FinTech on the Move Tingo has announced a partnership with Cudos, a decentralized cloud computing network, to combat poverty by developing mobile monetization applications that would empower over 9 million Nigerians by allowing them to make money from their smartphones.
Cudos will be the first blockchain to connect consumers to scalable computing using smart contracts, making this collaboration significant for the whole industry. These are the building blocks for powering the metaverse, and in this case, giving decentralized computing to an entire country.
The agreement will initially have an impact on over 10 million devices across the Tingo network. Tingo’s relationship with Cudos would enable the establishment of a distributed cloud for Nigerians, run by Nigerians, and paid by Nigerians, as a one-of-a-kind agri-fintech company that has had a tremendous impact on rural communities. The significance is extraordinary, given that the country is the second-largest Bitcoin market after the United States. Tingo will grow across Africa and South America after Nigeria, extending the good impact even more.
Collaboration, on the other hand, is important for reasons other than financial inclusion and liberty. It combines social and environmental concerns, concentrating on economic empowerment while minimizing computing’s environmental impact. People would be able to run monetization apps on their devices as a result of the partnership. Cudos’ technology would be distributed to millions of cellphones, resulting in a truly inclusive digital ecosystem.
Cudos will be able to grow a highly distributed smartphone cloud computing network across Nigeria first, before moving into other regions, thanks to its agreement with Tingo. Ultimately, each community will make use of computing resources that are sustainable, scalable, and cost-effective. Through a different cooperation with Defi partners MELD, Tingo’s strategy aids farmers in rural Nigeria who would receive single-digit loans rather than the normal microfinance 25 percent + interest. Farmers would earn CUDOS by using their phones.
CUDOS will not only serve as a payment system inside this ecosystem, but it will also serve as a computer platform for Nigerian institutes and colleges, providing income to individuals in rural areas and delaying the city’s rapid urbanization.
Cudos has over 500,000 company and consumer accounts as part of its growing, scalable computing network, which contributes unused resources while also making money for its customers. Cudos’ sustainable computing strategy, similar to Airbnb’s online marketplace, saves waste and evenly distributes revenue across the network. Cudos will list on CoinField, a European exchange recently acquired by Tingo International Holdings, as part of the announcement, expanding the token’s community reach and liquidity.
With this new relationship with Tingo, we are closer to realizing our goal of a “decentralized, sustainable, and connected future where no computing is wasted.” It’s refreshing to share the same spirit of establishing technology and business models for the development of communities as Tingo is in the process of putting its subsidiary firm, Tingo Inc, on the New York Stock Exchange.
This deal is driven by positive social impact, initially offering financial security to millions of people. We will build on this as a collaboration, moving to other countries and establishing a circular economy of financial inclusion, security, and democratized cloud resources. “Having close to 10 million users who can earn and spend CUDOS is critical for the success of our network,” said Pete Hill, Cudos’ vice president of sales.
Cudos is already over 2 million times more energy-efficient than Ethereum and carbon-neutral, thanks to its focus on sustainability. The decentralized cloud service attracted 22,000+ developers for its ongoing testnet “Project Artemis” with its strong technology offered ethically.
Africa’s Financial and Defense Summit
At the fourth Africa Tech Summit in Nairobi, the Africa Money & Defi Summit will bring together Africa fintech leaders, global platforms, and thought leaders to discuss new potential in Decentralized Finance (DeFi). Keynotes, panels, and breakout sessions from throughout the African fintech and Defi sectors will provide essential insights and opportunity to connect, network, and do business.