Jack Kubinec

Nirvana Labs is debuting its Nirvana Cloud computing service meant to work specifically with blockchain workloads.



CEO Dan Burke told Blockworks that the startup raised $1.7 million in pre-seed funding, and counts blockchain platforms like Chainlink and Avalanche as clients.&nbsp;



According to Burke, the company is hoping to lure Web3 projects away from more general purpose cloud providers like Amazon Web Services (AWS) and Google Cloud, which are widely used across many industries, including the crypto space. But Nirvana is not building a decentralized computing platform, a la Golem, nor a decentralized storage solution like IPFS. Rather, it’s taking the centralized status quo and specializing it for Web3.



Read more: <a href="https://blockworks.co/news/blockchain-replaces-supercomputer-golem">Researchers use blockchain network to simulate the dawn of life on Earth</a>



AWS and <a href="https://blockworks.co/tag/google-cloud">Google Cloud</a> provide public cloud services that enable the purchase of resources such as servers and storage via the internet. This arrangement is often cost-effective, as it eliminates the need for companies to maintain their own physical hardware. Blockchain applications tend to be compute-intensive though, which drives up the costs Web3 that companies are paying to public cloud providers.&nbsp;



Crypto is big business for <a href="https://blockworks.co/tag/amazon">Amazon</a> in particular, which <a href="https://ethernodes.org/networkType/Hosting">hosts</a> 35% of all Ethereum nodes, according to the website ethernodes.



Nirvana Cloud says it can offer much reduced costs and better efficiency for blockchain workloads compared to AWS by doing away with unnecessary virtualization.&nbsp;



In computing, virtualization allows for the creation of virtual machines (VMs) that operate independently from their underlying physical hardware. This essentially turns one physical computer into many virtual ones, allowing each to run its own tasks as if it were a separate machine. In short, virtualization makes it possible to run many different applications and processes without needing multiple physical computers.



This lets cloud service providers offer a more efficient and flexible service to customers.



But traditional services like AWS and Google Cloud, while versatile, often adopt a general-purpose approach that may not be as cost or resource-efficient for specific applications, like the energy-intensive ones found in <a href="https://blockworks.co/tag/web3">Web3</a>.



Read more: <a href="https://blockworks.co/news/cloud-services-0xresearch-competition">Cloud computing is operated by an anti-competitive oligopoly, says Osuri</a>



Nirvana Labs addresses this by reducing the virtualization layer. It slims down the middleman software and focuses its hardware on the specific needs of Web3 technologies, like cryptocurrency transactions or smart contracts. The result is a setup that&#8217;s not just faster and more reliable for these tasks, but also more cost-effective.



A Nirvana Labs document reviewed by Blockworks suggests that, for a setup with two virtual CPUs and 8 gigabytes of RAM, Nirvana Cloud costs about 19.5% less than AWS and 26.91% less than Google Cloud Platform per month.



According to the company, Nirvana Cloud distinguishes itself by offering a &#8220;bare metal&#8221; cloud service. Unlike typical cloud environments where server resources are shared among multiple consumers, each Nirvana server is dedicated to a single client. This approach, where hardware resources are not pooled, is meant to ensure superior performance for computation-heavy tasks, like blockchain validation, by maximizing the efficiency and reliability of the service.



Read more: <a href="https://blockworks.co/news/google-cloud-web3-dive">Google Cloud eyes more involvement in fast-evolving Web3 segment</a>



However, some would argue that solutions like Nirvana’s don’t go far enough — and that computing resources will always be a risk for crypto unless the base layer is decentralized.



“We have decentralized payments. We have decentralized storage. We have to have decentralized compute or else this whole decentralized world isn’t really decentralized,” Tom Trowbridge, co-founder of decentralized computing platform Fluence, said.&nbsp;



But in the interim, increased scrutiny on the cloud layer couldn’t hurt. Burke said that the Web3 development world often doesn’t think enough about what’s happening at the tech’s layer zero.



He jokingly added, “I mean, we have a company in the space called LayerZero that’s <a href="https://blockworks.co/news/google-cloud-layerzero-0xresearch-oracle-provider">literally built on Google Cloud</a>.”



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Nirvana Cloud debuts as blockchain-optimized alternative to AWS and Google Cloud

Google Cloud has joined EigenLayer’s “Operator Working Group” alongside more than 65 other operators and solo stakers, a representative for EigenLabs, the developer behind EigenLayer, told Blockworks.&nbsp;



Google Cloud Web3 now <a href="https://goerli.eigenlayer.xyz/operator/0x8a2e63fb50c6e4ac207d17712fc18c8813b1079d">appears</a> as a node operator on the Goerli testnet for EigenLayer — a restaking protocol that lets ether (<a href="https://blockworks.co/price/eth">ETH</a>) be staked on multiple platforms at once. Google Cloud confirmed the cloud computing service’s participation in EigenLayer’s testnet in an email to Blockworks.&nbsp;



Google Cloud declined to comment on whether it has plans to move to <a href="https://blockworks.co/tag/eigenlayer">EigenLayer</a>’s mainnet or if the protocol would be added to Google Cloud’s Blockchain Node Engine.



EigenLabs also couldn’t confirm whether <a href="https://blockworks.co/tag/google-cloud">Google Cloud</a> would remain as a node operator once node operation goes to mainnet. Representatives said they expect Google Cloud’s support to continue, since the goal of testnet is to prepare for mainnet.



<a href="https://blockworks.co/news/eigenlayer-deploys-on-ethereum-mainnet">EigenLayer went live for stakers</a>, who earn rewards by locking in their staked ether, in June. Operators, who enhance security and allow stakers to delegate assets, are still in testnet.&nbsp;



EigenLayer has <a href="https://www.blog.eigenlayer.xyz/launch-of-the-stage-2-testnet-eigenlayer-eigenda/">said</a> it expects mainnet deployment to happen in the first half of 2024.



Google Cloud, the cloud computing service offered by Google, has been on a steady march into Web3 since Bloomberg first <a href="https://www.bloomberg.com/news/articles/2022-01-19/google-forms-blockchain-group-under-newly-appointed-executive">reported</a> Google’s creation of a blockchain division in January 2022.



Later that year, <a href="https://blockworks.co/news/google-signals-major-crypto-push-with-ethereum-solana-support">Google Cloud released the Blockchain Node Engine</a>, a service meant to let developers run blockchain network nodes more easily. Google Cloud launched a web3 startup program in April 2023.



