Alibaba Cloud has finally entered the cryptocurrency world to accelerate its backing for Web3 by announcing a partnership with Avalanche. The tech giant has announced a number of partnerships with well-known networks and organizations, but with its most recent partnership with Avalanche, it is evident that it has truly entered the crypto-space.
The Avalanche public blockchain is now supported by Alibaba Cloud, the leading cloud service provider in Asia Pacific. Through the service, users can create validator nodes and utilize processing, storage, and distribution resources for Alibaba Cloud’s Asian product line.
The green smart contract platform Avalanche was created to handle the volume of global banking. With its nearly instantaneous transaction closure and cutting-edge scaling technology, both businesses and individuals can create unique blockchains as a service.
The brain and digital technological center of the China-based Alibaba Group, Alibaba Cloud was founded in 2009, which provides a whole range of cloud computing services, including elastic computing, databases , network virtualization, storage, application services, security, management, and large-scale computing are offered by the company to clients globally.
Avalanche is a green smart contract platform created for high volume global transactions. With its nearly instantaneous transaction closure and cutting-edge scaling technology, both businesses and individuals can create unique blockchains as a service. Avalanche has also worked with Lemonade and Deloitte and was involved in. Top DeFi projects like Curve, BENQi, Sushi, AAVE and Chainlink.
The network processes two million transactions on a daily basis (arithmetic mean) and is secured by more than 1,200 validators.
Alibaba Cloud’s plug-and-play service will make it simple for Avalanche developers to establish additional Avalanche validators (IaaS)— Alibaba Cloud is Asia Pacific’s leading IaaS provider. To keep up with user activity, application developers can also add more cloud infrastructure to support their app during periods of high demand.
In 2019, Alibaba group launched a cryptocurrency mining platform just when the Chinese government started going hard on the sector. The government wiped out almost all mining activities in the country. It resulted in a mass exodus of crypto miners from China to countries like Kazakhstan, Iran, and Singapore. Alibaba’s crypto platform.
Alibaba cloud also launched an NFT platform which is a bouquet of services available on a single platform . The system operates on a tokenized basis. Any content creator is permitted by the company to copyright materials using the blockchain and to sell the rights (tokens). The content creator who has the token is the owner of the copyright.