Block.one, the parent company of EOS cryptocurrencies recently announced in a press release that Google Cloud has decided to join the project by applying to become one of the 21 block producers.
By raising $4 billion during the ICO wave, EOS had been one of the major ICOs in history and is considered by many as one of Ethereum’s main competitors.
On EOS, each EOS holder can use their tokens in a continuous election to vote for up to 30 block-producing candidates and change their votes at any time. The top 21 candidates with the most tokens voting for them are responsible for validating transactions and sharing EOS token inflation.
Block producers, sometimes called validators or miners in so-called proof-of-work blockchains such as Bitcoin, are therefore an essential component of a blockchain network.
Attracting a candidate of the caliber of Google Cloud is a significant milestone for EOS, and underscores the importance of the blockchain to the future of business, government, and society.
This is not the first time that Google Cloud has taken an interest in the blockchain. The company had previously announced two partnerships with blockchain projects.
One in February with Hedera Hashgraph and the other in May by becoming a blockchain producer on a blockchain protocol competing with the Twitch platform, Theta.
However, according to Allen Day, one of Google’s spokespersons, the company does not currently intend to reap the rewards associated with their block producer activity.
Above all, this will enable them to better master this technology and provide a better service to all those who themselves operate their own server(s) via the cloud or who would like to do so in the future!
As organizations increasingly begin to integrate distributed registry technology into their infrastructures, Google will therefore “ensure that public blockchain information is securely stored, reliably available and meaningfully accessible. »
If the Google Cloud experience works, it would therefore not be surprising to see other leading companies launching their own infrastructure and in turn becoming validators on blockchain networks.
Despite this announcement, the price of EOS has remained stable this week at around $2.60, with cryptocurrencies currently ranked 14th amongst the most highly capitalized cryptocurrencies.