To learn more about Google Cloud and its upcoming plans to explore the crypto space, go to Benzinga Future of Digital Assets event on Nov. 14 where Google Cloud Head of Strategy and Web 3 Rich Widmann will be speaking about Web3 Innovations and Google’s Role in Scaling Blockchain Solutions for Mass Market Integration.
Polygon MATIC/USD took to X (previously known as Twitter) to announce Alphabet Inc.’s GOOGLGOOG Google Cloud will now become a part of the decentralized validator set for Polygon Proof-of-Stake (PoS) Network.
The network boasts more than 100 validators besides Google Cloud, which will secure the chain and guarantee data availability.
Polygon indicated the same infrastructure used to power YouTube and Gmail will be used for securing its own network. Polygon staking dashboard shows Google Cloud staked just over $5,300 worth of MATIC on Polygon to date.
A few months ago, T-Mobile’s parent company, Deutsche Telekom, also became a validator of Polygon indicating that the latter attracts the interest of large tech firms.
Why Does It Matter? Google’s association with Polygon is likely to have implications for the latter’s expected to switch from a PoS chain to a validium, which is like zero-knowledge proofs.
They are different in how they store data. Instead of storing data on Ethereum, validiums depend on off-chain storage solutions. This makes the blockchain less clogged and more efficient.
The transition to a zkEVM validium should occur by early 2024 as per Polygon Labs.
In June 2023, Polygon admitted the need for off-chain storage as a decentralization trade-off. Since only the proofs are stored on-chain, rather than the underlying data, validiums don’t benefit from Ethereum’s security.
Join Benzinga’s Fintech Deal Day & Awards on Nov. 13 and Future of Digital Assets on Nov. 14 in New York City to stay updated on trends like AI, regulations, SEC actions and institutional adoption in the crypto space. Secure early bird discounted tickets now! What’s more, USE BZCRYPTO code to get 20% OFF.
Photos: Shutterstock
