Google Cloud would be looking to become a producer at the EOS Blockchain, one of the most important events for cryptomonics.
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Lately it is quite common to see large traditional companies trying to enter the crypto world. Whether it is HSBC creating a Blockchain platform, or JP Morgan preparing its own cryptomoney, more and more blockchains are part of the mainstream. Therefore, the fact that Google seeks to enter the EOS Blockchain Crypto Investor as a block producer should not surprise anyone at this point.
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How does the EOS Blockchain work?
In recent years the EOS Blockchain, one of Ethereum’s main competitors in the field of decentralised applications, has been heavily criticised. This is because, unlike other blockchains where any user can become a cryptominer. In the case of EOS, the block producers are part of a select club of only 21 miners. They must be approved by the community.
This would therefore be a more radical and exclusive version of the super delegate system used by other Blockchains. This has led to the accusation that EOS is too decentralised by cryptomint standards.
Thus, although in theory anyone can become a block producer. In reality only entities that have demonstrated to possess the infrastructure and technical resources to mine EOS, and guarantee the functioning of its Blockchain, are approved to become block producers. As a result, these are usually large commercial entities such as Huobi, Bitfinex, and now Google.
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Google Cloud tries to enter the crypt
However, Google would have already gone a long way in this direction. For, the entity of the company that intends to become a block producer, Google Cloud, has all the financial and material resources to be quickly included within the EOS group of miners. Thus, the start of the company’s search for this approval would have been confirmed by Google Cloud’s developer, Allen Day:
„As organisations begin to incorporate Blockchain technology into their infrastructure, we are committed to ensuring that information about public block chains is securely stored, reliably available and meaningfully accessed“.
Google seeks to enter the EOS Blockchain Will this drive the price of the currency? Source: CoinMarketCap
Google is looking to enter the EOS Blockchain. Will this boost the price of the coin? Source: CoinMarketCap
For its part, the organization behind the development of the EOS Blockchain, Block.one. It has demonstrated its excitement over Google’s entry into its cryptomoney ecosystem. By issuing a statement welcoming the company as a future block producer:
„Block producers are a central component of the EOS network; attracting a candidate block producer of the caliber of the Google Cloud is a milestone for the network. As one of the world’s leaders in technological innovation, Google Cloud’s planned participation underlines the importance of the brick chain for the future of business, government and society“.
With this move, Google could quickly position itself as one of the leading companies in terms of Blockchain technology. It remains to be seen whether this incursion into the EOS chain will lead to the development of Google products in this network.