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Google Cloud Does Not Intend to Take EOS Rewards as a Block Producer

Published

3 Monaten ago

Oktober 8, 2020

Google Cloud is not getting into EOS for the tokens.

“Google Cloud is not getting into crypto mining. This is really an infrastructure play for us,” Google Cloud Developer Advocate Allen Day told CoinDesk via a spokesperson.

On Tuesday, Block.one, the company that made the EOSIO software that runs the EOS blockchain, announced that Google Cloud had begun preparations to list itself as a candidate to serve as a block producer – one of the 21 nodes chosen by the EOS community to serve effectively the same role as miners on Bitcoin or Ethereum. EOS, however, allows for much faster transactions than either of the two largest blockchains but has been dogged by governance issues.

In Tuesday’s release, Day confirmed Google Cloud’s intention to declare its candidacy, adding, “We are committed to ensuring that the information on public blockchains are securely stored, reliably available and can be accessed in meaningful ways.”

In an email to CoinDesk, Day said the partnership comes in the same spirit as 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 relayer.

Read more: Google Signs On as Network Validator for Blockchain Video Network Theta

When asked if the startup that ran a $4 billion initial coin offering had paid the cloud giant for expressing interest in validating the EOS blockchain, Block.one declined to comment further, redirecting CoinDesk to Tuesday’s announcement.

As for Google, Day said, “We’re broadly interested in open-source protocols and distributed ledger technologies, which is why we’re joining the EOS community,” adding:

“There isn’t a revenue model for Google Cloud in connection with participating in open-source protocols. Of course, various protocols provide rewards to incentivize node operators to secure network services, but we don’t intend to claim those rewards at this time.”

Day explained that as more companies show interest in participating in this kind of technology, Google Cloud believes it can learn how to better support customers who wish to run validation nodes on projects such as EOS.

“We’re also providing cloud infrastructure to Block.One, helping them host their own development efforts, so that obviously provides revenue to us as well,” Day wrote.

The Mountain View tech giant did not specifically say whether it would attain network tokens to stake in support of its own candidacy.

“There is always a bit of a learning curve to participating on these protocols. We can’t comment on our internal strategy or whether we will support other block producer candidates, but we will be working to support our own candidacy as a block producer,” Day wrote.

Block producers

To support block producer candidacies, each holder of EOS stakes their tokens and then casts their votes in a continuous election for their chosen validators. They can vote for up to 30 block producer candidates and change their votes at basically any time. The top 21 candidates with the most tokens staked in their favor have responsibility for validating transactions and share in the token inflation from EOS.

As of this writing, the least-supported block producer has more than 273 million eos (EOS) staked in their favor, or roughly $728 million worth of assets, according to EOS Network Monitor.

Read more: Everyone’s Worst Fears About EOS Are Proving True

Since launching, EOS Block Producers have been more and more likely to share block rewards with those who stake to support their candidacy, which Vitalik Buterin famously foresaw prior to the mainnet launch.

Block.one is one of the largest token holders and it began voting for block producers sometime around late May. At that time, the company controlled a little less than 10% of all EOS, making its support quite powerful for any block producer.

Larimer speaks

In an interview with Naomi Brockwell on her YouTube channel Tuesday, Block.one co-founder and EOSIO architect Dan Larimer said that Google’s participation should allay some of the persistent fears surrounding the world’s 14th-largest blockchain by market capitalization.

He said that if Google Cloud’s node is elected into a block producer role, that could “represent a major shift in the decentralization of EOS.”

Larimer went on to speculate that Google’s participation might lead other companies to follow its lead. If Google has a good experience, he said:

“Other big companies will want to get involved. Then that has the potential to really transform the image of EOS. Instead of being perceived as a group of Chinese of questionable quality, if we can get big tech companies to take the slots of block producers, now it’s decentralized among a lot of companies with a lot of reputation.”

EOS token price went from $2.50 to $2.88 following the news yesterday, settling back down to around $2.66 as of this writing.

Day declined to indicate a timeline for declaring Google Cloud’s block producer candidacy, writing, “We hope to do so soon.”

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Related Topics:Block Cloud EOS Google Intend Producer Rewards

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Grayscale’s AUM Hits $19B, Up from $16.4B Announced Week Ago

Published

13 Minuten ago

Dezember 29, 2020

While it may be too early to project the possible performance of Grayscale in 2021, the spate of patronage the company recorded in the last two quarters of 2020 looks quite inspiring.

In what confirms the continued embrace of Bitcoin (BTC) and altcoins by institutional investors and the big-money clients, Grayscale’s total Assets Under Management (AUM) has been reported to top $19 billion, a significant uplift from the $16.4 billion reported a week ago. According to a report by CoinDesk, Grayscale hit this AUM milestone on December 28, and Grayscale’s Bitcoin Trust holds by far the largest chunk of the total assets at $16.3 billion.

