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Google Cloud enters the blockchain infrastructure industry by joining Flare as a network validator and infrastructure provider, causing Flare’s token FLR to jump in price.
Flare Network Welcomes Google Cloud, FLR token surges
Google Cloud has joined the Flare network as a network validator and infrastructure provider. Flare, self-described as “the blockchain for data,” is working to improve the way developers access decentralized data through its oracle system. Google Cloud is one of more than 100 organizations in this dual role.
In addition to validating transactions on the Flare blockchain, Google Cloud will also contribute to the Flare Time Series Oracle (FTSO). A blockchain oracle is a bridge that connects blockchain networks to external data sources, enabling smart contracts to interact with and execute based on real-world data and events. They expand the functionality of blockchains, allowing them to integrate with and respond to information outside their native network, thereby broadening the scope and practical applications of blockchain technology. The FTSO aims to ensure the provision of high-quality, decentralized data.
Hugo Philion, Co-Founder and CEO of Flare, expressed his enthusiasm about Google Cloud’s addition to their network. He highlighted the importance of decentralized data in the evolution of smart contract platforms and how Google Cloud’s participation will contribute to a more robust ecosystem.
James Tromans, Head of Web3 at Google Cloud, also emphasized the critical role of scalable data access in expanding blockchain use cases and global adoption.
Data access at scale is important to increase relevant blockchain use cases and greater global adoption of the technology. Google Cloud becoming a validator on the Flare network will help support that mission.
Following the announcement, FLR’s market capitalization has surged to over $700 million, with its price per token seeing an over 20% increase.
Do you think other cloud computing providers will enter the crypto industry in 2024? Share your thoughts and opinions about this subject in the comments section below.