Google Cloud showed an interest in staking before the EigenLayer integration, <a href="https://blockworks.co/news/google-cloud-polygon-validator-proof-of-stake">becoming a Polygon validator</a> in September. The investment was minimal from the tech giant, though: Google Cloud has the second-smallest <a href="https://staking.polygon.technology/validators">stake</a> out of more than 100 validators.&nbsp;



The cross-chain protocol <a href="https://blockworks.co/news/layerzero-google-cloud-oracle-operator-messaging">LayerZero partnered with Google Cloud</a> in September 2023, with the company becoming LayerZero’s default oracle to verify transactions across blockchains.&nbsp;



Google Cloud’s move into Web3 has not been without controversy, with some seeing the behemoth cloud computing service’s presence as a <a href="https://blockworks.co/news/google-cloud-layerzero-0xresearch-oracle-provider">strike against decentralization</a>.



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Google Cloud confirms participation in EigenLayer testnet

Bessie Liu

The crypto ecosystem has achieved an array of major technology milestones over the past year.&nbsp;



Despite a series of unfortunate events in 2022 — with the collapse of the Terra ecosystem, and then later the bankruptcy of Sam Bankman-Fried’s FTX — the blockchain tech space proved resilient in 2023.



In particular, we’ve seen developments in the infrastructure and technology sectors with new innovations designed to make blockchains faster, more secure and private.&nbsp;



<h2 class="wp-block-heading">Major advancements in zero-knowledge technology&nbsp;</h2>



This year marked the launch of a series of zero-knowledge (zk) rollups.&nbsp;



First, we saw the launch of <a href="https://blockworks.co/news/zksyncs-evm-era-opens-to-the-public">zkSync Era</a>, followed closely by <a href="https://blockworks.co/news/polygon-unveils-zkevm-the-holy-grail-of-scaling">Polygon’s zkEVM</a>, later <a href="https://blockworks.co/news/linea-mainnet-ethereum">Linea</a>, and more recently, the <a href="https://blockworks.co/news/ethereum-rollup-zksharding-nil-mainnet">=nil; Foundation</a> —&nbsp;just to name a few.



Rollups share the same goal: make blockchains operate more efficiently by reducing the amount of block space needed to make a transaction by executing more transactions off-chain. This will, as a consequence, also reduce gas fees and fixed costs.&nbsp;



Zero-knowledge rollups, in this particular case, are not only able to perform off-chain executions, but they are also able to determine if the information is accurately executed without disclosing the information on the mainnet.&nbsp;



This differs from optimistic rollups, which automatically presume that information is accurate and rely on fraud proofs to challenge suspicious transactions.



It is important to note that more work still needs to be done to ensure zkRollups are completely decentralized and permissionless. Existing zero-knowledge technology is subject to upgradability risks.



&nbsp;These risks refer to whether or not a blockchain can be upgraded or subject to changes — with blockchains being more secure if they can not be upgraded.



<h2 class="wp-block-heading">More interconnected blockchains</h2>



Blockchain interoperability also made some impressive improvements this year.&nbsp;



From the introduction of <a href="https://blockworks.co/news/chainlink-ccip-launch">Chainlink’s CCIP </a>to LayerZero&#8217;s recent partnership with <a href="https://blockworks.co/news/layerzero-google-cloud-oracle-operator-messaging">Google Cloud</a> and <a href="https://blockworks.co/news/jpmorgan-tokenized-blockchain-portfolio-avalanche">JPMorgan</a>, cross-chain interoperability protocol teams are actively working on connecting various private and public blockchains.



Blockchain interoperability protocols enable smart contracts across different blockchain networks to communicate with each other and facilitate the transfer of liquidity.&nbsp;



This is typically achieved through burning tokens in the smart contract of a source chain and then minting new, corresponding tokens on a destination chain.&nbsp;



Another way to transfer tokens is through bridging, where tokens are locked on a source chain and then minted natively on the destination chain.&nbsp;



Such tools can enable users of various blockchains to seamlessly swap, lend and stake their tokens across various ecosystems for a small gas fee.&nbsp;



<h2 class="wp-block-heading">Bringing more real-world assets on-chain through tokenizations</h2>



To bring more liquidity on-chain, developers real-world asset (RWA) protocols are also looking at ways these assets could serve as collateral through tokenization.



RWAs in the space could include assets such as cash, gold, real estate and US treasury bonds, for example. One of the most well-known RWAs today would be stablecoins — like Circle’s USDC and Tether’s USDT, which are widely used across DeFi protocols.&nbsp;



Some of the protocols behind on-chain financing include <a href="https://blockworks.co/news/centrifuge-real-world-assets-tokenization-ethereum">Centrifuge</a>, <a href="https://blockworks.co/tag/maple-finance">Maple Finance </a>and <a href="https://app.blockworksresearch.com/research/goldfinch-a-strong-contender-in-the-on-chain-private-credit-markets">Goldfinch</a>.



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3 of the biggest blockchain tech developments in 2023

James Cirrone

Web3Auth, a wallet-as-a-service infrastructure provider, has launched a noncustodial wallet extension on Firebase, Google’s mobile development platform.&nbsp;



Now, the thousands of businesses and the millions of applications that use Firebase — the New York Times, Lyft and Venmo to name a few — can get their customers using crypto with Web3Auth’s extension.&nbsp;



Web3Auth, which also powers popular crypto storage solution Trust Wallet, uses a multi-party computation (MPC) setup to secure users’ assets. MPC wallets split a user’s keys into several parts, often called shards.&nbsp;



Co-founder and CEO of Web3Auth, Zhen Yu Yong, told Blockworks in May that <a href="https://blockworks.co/news/mpc-wallets-security">his company shards users’ private key into three parts</a>: the user’s device, a social login provider and a recovery method. For a user to access their assets, at least two methods must be triggered.



The recovery methods for Web3Auth includes a manual backup of the device key shard, an SMS one-time passcode and a recovery email.



But for its Firebase extension, Web3Auth told Blockworks that social logins are the only supported recovery methods.&nbsp;



“Users can choose either one of email, Google, Apple, Telegram or Discord among others,” Web3Auth wrote.&nbsp;



According to a press release shared with Blockworks, latency times for people logging in are under 1.5 seconds, which Web3Auth chalks up to its collaboration with Google Cloud for over a year.



“For an unparalleled performance to meet global demand, we needed a multi-region cloud infrastructure setup across the world at Web3Auth,” Yong said in a statement. “This Firebase extension sits on top of <a href="https://blockworks.co/tag/google-cloud">Google Cloud</a>.”



He continued, “No matter where you are in the world, any Web2-centric application or Web3-native dapp can now allow its users to use their social logins with uniform login times.”



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Web3Auth launches Firebase wallet extension

Polygon announced Friday that Google Cloud is officially a validator for the proof-of-stake sidechain.&nbsp;



This comes months after T-Mobile’s parent company, Deutsche Telekom, also became a validator, showing that Polygon is consistently attracting the interest of large technology firms.