The recent rally of Bitcoin to new highs as recorded in the past days started as a chain reaction that took its precedent months ago when Wall Street firms and institutional investors began betting big on Bitcoin. The investment made by the likes of MicroStrategy Incorporated (NASDAQ: MSTR), Square Inc (NYSE: SQ), and PayPal Holdings Inc (NASDAQ: PYPL) did not just help put Bitcoin in the limelight through mainstream media, it also prompted the embrace of the digital assets by other firms.

With this chain reaction, the price of Bitcoin continued to soar in response to boosted demand for the coin, and institutions like Grayscale that serves institutional investors benefited from this new demand, and hence, the continued increase in the firm’s AUM. Besides BTC, Grayscale’s Ethereum (ETH) AUM is now worth $2.1 billion, while the bulk of smaller holdings in Litecoin (LTC), XRP, and ZCash amongst others helped Grayscale’s total AUM to reach the new milestone.

Grayscale’s AUM May See More Boost in 2021

While it may be too early to project the possible performance of Grayscale in the coming year 2021, the spate of patronage the company recorded in the last two quarters of 2020 makes the case for improved performance provided the tempo is sustained.

Just as has been noted earlier, the continued embrace of cryptocurrency assets by highly liquid companies will continue to have a positive reaction on the price of Bitcoin, and by extension, this will even make more people pick interest in BTC. As a relatively young asset class, Bitcoin and altcoins have tremendous room to grow as the adoption rate is still not optimized owing to certain regulatory provisions in most countries, Grayscale and other hedge funds have enough room to compete for new clients entering the space.

With Grayscale been among the institutions at the forefront of helping to drive the acceptance of BTC, ETH, and other digital currencies, enjoying the dividends of its works through impressed AUM figures does not come as much of a surprise.

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Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.

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Market

eToro Said to Be in Talks With Goldman About Possible $5B IPO: Report

Published

58 Minuten ago

Dezember 29, 2020

The crypto trading/investment management platform is also considering the possibility of a merger with a special purpose acquisition company.

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Altcoin Rally Dimming Bitcoin’s Shine, Polkadot Gains 34% in One Week

Published

2 Stunden ago

Dezember 29, 2020

Polkadot (DOT) saw daily gains of 22.5% wrapping up an impressive week with an almost 34% rise in its value.

Bitcoin bullish run looks to have come to a halt amidst an altcoin rally which has seen relatively lower coins put up impressive performances in the past few weeks. Bitcoin dominance is gradually fading as many experts believe the biggest digital coin is backing down as some top altcoin are showing strong “moves” or signals.

Bitcoin hit an all-time high over the weekend, the third time its price has done so in just over 2 months. The price of the biggest digital coin touched $28,400 on December 27, before a lightning drop took it to $27,000 just hours of that incredible feat.

Bitcoin failed to hold onto the $27,000 mark as its price further dropped to $26,000 a day after and is now testing lower levels centered on $26,000 as immediate support. Reports from crypto exchanges revealed BTC/USD trading at lows of $25,830 during the early hours of December 29.

While Bitcoin has seen red over a couple of days, some altcoins are putting up impressive numbers, giving off signals of a strong altcoin rally. Despite XRP’s current issues, the altcoin market is showing glimpses of its glory days as some digital coins are poised to see major gains over the next couple of weeks. Ethereum (ETH) is at the forefront of the rally, with its price climbing above $700 for the first time since May 2018.

Polkadot (DOT) also saw daily gains of 22.5% wrapping up an impressive week with an almost 34% rise in its value. The coin is now the seventh-largest token by market cap. Kusama (KSM), a cousin of Polkadot, also saw its price gain 46% last week, pushing its price from $43.1 to $63. The digital token is currently trading at $56 but experts are adamant a breakout above $65 is possible as the token has rebounded off the 20-day exponential moving average ($50.90)

Speaking on the possibility of a long term altcoin rally, analyst Van de Poppe stated that altcoins are next in line to see greens. He added that the next “impulse wave” on Bitcoin next year should be able to take the market to $40,000 or $50,000, but until then, the possibility of a continuance altcoin rally is very much likely.

Although many factors could be in play with regards to the latest Bitcoin price dip, it’s recent fallout with Ripple’s XRP leads the way. Ripple was hit with a lawsuit from the United States Security and Exchange Commission (SEC) and subsequently suffered drops that left its price in a pit. XRP, the fourth-largest cryptocurrency by market cap, is now trading at $0.20 as news broke that Coinbase, a major US cryptocurrency exchange has decided to suspend its trading from next month.

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Crypto fanatic, writer and researcher. Thinks that Blockchain is second to a digital camera on the list of greatest inventions.

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