Google Cloud will become an EOS Block Producer (BP) providing all its technical support.
The news was announced directly from Block.one, who’s behind the development of EOS blockchain.
— block.one (@block_one_) October 6, 2020
How BP works on EOS
Remember that the EOS blockchain uses the DPoS (Delegated Proof of Stake) consensus protocol and this allows the community to choose those who will produce the blocks and keep the network running.
These are called Block Producers. On EOS there are a total of 21 active BP, but there are also others in standby so if one does not work there will be others to take his place automatically so that the blockchain is always fully operational.
In addition, thanks to the direct vote of the community you can decide which BP to send ahead and who to abandon because of any reprehensible behavior or not in line with community guidelines.
Google Cloud will help EOS
And that is how Google, to be precise Google Cloud, will enter the blockchain of EOS, becoming a BP and providing its technological infrastructure.
In doing so EOS will have a solid company behind it, as recalled the developer advocate, Allen Day of Google Cloud:
“We’re starting the process of becoming a block producer candidate. As organizations begin to incorporate distributed ledger technology into their infrastructures, we are committed to ensuring that the information on public blockchains are securely stored, reliably available, and can be accessed in meaningful ways.”
This quality was also emphasized by Block.one’s CTO, Daniel Larimer:
“Google Cloud will continue to provide its highly provisioned, low-latency infrastructure to Block.one. Through secure oracles, inter-chain transaction reporting, key management, and high-integrity full-node validation, Google Cloud’s confidential computing infrastructure will enhance the security, scalability, and decentralization of blockchain technology.”
But the news doesn’t stop there as Goldman Sachs’ CTO and CFO, Marty Chavez, has joined the Block.one advisory board to serve as director and will be responsible for business strategies, expand the network and develop a governance framework to promote the project.
Finally we can see how the price of EOS literally exploded after this news from $2.50 to almost $3 in a few minutes with a double-digit increase.