Polygon took to X to share the news, saying that the same infrastructure that powers YouTube and Gmail, both products boasting billions of users, will now be helping secure its own network.&nbsp;



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">This month, <a href="https://twitter.com/googlecloud?ref_src=twsrc%5Etfw">@GoogleCloud</a> became part of the decentralized validator set for Polygon PoS. The same infrastructure used to power <a href="https://twitter.com/YouTube?ref_src=twsrc%5Etfw">@YouTube</a> and <a href="https://twitter.com/gmail?ref_src=twsrc%5Etfw">@gmail</a> is now helping to secure the fast, low-cost, Ethereum-for-all Polygon protocol. With 100+ validators securing the Polygon PoS…&mdash; Polygon (Labs) (@0xPolygonLabs) <a href="https://twitter.com/0xPolygonLabs/status/1707747034973757815?ref_src=twsrc%5Etfw">September 29, 2023</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Google Cloud has staked just over $5,300 worth of <a href="https://blockworks.co/price/matic">MATIC</a> on Polygon so far, according to Polygon’s staking <a href="https://staking.polygon.technology/validators/157">dashboard</a>.  



Besides being another big tech name being attached to Polygon, Google’s involvement could have implications for <a href="https://blockworks.co/news/polygon-validum-zk-tech-future">Polygon’s anticipated switch from a PoS chain to a validium</a>.



Read more: <a href="https://blockworks.co/news/deutsche-telekom-polygon-validator">T-Mobile parent joins Polygon blockchain as validator</a>



Validiums are similar to zero-knowledge proofs, but they diverge in how they store data. Instead of storing data on Ethereum, validiums rely on off-chain storage solutions, which makes the blockchain less clogged and more efficient.&nbsp;



Polygon did acknowledge the need for off-chain storage as a decentralization tradeoff in a June <a href="https://polygon.technology/blog/polygon-2-0-polygon-pos-zk-layer-2">blog</a>. Plus, since only the proofs are stored on-chain, rather than the underlying data, validiums don’t benefit from the security of Ethereum.



Still, when the transition to a zkEVM validium goes through, <a href="https://blockworks.co/news/polygon-pos-to-validium">perhaps by early 2024</a> according to Polygon Labs, Google Cloud will be among 100 other validators securing the chain and guaranteeing data availability.



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Google Cloud is now a Polygon validator

Google Cloud has added 11 more blockchains to public data sets on BigQuery, the tech giant’s data analytics service originally launched in 2010.



Users can now query data from Avalanche, Arbitrum, Cronos, Ethereum Goerli, Fantom, Near, Optimism, Polkadot, Polygon, Polygon Mumbai and Tron, according to a Thursday blog post. 



Google called these blockchains “in-demand” and says that users can now retrieve information about “the flow of assets from one wallet to another, which tokens are most popular, and how users are interacting with smart contracts.”



It also <a href="https://cloud.google.com/blog/products/data-analytics/data-for-11-more-blockchains-in-bigquery-public-datasets">said</a> that customers are often asking things like how many NFTs were minted on specific chains or how transaction fees compare across chains. 



Read more: <a href="https://blockworks.co/news/google-loosens-ad-guidelines-for-nft-game-providers">Google loosens ad guidelines for NFT game providers</a>



Google added that having more access to a wider array of networks can help curious individuals answer questions like those “without the overhead of operating nodes or maintaining an indexer.”



Back in 2018, Google’s cloud segment added support for Bitcoin and Ethereum on BigQuery. And with the advent of ordinals, essentially Bitcoin NFTs, coming to the network in January 2023, Google is also now allowing developers to query satoshis and/or ordinals from the Bitcoin dataset on BigQuery.



Previously, in 2019, six other chains were <a href="https://cloud.google.com/blog/products/data-analytics/introducing-six-new-cryptocurrencies-in-bigquery-public-datasets-and-how-to-analyze-them">added</a> to BigQuery beyond the big two, including Bitcoin Cash, Dash, Dogecoin, Ethereum Classic, Litecoin, and Zcash.



Google’s commitment to advancing blockchain isn’t limited to maintaining large blockchain datasets. Blockworks previously reported that <a href="https://blockworks.co/news/layerzero-google-cloud-oracle-operator-messaging">Google Cloud has become an oracle operator for LayerZero</a>, a cross-chain messaging protocol.



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Google Cloud adds data support for 11 more blockchains

Darren Kleine

It was “really big news that wasn’t talked about enough” at the Permissionless II conference, Ren Kong says.



Previously reported at Blockworks, Google Cloud will act as an oracle provider for LayerZero, a permissionless protocol for relaying messages between blockchains. While Google Cloud serves as an additional option, users can still opt for other Web3 interoperability protocols like Chainlink if they prefer.



On the 0xResearch podcast (<a href="https://open.spotify.com/episode/2WzfBHIeSgquzH4GlcSesT">Spotify/</a><a href="https://podcasts.apple.com/au/podcast/permissionless-ii-takeaways-layerzero-google-institutions/id1651683074?i=1000628595237">Apple</a>), the <a href="https://www.blockworksresearch.com/">Blockworks research</a> analyst expresses concerns about the news. “Google Cloud is very, very far from decentralized. It’s just a bunch of data servers, probably 100% controlled by Google,” he says.



“It was cool when I first heard it, but I&#8217;m not sure how I feel about it after thinking a bit about it.”



The argument for enabling Google Cloud as an oracle is all about security, <a href="https://blockworks.co/speaker/ren-kong">Kong</a> says. LayerZero’s answer to the security model question, Kong explains, was that “Google is a one trillion dollar big tech company. They&#8217;re not going to rug you.”



Read more: <a href="https://blockworks.co/news/layerzero-google-cloud-oracle-operator-messaging">Google Cloud is LayerZero’s new default oracle operator</a>



Kong suggests the situation could be a case of “Big Tech social consensus” controlling what should ideally be a decentralized activity. “I&#8217;m not really sure what the point of using an institution for the blockchain is.”



<h2 class="wp-block-heading">How it works</h2>



Kong explains a few more details about how the system works. Two entities — the oracle and the relayer — facilitate cross-chain messaging, he says.&nbsp;



“The oracle is in charge of retrieving block headers,” he continues. “The relayer is in charge of fetching a transaction identifier proof, and then providing that to the endpoint.”



“The oracle feeds the block header to the endpoint,” he says. “The relayer feeds a transaction identifier, a transaction identifier proof and the message [to the endpoint].”



When the two elements arrive together at the endpoint and match each other, the message is unlocked, Kong explains. “And whatever transaction that needs to be executed gets executed.”



When told by LayerZero representatives that Google would not run full nodes for supported LayerZero chains, Kong says he was confused. “To my understanding, you need to run a full node in order to pull the block header from a blockchain.”



“I&#8217;m not really sure what&#8217;s happening behind the scenes,” he says. “That&#8217;s another thing that left me a bit concerned.”



