The Celo Foundation is making a groundbreaking announcement. Accordingly, he states that Google Cloud has become a validator on the altcoin Celo network. On the other hand, this cooperation causes fluctuations in the cryptocurrency market. It drives the price of CELO above $0.51. It also attracts the attention of investors. Let’s look at the details.
A stronger network for web3 applications
The partnership between Google Cloud and the Celo Foundation aims to support the overall security of the altcoin Celo network. Google Cloud contributes to increasing the robustness of the network by running a validator on the blockchain. The collaboration began in April when both parties joined forces to build and scale Web3 applications.
The Celo community has taken an important step forward. Accordingly, it has approved cLabs’ proposal to migrate from an independent Layer-1 network to the Ethereum Layer-2 solution for the altcoin. This strategic shift aims to bring enhanced scalability, enhanced security in the Ethereum ecosystem. It also aims to offer more real-world use cases. To facilitate this transition, cLabs will leverage Google Cloud’s Blockchain Node Engine, a powerful node hosting service.
Shared vision for blockchain innovation in the altcoin world
Xochitl Cazador, Head of Ecosystem Growth at the Altcoin Celo Foundation, expresses his excitement for the collaboration. In this context, he says: “Google Cloud and the Celo Foundation have a shared mission to leverage blockchain technology and innovation to support sustainable solutions for people and the planet.” This partnership reflects a determination to tap into blockchain’s potential for positive impact.
Carlos Arena, Director of Digital Assets at Google Cloud, also makes a statement. It highlights their commitment to empowering the Web3 ecosystem by empowering companies and developers with key scaling tools. Running a validator on the Celo network represents an important step in their collaboration with the Celo Foundation. On the other hand, it points to a stage in line with their vision of network expansion.
Service Providers Watching the Future of Web3
Web3 continues to grow in importance. Google Cloud and other service providers are actively marketing node services similar to hosting services. These strategic partnerships are aimed at getting a share of the future of Web3. Accordingly, such collaborations increase earnings for service providers, while fueling capital flows and opportunities for altcoin projects like CELO. The partnership between Google Cloud and Celo Foundation underlines the importance of collaborations between tech giants and blockchain networks.
On the other hand, it also supports the price increase of altcoin CELO. Celo is moving towards an Ethereum Layer-2 solution with support from Google Cloud. At this stage, it lays the groundwork for a more scalable and innovative Web3 ecosystem. Moreover, this alliance demonstrates the transformative potential of blockchain technology to create sustainable solutions. On the other hand, it signals a bright future for CELO in the rapidly developing crypto money world.
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