud services, as lag and server outages remain an issue. Evidently, the current computing infrastructure isn’t enough to create immersive virtual environments. For the real-time rendering of digital avatars with realistic details and high-end NFTs, platforms need a steady supply of computing power with low latencies for data transfer.
As the demand for computing increases, the hyper-scalers rely on more data centers to fill the gap, increasing energy consumption and undesirable carbon footprint levels.
But in the race to meet computing needs, we cannot overlook the need to embrace environmentally sustainable options.
The Cudos network offers a solution by providing near-limitless computing power through its global network of service providers. It’s a marketplace where the demand-side can access computing capabilities cheaper than hyper-scale providers while enabling the suppliers to earn revenues from their spare hardware resources.
Its upcoming mainnet launch will enhance the distribution of computing power of its decentralised cloud platform, Cudo Compute. With the alpha version recently released, it challenges the monopoly of hyper-scalers such as Amazon, Microsoft and Google with a sustainable solution. There is a colossal waste of computing and hardware capabilities at data centers globally, as almost 85% of computing is underutilized. Cudos harnesses the spare capacity for these cost-intensive businesses.
On another level, it also includes a distributed network of idle home and personal devices offering spare capacity. These range from gaming PCs and consoles to small-scale data centers that support the computing efforts to power AI, machine learning, video rendering and other functions. In exchange for computing power from idle devices, Cudos provides a source of income for unbanked communities.
Its well-designed, worldwide network of nodes provides scalable peer-to-peer sharing of computing with low latency, ensuring that the effects of outages are not as widespread.
Another obstacle to the metaverse becoming a genuine Web2 alternative is interoperability — the ability to move avatars and digital assets from one app, game or virtual world to another.
As a layer-1 (L1) interoperable blockchain, Cudos solves this issue by embracing cross-chain support. It is built on the Cosmos ecosystem, utilizing the Inter-Blockchain Communication (IBC) protocol. The IBC protocol allows interoperability between different chains in the Cosmos SDK ecosystem, facilitating transfers of tokens, assets, NFTs, data between them and the building of cross-chain applications.
Additionally, using the Gravity Bridge, the Cudos network supports transfers of assets to and from Ethereum into the Cosmos hub, with the ability to move them across other Cosmos chains.
The soon-to-be-launched Cudos blockchain will function using its native utility CUDOS token and provide affordable transactions. The network is designed to mint, own or transfer NFTs without spending on heavy gas fees.
The metaverse is quickly emerging as the next big technology platform, tightly integrating real and virtual worlds. Consequently, blockchain networks such as Cudos will be fundamental to effectively architect its future.
Cudos is powering the metaverse, bringing together decentralized finance, NFTs and gaming experiences to realize the vision of a decentralized Web3. It allows all users to benefit from the network’s growth as an interoperable, open-platform launchpad providing the infrastructure required to meet 1,000-fold higher-computing needs for fully immersive, gamified digital realities.
Cudos is an L1 blockchain and layer-2, community-governed compute network designed to ensure decentralized, permissionless access for high-performance computing at scale. Its CUDOS token is the lifeblood of the network and offers an attractive annual yield and liquidity for stakers and holders.