<h2 class="wp-block-heading">It just feels iffy</h2>



The premise of LayerZero’s security model, at least up until now, is that the two roles — relayer and oracle – are “completely distinct from each other,” Kong says. If the two entities are allowed to collude with each other, “then you can do something malicious with LayerZero,” Kong explains. “Now, it seems pretty tightly integrated.”



“It just feels iffy, you know?”



“It kind of feels like we&#8217;re just giving up on decentralization a little bit.”



Fiebach is impressed with Google’s advancements into blockchain technology, noting they have become a strong competitor to <a href="https://blockworks.co/news/developers-undeterred-headwinds-alchemy">Alchemy</a>, providing archival node data for Ethereum users. “They&#8217;re pretty sophisticated at this point.”



“They&#8217;re full steam ahead into crypto,” Fiebach says, “and really trying to be in the space — and it&#8217;s really, really cool to see.”



<iframe loading="lazy" frameborder="0" height="200" scrolling="no" src="https://playlist.megaphone.fm/?e=BWG3666704470" width="100%"></iframe>







<a href="https://www.blockworksresearch.com/">Blockworks Research</a> analyst <a href="https://blockworks.co/speaker/sam-martin">Sam Martin</a> notes that “it’s just the default,” explaining, “you can still configure the oracle of your choice.”



“Google Cloud is partnering with <a href="https://blockworks.co/news/stick-to-core-competencies-layerzero">a Web3 company</a> and they&#8217;re putting their reputation on the line in the process of it,” Martin says. “I think that&#8217;s pretty huge.”



Updated Sept. 20, 2023 at 6:14 pm ET: Clarified for additional context. 



Updated Sept. 20, 2023 at 6 pm ET: Clarified for additional context.



Updated Sept. 20, 2023 at 4:15 pm ET: Following publication of this article, Bryan Pellegrino, LayerZero co-founder, clarified that the default oracle for LayerZero is the TSS oracle.



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LayerZero moves to Google Cloud: A move away from decentralization?

Cross-chain messaging protocol LayerZero has partnered with Google Cloud to further enhance its infrastructure.



Google Cloud will be the default oracle provider for LayerZero, meaning that any dapps on LayerZero will automatically use Google Cloud to verify transactions sent across blockchains, though they will still have the choice to use other providers.&nbsp;



Oracles are a key part of blockchain infrastructure. They are responsible for connecting blockchains to external systems and sending real-world information in and out of a network.



LayerZero is an open permissionless protocol that enables decentralized app developers to decide who secures the messages between different blockchains. A total of 15 different blockchains can utilize this new cross-chain environment, including Ethereum, Arbitrum, Polygon, BNB and Avalanche.



If developers have Google Cloud selected as their oracle provider, local call messaging has to be approved by Google Cloud in order for it to be verified, Ryan Zarick, co-founder and chief technology officer of LayerZero told Blockworks.



“There’s no way an attack can happen without [Google Cloud] being compromised as well,” Zarick said.



Unlike running a single validator in Solana or Ethereum and not having the ability to stop attacks, Google Cloud will have the ability to veto the attack, Zarick explained.



“Cross-chain messaging always boils down to some level of trust, so there is no way that you can achieve trustless cross-chain messaging,” he said.



Node operators on LayerZero can introduce latency measures, but ultimately because applications have the choice to choose other oracle providers, messages themselves can never completely be censored.&nbsp;



“The way LayerZero is built is that every message is sequentially nonce order enforced, what that means is that if you sent a message first and I sent one, mine can’t get delivered until yours gets there,” Zarick said. “That’s enforced by code, so transactions can’t be taken out unless they turn off the entire messaging link.”



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Google Cloud is LayerZero’s new default oracle operator

Google Cloud is now running a validator on Celo Network, an Ethereum virtual machine-compatible, layer-1 blockchain designed to bring a mobile-first experience to Web3 users.



Validators are responsible for managing the security of the blockchain by verifying transactions.



This move marks <a href="https://blockworks.co/tag/google">Google</a> Cloud&#8217;s next big foray into blockchain and Web3 technology.



The cloud computing servicing giant had previously expressed <a href="https://cloud.google.com/blog/products/infrastructure-modernization/introducing-blockchain-node-engine">interest</a> in assisting Web3 developers in building products. It <a href="https://cloud.google.com/blog/topics/financial-services/google-cloud-launches-dedicated-digital-asset-team">launched</a> a digital assets team in January 2022, then <a href="https://cloud.google.com/blog/products/infrastructure-modernization/introducing-blockchain-node-engine">revealed</a> the Blockchain Node Engine designed to host nodes in October of that same year.



Its recent move to run a <a href="https://thecelo.com/groupDetail/0xeE6c0fA803099837690D440B3108D03763ab7550">validator</a> on Celo comes just months after the Google Cloud team announced its intention to <a href="https://blog.celo.org/celo-foundation-announces-collaboration-with-google-cloud-to-help-sustainability-focused-startups-3428ac562a1f">support</a> Celo Foundation’s Founders in Residence program.



Google Cloud will join other validators on the Celo Network such as Deutsche Telekom and impactMarket.&nbsp;



Celo’s community governance recently voted in favor of a cLabs <a href="https://forum.celo.org/t/clabs-proposal-for-celo-to-transition-to-an-ethereum-l2/6109">proposal</a> to transition its network to an Ethereum layer-2 scaling solution.



“As Celo moves to [layer-2], we will further foster scalable, real-world solutions that can build tangible benefits to the climate and communities around the world,” Xochitl Cazador, the Celo Foundation’s head of ecosystem growth, told Blockworks.&nbsp;



Cazador explained the importance of Google Cloud&#8217;s Blockchain Node Engine in facilitating this transition. This engine enables secure transaction relaying without the need to wait for nodes to sync, enabling faster node operations for Celo network participants.



“Google Cloud’s Blockchain Node Engine will assist cLabs with the transition to an Ethereum layer-2 by relaying secure and reliable transactions on-chain,” Cazador said. “With this effective node-hosting service, Celo and Google Cloud will empower Celo network participants, scaling blockchain technology for true, mainstream global adoption.”



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Celo Network welcomes Google Cloud validator to its network

Ben Strack

Google Cloud is plotting more Web3-focused products to make its computing offerings the first choice for industry firms and developers. This follows the recent introduction of a startup program aimed at supporting players within the Web3 segment.



The tech goliath’s cloud computing services unit will continue to build services in the same vein as <a href="https://blockworks.co/news/google-signals-major-crypto-push-with-ethereum-solana-support">its Blockchain Node Engine</a>, Google Cloud Web3 head James Tromans told Blockworks. Helping customers “become transformational players in the Web3 ecosystem” is now a core part of the business’s mission, he added.



