This Decentralized Cloud Network Aims to End the Poverty Premium by Empowering 10,000,000 Nigerians

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The following post was written and/or published as a collaboration between Benzinga’s in-house sponsored content team and a financial partner of Benzinga.

The cloud still remains a trending buzzword in the computer and technology space. Demand for cloud services keeps surging as consumers continue to seek portable yet powerful devices whose underlying design mandates them to offload data to the cloud.

This has prompted big tech companies such as Apple Inc. AAPL, Microsoft Corp. MSFT, Amazon.com Inc. AMZN and Alphabet Inc. GOOGL to start offering powerful cloud applications and dedicated cloud services, pushing the global public cloud market from $182 billion in 2018 to more than $300 billion in 2022.

Now, some are saying that a new form of cloud technology called decentralized cloud computing is taking the space by storm. Decentralized cloud computing scatters data across multiple cloud storage devices rather than storing in one centralized cloud. One noted advantage with this technology is it provides some much-needed security from cybercrimes or natural disasters.

One of the companies that hopes to leverage the capabilities of its decentralized cloud computing blockchain network to provide mobile monetizing applications is Cudo Ventures. Cudo believes its network infrastructure can benefit people living in low-income developing countries.

Cudo’s Mobile Monetizing Application

Monetizing applications is a way to make money from idle hardware such as gaming consoles, computers and smartphones. The network connects cloud service customers with device owners, who can make money off their idle computational resources. Unleashing the computational power stored within these devices can be a passive way of generating income while at the same time minimizing carbon emissions generated from crypto mining machines.

As a way to accelerate the expansion of its monetization applications, Cudo announced at the recent AIBC summit that it has partnered with the Nigerian agri-fintech company Tingo Mobile to launch its decentralized cloud in Nigeria. Tingo plans to expand its reach from Nigeria to the entire African continent and then South America, hoping to increase its impact even further.

Cudo states that the move adds approximately 10 million devices across the Tingo network to Cudo’s network of 500,000 business and individual accounts, sharing idle resources and earning passive income. Cudo says it will be the 1st blockchain company to connect consumers to scalable computing resources through smart contracts, providing the entire country with decentralized computing.

The partnership could bring economic empowerment and create a financial inclusion ecosystem by enabling millions of farmers to run Cudo’s monetizing application on their smartphones. Farmers would use their smartphones to earn the cryptocurrency CUDOS. The company anticipates that the network will grow into a platform for Nigerian universities and institutions, and it will benefit those living in rural areas with monetary rewards, decelerating the rapid urban migration.

“Our vision of a decentralized, sustainable and connected world where no computing is wasted is coming to fruition with this new partnership with Tingo. 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 decentralized cloud resources,” said Pete Hill, vice president of sales at Cudos.

The preceding post was written and/or published as a collaboration between Benzinga’s in-house sponsored content team and a financial partner of Benzinga. Although the piece is not and should not be construed as editorial content, the sponsored content team works to ensure that any and all information contained within is true and accurate to the best of their knowledge and research. This content is for informational purposes only and not intended to be investing advice.