Google Cloud joins EOS as a block producer node and will help validate transactions by providing support for the blockchain in general, as we are reading more in our EOS news today.
The news caused a surge in EOS’s market price since Google Cloud joins it and will serve as a block producer according to the statement from the parent company Block.one. Allen Day who is a developer at Google Cloud says that the division is now starting a process of becoming a block producer candidate. This means that the team will use the infrastructure to validate transactions on the blockchain but to also provide overall support for the network. Day said that Google Cloud aims to ensure that the on-chain data will be securely stored, and reliable as well as being able to be accessed in meaningful ways.
Dan Larimer, the creator of EOS added that Google Cloud will provide “secure oracles, inter-chain transaction reporting, high-integrity full node validation, and key management.” Because EOS depends on voting to select the block producers, Google Cloud will not become an active block producer but they will have to compete with the existing block producers like EOS nation and other major companies that run the nods like Okex, Binance, and Bitfinex. This is not the first time that Google Cloud decided to try and become a node operator. Over the past few months, it joined the Theta Network and Hedera in similar roles. It also started working with other blockchains like Ontology and released datasets for other blockchain projects as well.
Today’s collaboration is much bigger than the rest as Block.one noted because EOS has other block producer candidates that are the similar caliber of Google Cloud. EOS is the most important blockchain that the cloud is powering with it being the 14th largest coin by market cap. The news caused EOS prices to surge by 7.8% in the past day and made it the best performing asset on the market but the price increase was not sustainable. However, the increase didn’t do much for the analysts as many believe that the block producer voting system is broken and it can be easily centralized. Google Cloud’s involvement will not make the situation worse by attracting high-profile block producers as it almost never solves the underlying problems of the blockchain.
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Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.
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