The executive did not detail any specific initiatives that might be in development.&nbsp;



Tromans said Google Cloud will also continue to offer on-chain datasets such as Ethereum on BigQuery, Google’s “serverless data warehouse.”



“With these fundamental capabilities, our startups move faster, focusing on their differentiated value propositions and avoid rebuilding foundational capabilities that are not unique to their business,” Tromans said in an email.



<a href="https://blockworks.co/tag/google-cloud">Google Cloud</a> is working with players focused on financial services and gaming to explore how Web3 technologies can streamline their operations, as well as unlock alternative business models and revenue streams.



It is also focusing on artificial intelligence (AI) — an area <a href="https://blockworks.co/news/crypto-com-ai-exchanges">some crypto companies are high on</a>. Still, others say <a href="https://blockworks.co/news/bitget-against-chatgpt">the jury is still out on the technology’s potential use cases</a> within their business.



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"><a href="https://twitter.com/hashtag/generativeAI?src=hash&amp;ref_src=twsrc%5Etfw">#generativeAI</a> 🔥 hot tip 🔥 from <a href="https://twitter.com/_Carrie_Tharp?ref_src=twsrc%5Etfw">@_Carrie_Tharp</a>: It can be productive to start with internal use cases rather than customer-facing ones. Learn why simple use cases offer impactful onramps to generative AI ↓<a href="https://t.co/ygzSEm6qGC">https://t.co/ygzSEm6qGC</a>&mdash; Google Cloud (@googlecloud) <a href="https://twitter.com/googlecloud/status/1682074108148719617?ref_src=twsrc%5Etfw">July 20, 2023</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



“We fundamentally believe that AI is key to solving business and technology challenges so we’re exploring use cases where AI and large language models can be uniquely applied in the Web3 space,” Tromans said.



<h2 class="wp-block-heading">Tech giant’s warming up to crypto, Web3&nbsp;</h2>



<a href="https://blockworks.co/tag/google">Google</a> created a division focused on “blockchain and other next-gen distributed computing and data storage technologies,” Bloomberg <a href="https://www.bloomberg.com/news/articles/2022-01-19/google-forms-blockchain-group-under-newly-appointed-executive?utm_source=google&amp;utm_medium=bd&amp;cmpId=google">reported</a> in January 2022.



The company’s cloud unit <a href="https://blockworks.co/news/google-signals-major-crypto-push-with-ethereum-solana-support">launched its Blockchain Node Engine</a> in October “to help Web3 developers build and deploy new products on blockchain-based platforms.” Ethereum was the first blockchain supported by the engine, though Solana was set to <a href="https://twitter.com/googlecloud/status/1588927896911069184">follow</a>, Google said at the time.



In April, Google Cloud launched a Web3 startup program to assist companies in building faster and more secure Web3 applications. The program lets startups build on Google’s serverless platform for free, in addition to receiving benefits like $200,000 in Google Cloud credits and access to technical support.



Through the <a href="https://cloud.google.com/blog/topics/startups/introducing-google-clouds-new-web3-startup-benefits">program</a>, Aptos, Celo, Flow, HBAR Foundation, Near and the Solana Foundation were each set to offer $1 million worth of grants to accelerate Web3 startup growth.



A Google Cloud spokesperson declined to comment on which startups it has so far supported through the program, or how many.&nbsp;



But Web3 company Cosmic Wire, which focuses on interoperable blockchain technology, was selected for Google Cloud’s program, the firm said in a Wednesday news release. Solana Foundation and Polygon led a $30 million seed round in the firm — though this was an equity investment, not a grant.&nbsp;



Alireza Ghods, CEO of <a href="https://blockworks.co/news/drive-to-earn-app-dynamic-maps-crypto-rewards">DePIN device developer Natix</a>, said Google’s warming up to crypto has not gone unnoticed by Web3 founders like him. 



Ghods added that Natix — a Germany-based company <a href="https://blockworks.co/news/drive-to-earn-app-dynamic-maps-crypto-rewards">building a privacy-focused computer vision platform for smartphones</a> — hopes Google will select it for the company’s Web3 startup program.



The Natix executive pointed to <a href="https://blockworks.co/news/google-play-eases-restrictions-blockchain-apps">Google Play easing restrictions for blockchain apps</a> earlier this month as a sign the tech giant is waking up to more possibilities for its role in the space.



“With over 3 billion Android users, it would be much smarter to allow Web3 projects to use Google Play as a platform and charge them a certain fee rather than blocking them,” he said. “I believe crypto becoming more and more mainstream and regulated also helped their decision.”



The Web3 startup program and the blockchain app policy <a href="https://android-developers.googleblog.com/2023/07/new-blockchain-based-content-opportunities-google-play.html">changes</a> come after <a href="https://blockworks.co/news/solana-launches-saga-phone">Solana Mobile introduced its first Android device</a>, called the Saga, in April.



“A few initiatives like Solana Mobile which aim to create a 100% open and democratized app publishing ecosystem for Android also could have contributed to Google’s decision to have an open arm for web3 projects,” Ghods added.



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Google Cloud eyes more involvement in fast-evolving Web3 segment

Shalini Nagarajan

Google Cloud has trumpeted a series of collaborations with popular blockchain networks Ethereum and Solana in recent weeks, accelerating the tech giant’s support of Web3.



Late last month, Google Cloud announced a node-hosting service for Web3 developers called the <a href="https://cloud.google.com/blog/products/infrastructure-modernization/introducing-blockchain-node-engine" target="_blank" rel="noreferrer noopener">Blockchain Node Engine</a>. The tool is designed to help build and deploy on blockchain-based applications and platforms.



Ethereum is the first blockchain supported by the engine. Rival network Solana is to <a href="https://twitter.com/googlecloud/status/1588927896911069184" target="_blank" rel="noreferrer noopener">follow soon</a>, per a tweet over the weekend. The post sparked a near-20% rally for the network&#8217;s native token, although it has since given up most of those gains.



“Web3 companies who require dedicated nodes can relay transactions, deploy smart contracts, and read or write blockchain data with the reliability, performance, and security they expect from Google Cloud compute and network infrastructure,” Google Cloud executives Amit Zavery and James Tromans said in a statement.



During this weekend’s <a href="https://www.youtube.com/watch?v=EaQf9DtjNHk" target="_blank" rel="noreferrer noopener">Breakpoint 2022 conference</a> in Lisbon, an event held by the Solana Foundation, Google’s Web3 lead Nalin Mittal explained that Google has really deepened its investment in the Web3 space throughout 2022. This has culminated in the formation of a dedicated Web3 team at Google Cloud.



“This is like a natural evolution for us because we saw a lot of our financial services crypto-native gaming customers do more and more blockchain-related workloads on [Google Cloud] and it was clear that a dedicated product suite for Web3 would serve them better,” Mittal said.



