Google Cloud, the cloud computing arm of Google, is set to become a validator on the Tezos blockchain network. This move is seen as a significant milestone for both Google Cloud and Tezos and could have implications for the wider blockchain industry. The announcement was made on February 22 by Tezos. This move is seen as a significant milestone for both Google Cloud and Tezos, as it marks the first time a major cloud provider has become a validator on a public blockchain.
As per the announcement, Google Cloud will be joining the Tezos network as a validator, making it the latest addition to Tezos’ community of bakers. It could mark a new beginning for Tezos and could help the network to grow in the longer run. On the other hand, Google is already exploring more opportunities within the crypto space. This new partnership could help the tech giant in gaining more mainstream relevance in the crypto sphere.
Tezos’ network and validators
Tezos is a decentralized blockchain platform that enables the development and execution of smart contracts and decentralized applications (dapps). Its native cryptocurrency is XTZ. The Tezos network relies on a consensus mechanism known as Proof-of-Stake (PoS) to validate transactions and create new blocks. In PoS, validators, also known as bakers, are responsible for validating transactions and adding new blocks to the chain.
As a validator on the Tezos network, Google Cloud will join a community of bakers who are responsible for securing the network and validating transactions. Bakers are required to put up a stake in XTZ as collateral to ensure they act in the best interests of the network. In return, they earn rewards in the form of newly minted XTZ.
Implications and potential impact
Google Cloud’s entry into the Tezos network as a validator is significant for several reasons. Firstly, it demonstrates the growing interest in blockchain technology from major tech companies. Google Cloud is one of the largest cloud computing providers in the world, and its entry into the blockchain space could help to legitimize blockchain as a viable technology for mainstream use.
Secondly, Google Cloud’s involvement in the Tezos network could bring significant benefits to both parties. For Tezos, having a company like Google Cloud as a validator could bring added legitimacy to its network and help to attract more users and developers. For Google Cloud, becoming a validator on Tezos could help the company to better understand the inner workings of blockchain technology and how it can be applied to other areas of its business.
Lastly, Google Cloud’s involvement in the Tezos network could have wider implications for the blockchain industry as a whole. With more and more major companies getting involved in blockchain, it is becoming increasingly clear that the technology has significant potential for a wide range of use cases. As more companies like Google Cloud become involved in blockchain, it is likely that we will see increased investment and innovation in the space.
Conclusion
Google Cloud’s entry into the Tezos network as a validator is a significant development for both parties and the wider blockchain industry. As blockchain technology continues to gain mainstream acceptance, we can expect to see more major companies getting involved and exploring the potential of this new and exciting technology. The fact that a major cloud provider like Google Cloud is willing to stake its reputation on a public blockchain is a clear indication that the industry is maturing and moving towards wider adoption. It is good for the overall crypto and blockchain community.
