Tingo Fintech and Blockchain Cudos Collaborate to End Poverty Premium in Nigeria
Mobile FinTech Tingo has announced its collaboration with the decentralized cloud computing network Cudos to tackle the poverty premium through mobile monetization applications which will lead to the empowerment of over 9 million Nigerians, enabling them to earn an income from their smartphones.
The significance of this collaboration 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 collaboration’s impact will initially be felt by nearly 10 million devices on the Tingo network. Tingo’s partnership with Cudos will enable the creation of a distributed cloud for Nigerians, run by Nigerians, and paid by Nigerians.
Given that the country is the second-largest Bitcoin market after the United States, the significance is unprecedented. Following Nigeria, Tingo will expand across Africa and South America, broadening the positive impact even further.
However, the significance of the collaboration extends beyond financial inclusion and freedom. It combines social and environmental needs, focusing on economic empowerment while reducing computing’s environmental impact.
The collaboration would allow people to run monetization apps on their smartphones. Through the distribution of Cudos’ technology to millions of smartphones, this would result in a fully inclusive digital ecosystem.
Cudos has the opportunity, through this partnership with Tingo, to scale a highly distributed smartphone cloud computing network across Nigeria first, before expanding into other regions. Ultimately, each community will rely on computing resources that are sustainable, scalable, and cost-effective.
Through a separate collaboration with DeFi partners MELD, Tingo’s model supports farmers in rural Nigeria who would receive single-digit loans rather than the typical microfinance 25 percent + interest. Farmers would earn CUDOS by using their phones.
CUDOS will not only become a payment currency within this ecosystem, but it will also serve as a computing platform for Nigerian institutes and universities, providing income to those in rural areas while slowing the rapid migration to cities.
Cudos, a growing, scalable computing network, has over 500,000 business and individual accounts, contributing underutilized resources and earning money for its users at the same time. Cudos’ sustainable computing model, similar to Airbnb’s online marketplace, reduces waste and distributes revenues fairly across the network.
Cudos will be listed on CoinField, a European exchange recently acquired by Tingo International Holdings, as part of the announcement, expanding the CUDOS token’s community reach and liquidity.
“With this new partnership with Tingo, we are bringing our vision of a “decentralized, sustainable, and connected world where no computing is wasted” to fruition. It is refreshing to share the same ethos of creating technology and business models for the betterment of communities as Tingo is in the process of listing its subsidiary company, Tingo Inc, on the New York Stock Exchange.
This deal is motivated by a desire to make a positive social impact by initially providing financial security to millions of users. We will build on this as a partnership, expanding to other regions to create a circular economy of financial inclusion, security, and democratized cloud resources.
Nearly ten million users are able to earn and spend money. CUDOS is also critical to the expansion of our network,” said Pete Hill, vice president of sales at Cudos.
Cudos, which focuses on sustainability, is already over 2 million times more energy efficient than Ethereum and is completely carbon neutral. The decentralized cloud provider attracted 22,000+ developers for its ongoing testnet “Project Artemis” thanks to its robust technology delivered ethically.