The Big G has indeed been busy backing crypto-native companies. Google parent Alphabet participated in <a href="https://cms.blockworks.co/alphabet-poured-1-5b-into-blockchain-companies-over-10-months-study-finds/" target="_blank" rel="noreferrer noopener">four funding rounds</a> in blockchain firms between September 2021 and June 2022, including crypto conglomerate Digital Currency Group and Dapper Labs, the Web3 startup behind NBA Top Shot.



<h3 class="wp-block-heading">Google Cloud runs validators on Solana, alongside other blockchains</h3>



This weekend, Google Cloud tweeted to confirm that it’s participating in Solana consensus by running a <a href="https://twitter.com/googlecloud/status/1588927896911069184" target="_blank" rel="noreferrer noopener">validator</a>, a special kind of server node that processes transactions by adding blocks to the network’s chain.



But it’s not the first time Google has opted into a blockchain network. It began operating its first validator for proof-of-stake network Hedera Hashgraph in 2020. According to Mittal, the cloud unit now operates validators for a “lot of the top [layer-1] protocols.”



“We recognize how active and passionate [the Solana] community is, and we want to make it a top priority for Google Cloud,” Mittal said. Google Cloud will soon accept crypto payments for certain customers via a <a href="https://cms.blockworks.co/coinbase-stock-pops-on-google-deal-to-accept-crypto-for-cloud/" target="_blank" rel="noreferrer noopener">partnership with Coinbase</a> announced last month.



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="549" src="https://blockworks-co.imgix.net/wp-content/uploads/2022/11/googleweb3timeline-1024x549.jpg" alt="" class="wp-image-36983" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2022/11/googleweb3timeline-1024x549.jpg?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2022/11/googleweb3timeline-1024x549.jpg?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2022/11/googleweb3timeline-1024x549.jpg?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2022/11/googleweb3timeline-1024x549.jpg?w=1536 1536w, https://blockworks-co.imgix.net/wp-content/uploads/2022/11/googleweb3timeline-1024x549.jpg?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2022/11/googleweb3timeline-1024x549.jpg?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2022/11/googleweb3timeline-1024x549.jpg?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2022/11/googleweb3timeline-1024x549.jpg?w=80 80w, https://blockworks-co.imgix.net/wp-content/uploads/2022/11/googleweb3timeline-1024x549.jpg?w=50 50w, https://blockworks-co.imgix.net/wp-content/uploads/2022/11/googleweb3timeline-1024x549.jpg?w=1600 1600w" sizes="(max-width: 1024px) 100vw, 1024px" /><figcaption class="wp-element-caption">Image Source: <a href="https://www.youtube.com/watch?v=EaQf9DtjNHk">Solana/YouTube</a></figcaption></figure>



Google Cloud’s move into Web3 infrastructure mirrors Amazon’s offering, Managed Blockchain, which has <a href="https://www.coindesk.com/tech/2021/03/02/amazon-managed-blockchain-at-last-supports-ethereum-ending-a-two-year-tease/" target="_blank" rel="noreferrer noopener">supported</a> Ethereum nodes-as-a-service since last year.



While Solana is known for its cheap and quick transactions, the network has suffered a bumpy road with <a href="https://status.solana.com/uptime?page=1" target="_blank" rel="noreferrer noopener">five major outages</a> this year alone. Even so, the network remains among the most functional protocols in the Web3 ecosystem today, according to James Wo, CEO of investment firm DFG.&nbsp;



“Solana has a very robust cluster of DApps, NFTs, and smart contracts running on it, which accounts for what Google Cloud needs to build a robust portfolio of innovative and futuristic Web3 applications,” Wo told Blockworks.&nbsp;



“The embrace of Solana by Google Cloud is just another avenue to deepen its footprint, seeing as it has inked related deals with other Web3 projects, including NEAR, Hedera, and Aptos, among others.”



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Google Signals Major Crypto Push With Ethereum, Solana Support

<div id="highlights-block_63592498841c6" class="highlights">
 <ul>
 <li>Google’s quarterly ad revenue dropped 2% to $7.1 billion as advertisers slashed budgets</li>
 <li>YouTube ad revenue fell for the first time since the division began reporting performance in 2020</li>
 </ul>
 
</div>



Internet giant Google is seeing some financial pain as advertisers, including crypto firms, pull back on their spending alongside rising inflation.



Parent company Alphabet on Tuesday posted its <a href="https://abc.xyz/investor/static/pdf/2022Q3_alphabet_earnings_release.pdf" target="_blank" rel="noreferrer noopener">third-quarter earnings</a> — a quarterly net profit of $13.9 billion — down 27% from a year ago, missing analyst estimates of $16.9 billion. Revenue climbed 6% to $69.1 billion, falling short of the $71 billion expectation.



The Mountain View, California-based company appears to have been affected by the crypto winter, rising interest rates and fears of slowing growth as the global economy is still reeling from the pandemic and <a href="https://cms.blockworks.co/tag/ukraine/" target="_blank" rel="noreferrer noopener">Russia’s war in Ukraine</a>.



Philipp Schindler, Google’s chief business officer, said in the <a href="https://seekingalpha.com/article/4549115-alphabet-inc-goog-q3-2022-earnings-call-transcript" target="_blank" rel="noreferrer noopener">earnings call</a> that the slump was driven in part by crypto companies and other financial firms trimming ad spending.



“In the third quarter, we did see a pullback in spend by some advertisers in certain areas and search ads,”&nbsp; he said. “For example, in financial services, we saw a pullback in the insurance, loan, mortgage and crypto subcategories.”



Schindler didn’t elaborate on which crypto subcategories contributed to the slide, but the company’s <a href="https://support.google.com/adspolicy/answer/7645254?hl=en#zippy=%2Cnorth-and-south-america" target="_blank" rel="noreferrer noopener">strict crypto ads policy</a> is designed to shut out shady advertising or brazen scams.&nbsp;



Google didn’t return Blockworks’ request for comment by press time.



Google’s advertising revenue from YouTube fell 2% to $7.1 billion, the first time the division reported a loss. Meanwhile, revenue from Google search ads rose 4.2% to $39.5 billion, but but the division missed forecasts for 8% growth.



Alphabet CEO Sundar Pichai described the period as a “tough time in the ad market,” and Chief Financial Officer Ruth Porat blamed the year-on-year slump on “further pullbacks in advertiser spend.”



