- The network approved to switch from its own blockchain to an Ethereum layer-2 solution.
- Post the announcement the price spiked briefly reached almost $0.52.
In addition to Deutsche Telekom and other ecosystem participants, Google’s computing cloud service, Google Cloud, is now operating a validator on the Celo network, the Celo Foundation stated on Wednesday. A validator is a user who takes part in the process of confirming new transactions and protecting a blockchain’s integrity.
It's official––the @googlecloud & @CeloOrg partnership continues!
Importantly, @googlecloud is running a validator on the Celo network, helping to strengthen the network’s security. pic.twitter.com/vTzadH8t1d— Celo
(@CeloOrg) August 2, 2023
In the past, Google Cloud and Celo have worked together to provide seminars and cloud computing services to devs and Web3 founders working on the network; this new project expands on that partnership.
Proposal Approved
Recently, the Celo network approved a proposal to switch from its own blockchain to an Ethereum layer-2 solution, with the goals of improving security and making it easier to share liquidity between the two networks.
According to the proposal page, 128 voted in favor of the change, 2 voted against it, and 1 didn’t vote at all. Since Celo is already EVM-compatible, developers familiar with Ethereum may quickly transfer over current applications or create new ones using the same tools.
As per the press release:
“In order to streamline and accelerate the proposed transition to the Ethereum ecosystem, cLabs will leverage Google Cloud’s Blockchain Node Engine, a fully managed node-hosting service.”
According to the announcement, the Blockchain Node Engine will make it simpler for Celo 2.0 to sync with the Ethereum network by relaying transactions without waiting for nodes to synchronize.
The Celo Foundation helped launch the Web3 startup program on Google Cloud earlier. Post the announcement the price spiked briefly reached almost $0.52. According to CMC, the price of CELO is trading at $0.497 and is up 1.45 in the last 24 hours.
Highlighted Crypto News Today:
India’s Presidency Note Propels Cryptocurrency Regulation Discussions