Cudos and Tingo Vow to End the Poverty Premium With a Huge Partnership
London, England, 17th November, 2021,
The decentralized cloud computing network Cudos announced a collaboration with Tingo to tackle the poverty premium, empowering over 9 million Nigerians to earn from their smartphones.
Minutes of standing ovation followed Cudos’ latest announcement at the AIBC summit. The decentralized cloud computing blockchain network will partner with Tingo to tackle the poverty premium through mobile monetisation applications.
The announcement happened on stage at AIBC Malta, a global event unifying Ai, UI, IoT and Quantum Tech and hosting thousands of policymakers and thought leaders.
As a growing, scalable computing network, Cudos has over 500,000 business and individual accounts, contributing underutilized resources and earning simultaneously. Like Airbnb for computing, this sustainable model reduces waste and distributes the revenues fairly across the network.
With a focus on sustainability, Cudos is already over two million times more energy-efficient than Ethereum and 100% carbon-neutral. With a robust technology delivered ethically, the decentralised cloud provider attracted 22,000+ developers for its ongoing testnet ‘Project Artemis’.
The significance of this extends to the whole industry as Cudos will be the first blockchain connecting consumers to scalable computing through smart contracts. These are the foundations for powering the metaverse, and in this case, providing a whole country with decentralized computing.
The impact of the collaboration will initially extend to almost 10 million devices across the Tingo network. 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. Considering that the country is the second-largest Bitcoin market after the US, the significance is unprecedented. After Nigeria, Tingo will expand across Africa and South America, broadening the positive impact further.
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.
The partnership would enable people to run monetisation applications on their smartphones. This would create a fully inclusive digital ecosystem, distributing the Cudos technology to millions of smartphones.
In partnership with Tingo, Cudos has the opportunity to scale a highly distributed smartphone cloud computing network across Nigeria first before expanding into other regions. Ultimately, each community will leverage sustainable, scalable and cost-effective computing resources.
This is a colossal collaboration, as Tingo’s model supports farmers in rural Nigeria who would receive single-digit loans rather than the typical microfinance 25%+ interest through the collaboration with DeFi partners MELD. Farmers would use their phones to earn CUDOS.
CUDOS will not only become a currency for payments within this ecosystem. The network will become a compute platform for Nigerian institutes and universities, benefiting those in rural areas with earnings and slowing the rapid migration into cities.
“Our 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,” commented Pete Hill, VP of Sales at Cudos.
As part of the announcement, Cudos will list on CoinField, a European exchange recently acquired by Tingo International Holdings, increasing the community reach and liquidity for the CUDOS token.
The Cudos Network is a layer one blockchain and layer two computation and oracle network designed to ensure decentralised, permissionless access to high-performance computing at scale and enable scaling of computing resources to 100,000’s of nodes. Once bridged onto Ethereum, Algorand, Polkadot, and Cosmos, Cudos will enable scalable compute and Layer 2 Oracles on all of the bridged blockchains.
About Tingo International Holdings
Tingo is a unique agri-fintech using smartphones to deliver a marketplace that enables nearly 10 million subscribers to manage their commercial activities of growing and selling their products to market participants. The ecosystem provides a one-stop-shop solution to enable such subscribers to manage everything from airtime top-ups, bill pay services for utilities and other service providers, access to insurance services, and microfinance to support their value chain from seed to sale.
Tingo has two innovative platforms – Nwassa, Africa’s first digital agriculture ecosystem and Tingo Pay, a mobile payment gateway. Tingo International Holdings is a majority shareholder in Tingo Inc (OTC Markets: IWBB), which owns 100% of Tingo Mobile PLC in Nigeria. The company has recently agreed to acquire Coinfield, a leading European crypto exchange that operates in 198 countries.
- Dan Edelstein