Google OFFICIALLY enters the Crypto world

Google OFFICIALLY enters the Crypto world

By Roberto D. | CryptoFarm | 19 Oct 2020


According to a recent news report, Google Cloud has submitted its application to join the EOS community and become a member of the Block.one network.

On 6 October, Blockchain.News announced that Google Cloud is preparing to officially become part of the EOS community and is taking important steps forward to technically become a blockchain producer, aka Block Producer.

The term EOS Blockchain is used to identify a public network based on a specific blockchain-type protocol, named EOSIO.


Google will be the block producer of a Blockchain network

The CD. Block Producer, is a fundamental element of all networks that involve its use, such as EOS. According to the official white paper of this project, the blocks of the EOS.IO architecture network will be produced by 21 protagonists called "block producers".

The task of each block producer will be to insert transactions into the chain, as cd's do. Miners in the Blockchain.

The system used will be based on the system called Delegated Proof of Stake (DPOS), delegated to operate through the trusted accounts known as the "trustee". The same will be previously selected by the community; Google is among the candidates. Features of DPOS include:

  • Short production times,
  • High efficiency
  • Almost no possibility of bifurcation.

Voting for the selection of the 21 reliable accounts will be all EOS token holders, which will allow them to be able to make decisions independently and to act with the powers necessary for the implementation of the network. The 21 candidates will only become block producers after obtaining the highest number of votes.

 

EOS blockchain: Google wins selections

Having an example of technological innovation such as Google Cloud among the candidates for block production, on a public network such as EOS, highlights more the utilities found in this technology. Google Cloud development advocate Allen Day confirmed the company's candidacy and pointed out that as organizations begin to familiarize themselves with distributed ledgers, great results are achieved:

  • Information is stored quickly,
  • The data is entered in a safe and reliable system.

The criterion with which the producers of blocks will be chosen will not only be the majority principle based on the number of positive votes obtained, but also (and above all) on the ascertained abilities of the interested parties.

In this selection framework, therefore, Google Cloud seems to have what it takes and it is not difficult for us to imagine that it will be able to obtain the necessary consent to participate in the project. The team of the well-known search engine, in fact, has already been greeted with enthusiasm.

Once the selection procedures have been completed, Google Cloud's task will be to provide an infrastructure organized according to precise parameters:

  • Optimal technical configuration,
  • Low latency,
  • Full efficiency of services.

Dan Larimer, the CTO of Block.one, explained that the collaboration with great technicians in the IT sector such as those of Google will allow for a final result with certain implications. Here are his words:

"Through secure oracles, inter-chain transaction reporting, key management and high integrity all node validation, Google Cloud's confidential IT infrastructure will improve the security, scalability and decentralization of blockchain technology."

 

 

EOSIO blockchain main features

The term EOSIO refers to a blockchain platform designed specifically for the real world. The architecture of this project aims to create concrete applications, which can be used in various public and private environments, satisfying a multitude of services.

Building on EOSIO means following an already known development model, created with a programming language similar to that of non-blockchain applications.

In this way, developers will be able to use the computer development tools they already know and create a system free of the errors of the past. The result will be the creation of smooth, bug-free and easy-to-use applications.

The projects that can be implemented on the EOSIO structure are many and move towards the construction of efficient and decentralized business models.

 


The major news and differences with the Bitcoin blockchain

 

There are some differences between the EOSIO plant and the bitcoin Blockchain:

Costs.
Generally, a blockchain platform that uses the proof-of-work consensus mechanism charges a fee for each transaction requested. The commission represents a fee to be paid for the mere fact of wanting to execute a given transaction.

EOSIO eliminates these costs by making the network bear the weight of these amounts. Individual users are therefore not required to pay any additional payments. In other words, token ownership covers all ancillary costs involved in the system.

Decentralization.
In EOSIO, as we have already seen, token holders are tasked with electing 21 block producers to process transactions.

Block producers will distribute power among token holders and coordinate the interests of all parties to the protocol. The biggest difference between EOSIO and other blockchain protocols is how decentralization of the chain is understood.

In the case of this project the register seems to be distributed over a given number of nodes: this limitation is more like a partial decentralization.

 

Ultimately, EOSIO is a new generation open source blockchain protocol that has very interesting features:

  • It is flexible, because it is specially built for public or private blockchain networks and can be customized to meet your business needs;
  • It is scalable, because it has secure processing designed for mass adoption, with industry-leading transaction speed;
  • It is easy to use.

 

What do you think of this google entry into the world of cryptocurrencies? Let me know yours in the comments.

As always, thank you if you have come this far, and see you next time!

 

 


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Roberto D.
Roberto D.

Born, and still living, in Italy. Passionate about cryptocurrencies since I discovered ethereum in 2016 https://linktr.ee/robertod


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