Blockchain technology has developed a lot since the time it was founded in 2008. There have been many changes to make the technology more secure and scalable, but it still has several limitations. The most popular ethereum blockchain technology used to transact smart contracts has scalability and cost issues. As the transactions keep adding up, the cost goes high and clearance time keeps increasing. These issues have caused scalability problems as each node of the network has to process every transaction.
Sharding Upgrade Solution
Sharding upgrade has been suggested as the solution to solve these problems. This solution is expected to improve the system’s capability. It will do so by distributing the load of the network across 64 different chains. Ethereum 2.0 will have many other solutions to solve the current problems this blockchain faces but still, those solutions have limited scope and are not economical. Cudos plans to use a decentralized cloud network. This setup will run NFTs on the Cosmos network. Users do not have to set up new smart contracts for NFTs to mint, approve and transfer them.
Launching of a Testnet
Last year, this team took the first step in this endeavor by launching the basic structure of an incentivized testnet. Named Project Artemis, it is focused on many initial tasks that will help onboard developers and validators. Feedback will be collected from the community. Cudos reported since then that more than 22,000 developers had shown interest. Feedback provided by them has allowed Cudos to gain insights and improve its network. It has plans to launch a mainnet in February.
This project has different phases and each phase will be designed and developed after taking into account the feedback received from users. The team now developing phase 4 of the testnet has said that users have the last opportunity to participate in the token migration.