Disclaimer: Information found on CryptoreNews is those of writers quoted. It does not represent the opinions of CryptoreNews on whether to sell, buy or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.
CryptoreNews covers fintech, blockchain and Bitcoin bringing you the latest crypto news and analyses on the future of money.
- The network has been authorized to transition from its own blockchain to an Ethereum layer-2 solution.
- Following the announcement, the price surged briefly, reaching nearly $0.52.
On Wednesday, the Celo Foundation announced that Google Cloud, in addition to Deutsche Telekom and other participants in the ecosystem, is now functioning as a validator on the Celo network. A validator is an entity that participates in the validation of new transactions and upholds the integrity of a blockchain.
It’s official––the @googlecloud & @CeloOrg partnership continues!
Notably, @googlecloud is operating a validator on the Celo network, contributing to the enhancement of the network’s security. pic.twitter.com/vTzadH8t1d— Celo
(@CeloOrg) August 2, 2023
(@CeloOrg) August 2, 2023Previously, Google Cloud and Celo collaborated to offer seminars and cloud computing resources to developers and Web3 founders engaged with the network; this new initiative builds upon that collaboration.
Proposal Approved
Recently, the Celo network ratified a proposal to transition from its own blockchain to an Ethereum layer-2 solution, aiming to enhance security and facilitate liquidity sharing between the two networks.
Related Posts
As stated on the proposal page, 128 votes were cast in favor of the transition, 2 against, and 1 abstained from voting. Given that Celo is already compatible with EVM, developers experienced with Ethereum can swiftly migrate existing applications or develop new ones using the same tools.
According to the press release:
“To facilitate and expedite the proposed shift to the Ethereum ecosystem, cLabs will utilize Google Cloud’s Blockchain Node Engine, a fully managed node-hosting service.”
The announcement indicated that the Blockchain Node Engine will simplify the synchronization of Celo 2.0 with the Ethereum network by transmitting transactions without the need for nodes to synchronize first.
The Celo Foundation previously assisted in launching the Web3 startup program on Google Cloud. Following the announcement, the price surged briefly, reaching nearly $0.52. As per CMC, the current trading price of CELO is $0.497, reflecting a 1.45% increase in the last 24 hours.
Highlighted Crypto News Today:
India’s Presidency Note Propels Cryptocurrency Regulation Discussions
