“Google Cloud is not involved in cryptocurrency mining. This is really an infrastructure game for us, ”said Google developer advocate Cloud Allen Day.
On Tuesday, Block.one, the software maker EOSIO that runs the EOS blockchain, announced that Google Cloud has begun preparing to run for the position of EOS block producer – one of the 21 nodes chosen by the plus. EOS coin to effectively serve the same role as Bitcoin or Ethereum miners. However, EOS allows for much faster transactions than one of the two largest blockchains but has been affected by governance issues.
In Tuesday’s release, Day confirmed Google Cloud’s intention to declare the candidacy, adding, “We are committed to ensuring that information on public blockchains is securely stored. trusted and can be accessed in meaningful ways ”.
Day said the partnership is like the company’s February announcement of a partnership with Hedera Hashgraph. Google Cloud also recently became a network validator for Theta Labs, a video content forwarder.
As for Google, Day said, “we are very interested in open source protocols and distributed ledger technology, which is why we join the EOS community.”
“There is no revenue model for Google Cloud related to participating in open source protocols. Of course, different protocols offer rewards to incentivize node operators to secure network services, but we have no intention of claiming those rewards at this time.
Day explained that, as many companies show an interest in participating in this type of technology, Google Cloud believes they can learn to better support customers who want to run validation nodes on projects. projects like EOS.
“We are also providing the cloud infrastructure for Block.One, helping them organize their own development efforts, thus also bringing in revenue for us.”
The tech giant did not specifically say whether they would stake tokens to support their own candidacy.
“It’s always been a little bit difficult to get involved in these protocols. We cannot comment on our internal strategy or whether we support other block production candidates, but we will work to support our own candidacy as is a block producer ”.
To assist candidates for block production, each holder stakes their EOS and then votes in a continuous election for their chosen validators. They can vote for up to 30 block producer candidates and change their vote at any time. The top 21 candidates with the most tokens are responsible for validating transactions and distributing token inflation from EOS.
According to the EOS Network Monitor, the minimum backed block producer has more than 273 million EOS staked to back them, which equates to about $ 728 million.
Since its launch, EOS block producers have increasingly been more likely to share block rewards with stakes to support their candidate, something that Vitalik Buterin had expected before the mainnet launch.
Block.one is one of the biggest holders and it started voting for block producers around the end of May. At that time, the company controlled nearly 10% of all EOS, making support for Its pretty robust for any block producer.
The participation of Google Cloud will be a turning point
In an interview with Naomi Brockwell on her YouTube channel on Tuesday, Block.one co-founder and EOSIO architect Dan Larimer said that Google’s engagement would alleviate some of the fears. Persistent fear surrounding the world’s 14th largest blockchain by market capitalization.
He said that if the Google Cloud node was elected as a block producer, it could “represent a huge change in the decentralization of EOS”.
Larimer went on to speculate that Google’s involvement could lead other companies to follow:
“Other big companies will want to participate. That will likely change the image of EOS. Rather than being seen as a group of Chinese of questionable quality, if we can get big tech companies to take over the position of block producers, it can be decentralized among the many. Company reputation”.
Day declined to say the timeline for Google Cloud’s candidacy for the position of block producer, “We hope to happen soon.”