The cryptocurrency market has trended downward this year, hit by a mix of recessionary fears and the collapse of the <a href="https://cms.blockworks.co/tag/terra/" target="_blank" rel="noreferrer noopener">Terra</a> ecosystem, with 2021 darling assets such as Solana down over 90% year to date. Price volatility forced major industry players including <a href="https://cms.blockworks.co/coinbase-cut-workforce-ceo-wary-of-potential-recession/#:~:text=Coinbase%20To%20Cut%2018%25%20of%20Workforce%2C%20CEO%20Wary%20of%20Potential%20Recession,-Coinbase's%20decision%20to&amp;text=Coinbase%20will%20slash%20its%20workforce,CEO%20Brian%20Armstrong%20on%20Tuesday." target="_blank" rel="noreferrer noopener">Coinbase</a>,<a href="https://cms.blockworks.co/blockchain-com-slashes-25-of-workforce-cuts-exec-compensation/" target="_blank" rel="noreferrer noopener"> Blockchain.com </a>and <a href="https://cms.blockworks.co/cryptocurrency-lender-blockfi-set-to-cut-staff-by-a-fifth/" target="_blank" rel="noreferrer noopener">BlockFi</a> to rejig operations and lay off thousands of employees. 



Pay-per-click (PPC) marketing is generally not what Web3 businesses do, and not what they have historically been doing, according to Adrian Krion, founder and CEO of blockchain gaming startup Spielworks.



“Right now, [lower ad spending] is also related to the low interest and the bear market,” he told Blockworks, adding that businesses in the industry are expected to rely on proven practices like content and viral marketing until Google’s <a href="https://support.google.com/adspolicy/answer/12055790?hl=en" target="_blank" rel="noreferrer noopener">financial product and services policy</a> is made clearer.



<h3 class="wp-block-heading">Google bets on Coinbase for revenue diversification</h3>



Despite the bearish sentiment, the crypto winter is not broadly seen as a terrible thing for the industry as a whole, as times of slow growth are helpful in rooting out conceptually weak projects and carving out space for others to innovate.



Google appears to accept that the drawdown in revenue from crypto-related advertisers won’t last long. Earlier this month, it inked a <a href="https://cms.blockworks.co/coinbase-stock-pops-on-google-deal-to-accept-crypto-for-cloud/" target="_blank" rel="noreferrer noopener">deal with Coinbase</a> to soon begin accepting crypto payments from its cloud customers.



Lars Seier Christensen, chair of Concordium and founder of Saxo Bank, said Google’s new partnership is a “general endorsement of the crypto space” where an increasing number of businesses accept crypto as viable tender for goods and services. 



“But more importantly, it’s unquestionable that Google has done this to gain additional market share for its growing cloud business. This means that Google has recognized a real business potential in the equally growing number of crypto native businesses,” he added.



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Google Summer Ad Business Falls After Crypto Winter

David Canellis

<div id="highlights-block_634568f4d7c18" class="highlights">
 <ul>
 <li>Google has chosen Coinbase to process crypto payments for select customers</li>
 <li>Both companies are seeking to diversify their revenue streams</li>
 </ul>
 
</div>



Coinbase stock jumped during pre-market trade on Tuesday on word that Google will enable some customers to pay for the tech giant’s cloud services with cryptocurrency starting next year.



The deal will see Coinbase shift its data-related applications from its usual Amazon Web Services’ cloud to Google, CNBC <a href="https://www.cnbc.com/2022/10/11/google-selects-coinbase-to-take-cloud-payments-with-cryptocurrencies.html" target="_blank" rel="noreferrer noopener">reported</a>.



Google will accept payment for cloud services from a small group of customers across the Web3 space via a Coinbase Commerce integration.&nbsp;



Coinbase’s ecommerce offering <a href="https://commerce.coinbase.com/" target="_blank" rel="noreferrer noopener">supports</a> 10 digital assets such as bitcoin and ether alongside stablecoins USDC and tether, as well as meme coins dogecoin and shiba inu.&nbsp;



As with the rest of its customers, Coinbase would take a cut of Google-related transactions, although the amount of revenue it could potentially generate is unclear.&nbsp;



Amit Zavery, vice president at Google Cloud, told CNBC it had explored deals with multiple companies before landing with Coinbase. Jim Migdal, Coinbase vice president of business development, said the two companies had been conversing for months.



Coinbase has historically relied on trading fees to generate almost 90% of its revenue and has been working to <a href="https://cms.blockworks.co/coinbase-expects-softer-first-quarter-after-strong-q4/" target="_blank" rel="noreferrer noopener">diversify</a> its income streams to weather the cyclical nature of the crypto sector.&nbsp;



Google has similarly pushed to expand beyond its main revenue source: <a href="https://nymag.com/intelligencer/2019/02/google-earnings-show-it-needs-to-be-more-than-an-ad-company.html" target="_blank" rel="noreferrer noopener">advertising</a>. The Big G is now looking to potentially offer digital asset management services via Coinbase’s custody offering Prime, although those plans appear purely exploratory for now.



<h3 class="wp-block-heading">Coinbase stock buoyed more than Google parent&nbsp;</h3>



While Google has long been <a href="https://cloud.google.com/blog/topics/public-datasets/bitcoin-in-bigquery-blockchain-analytics-on-public-data" target="_blank" rel="noreferrer noopener">receptive</a> to the rise of cryptocurrencies, the firm formally flagged its intention to expand its own blockchain offerings by <a href="https://cms.blockworks.co/google-creates-blockchain-unit-hires-new-founding-leader/" target="_blank" rel="noreferrer noopener">forming a dedicated unit</a> earlier this year.



Sundar Pichai, the CEO of parent company Alphabet, also said the company was “definitely looking at blockchain” in a <a href="https://cms.blockworks.co/alphabet-ceo-says-company-definitely-looking-at-blockchain/" target="_blank" rel="noreferrer noopener">February earnings call</a>, particularly in relation to powering computing and services layers for YouTube and Google Maps.



Alphabet has been one of the <a href="https://cms.blockworks.co/alphabet-poured-1-5b-into-blockchain-companies-over-10-months-study-finds/" target="_blank" rel="noreferrer noopener">most active corporate investors</a> in blockchain firms since as early as <a href="https://www.cnbc.com/2017/10/18/google-goldman-sachs-investors-blockchain.html" target="_blank" rel="noreferrer noopener">2017</a>, alongside the likes of Goldman Sachs and SBI Holdings.



Still, this deal seems far more focused on cryptocurrencies specifically, rather than their underlying technologies. And so far, markets seem responsive to how this could benefit Coinbase — more than Google.



The exchange’s stock, which is down 73% year to date, rose 5% during pre-market trading on news of the deal. The tech-heavy NASDAQ 100, on the other hand, shed 0.25%, alongside Alphabet.





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Coinbase Stock Pops on Google Deal To Accept Crypto for Cloud

Sebastian Sinclair

<div id="highlights-block_61f34342f4b25" class="highlights">
 <ul>
 <li>Google&#8217;s cloud division has formed a new business unit that will seek to support its new and existing customers developing on the blockchain</li>
 <li>The Digital Asset Team will provide dedicated node hosting for developers through to on-chain governance </li>
 </ul>
 
</div>





Google&#8217;s cloud computing division is hunting down blockchain experts as part of a new business unit aimed at supporting the tech giant&#8217;s existing customers.



The unit, known as the Digital Assets Team, will focus on the retail and healthcare sectors as Google attempts to expand its offerings beyond advertising.



<blockquote class="wp-block-quote">“We’re seeing [interest in the blockchain space] across every industry vertical we interact with — from financial services and capital markets to retail, sports and gaming,” Richard Widmann, Google Cloud&#8217;s head of strategy for digital assets, told Blockworks.</blockquote>



”Digital asset and blockchains technology is already having a profound impact on our customers and their users across nearly every major vertical, and perhaps most prominently in the financial services space,&#8221; he said. 



Decentralization is a major component of the crypto-industry. Decentralized finance, or DeFi, has sprung up in recent years based on the philosophy of cutting out the middleman, including banks and lenders, to transact peer-to-peer via the use of smart contracts. Google is hoping to capitalize on the movement as finance continues to evolve.



”We see the evolution of blockchain technology and decentralized networks today as analogous to the rise of open source and the internet 10-15 years ago,” Widmann said.



The new unit will support customers seeking to build, transact, store value and deploy new products via blockchain-based platforms, said Yolande Piazza, vice president of financial services at Google Cloud in a <a href="https://cloud.google.com/blog/topics/financial-services/google-cloud-launches-dedicated-digital-asset-team" target="_blank" rel="noreferrer noopener">blog post</a> on Thursday.



<blockquote class="wp-block-quote">&#8220;This new team will enable our customers to accelerate their efforts in this emerging space and help underpin the blockchain ecosystems of tomorrow,&#8221; said Piazza.</blockquote>



Specifically, Google Cloud’s Digital Assets Team will provide dedicated node hosting for developers, take part in node validation and on-chain governance and support on-chain governance via participation from Google Cloud executives and senior engineers, per the post.



The team will also help drive co-development and integrations into Google&#8217;s partner ecosystem as well as advancing go-to-market initiatives with its ecosystem partners in the hope that Google Cloud becomes &#8220;the connective tissue between traditional enterprise and blockchain technologies.&#8221;



Several large blockchain and crypto companies utilize Google&#8217;s Cloud Platform including <a href="https://cloud.google.com/blog/topics/public-datasets/working-with-hedera-hashgraph-to-support-the-next-generation-of-distributed-ledger-technology" target="_blank" rel="noreferrer noopener">Hedera</a>, <a href="https://cloud.google.com/blog/products/data-analytics/how-theta-labs-reached-the-outer-limits-of-video-streaming" target="_blank" rel="noreferrer noopener">Theta Labs</a>, and <a href="https://cloud.google.com/blog/topics/startups/scaling-blockchain-and-nfts-with-google-cloud">Dapper Labs</a> which recently signed on in a bid to leverage the tech giant&#8217;s &#8220;performance, reliability and security.&#8221;



This story was updated on Jan. 28, 2022, at 2:25 pm ET to include commentary from Google.



Additional reporting by Casey Wagner



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Google Cloud Hiring Blockchain Specialists in Bid to ‘Drive Decentralization’ Efforts

Macauley Peterson

<div id="highlights-block_61b0bd78067c9" class="highlights">
 <ul>
 <li>Schmidt served as Google’s CEO from 2001 to 2011, and now runs a venture firm, Schmidt Futures</li>
 <li>In a statement announcing the appointment, Schmidt praised Chainlink for “unlocking the potential of smart contract platforms and revolutionizing business and society”</li>
 </ul>
 
</div>



Oracle infrastructure provider <a href="https://chainlinklabs.com/" target="_blank" rel="noreferrer noopener">Chainlink Labs</a> has signed Eric Schmidt, the former Google CEO, as a strategic advisor.



The Chainlink Network secures oracle data feeds that are responsible for triggering and securing more than $80 billion worth of value locked, across several blockchains.&nbsp;



Chainlink co-founder Sergey Nazarov, said in a statement, “Eric’s experience and insights around building global software platforms for next-generation innovation will be invaluable as we help developers and institutions usher in a new age of economic fairness and transparency.”



Schmidt served as Google’s CEO from 2001 to 2011, and was at the helm for the company’s 2004 IPO at a valuation of $24 billion. Today the company’s ubiquitous Web2 apps like Gmail, Google Maps, Chrome, and YouTube helped generate a record <a href="https://www.statista.com/statistics/266206/googles-annual-global-revenue/" target="_blank" rel="noreferrer noopener">$181 billion in revenue</a> during 2020.



While phasing out his involvement at Google Schmidt co-founded Schmidt Futures in 2017, <a href="https://schmidtfutures.com/our-method/" target="_blank" rel="noreferrer noopener">which bills itself</a> as a venture facility for public benefit.



<blockquote class="wp-block-quote">“The launch of blockchains and smart contracts has demonstrated tremendous potential for the building of new business models, but it has become clear that one of blockchain’s greatest advantages — a lack of connection to the world outside itself — is also its biggest challenge,” said Schmidt.</blockquote>



A blockchain oracle is critical to the functioning of many smart contracts, particularly when they need to access off-chain data and systems.<a href="https://chain.link/"> </a>Chainlink aggregates such real world data and makes it available to the logic contained in blockchain-based smart contracts.



For example, Chainlink’s collaboration with <a href="https://cloud.google.com/public-datasets" target="_blank" rel="noreferrer noopener">Google Cloud’s Public Datasets Program</a> allows weather data to be directly available to emerging Web3 capital markets, according to <a href="https://medium.com/google-cloud/hedging-against-bad-weather-with-cloud-datasets-and-blockchain-oracles-7ba3e0150304" target="_blank" rel="noreferrer noopener">a blog post</a> published by Google Cloud earlier this year. Data from a National Oceanic and Atmospheric Administration (NOAA) database of weather data, can power smart contract crop insurance, and the two companies have built a proof of concept for an Ethereum testnet.



Chainlink has called itself blockchain agnostic, and <a href="https://www.prnewswire.com/news-releases/chainlink-announces-cross-chain-interoperability-protocol-ccip-301349599.html" target="_blank" rel="noreferrer noopener">announced</a> the<a href="https://urldefense.com/v3/__https://www.prnewswire.com/news-releases/chainlink-announces-cross-chain-interoperability-protocol-ccip-301349599.html__;!!PuLkPvyT3vEAvUES!RAKhHSed1ZZ-o8HhvYyCHboquOWwmcsGZyaTCVbcNVmDbo47L5cTr9ePI2hUK9he3h4$"> </a>Cross-Chain Interoperability Protocol (CCIP), to provide a universal, open standard for developers program actions across multi-blockchain ecosystem.



Schmidt’s appointment is unrelated to his prior work at Google, a Chainlink Labs representative told Blockworks.



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