Technology

Solana is Google’s new cryptocurrency: everything you need to know

Google is increasingly interested in blockchain and web3, as well as cryptocurrencies. And recently, the firm made an announcement that briefly increased the value of the SOL cryptocurrency. As a reminder, SOL is Solana’s native blockchain cryptocurrency.

Surprise, Google Cloud brings new products to Solana

In a tweet published this weekend, Google Cloud made a surprise announcement for the cryptocurrency industry. A subsidiary of Mountain View says it has a unit participating in the Solana network test.

But that’s not all ! The firm is also announcing a partnership with blockchain Solana to power its “Blockchain Node Engine” service from 2023. Specifically, this means that Google Cloud customers will be able to use this service from Mountain View to create a Solana node. .

Currently, this Google Cloud service only supports the Ethereum blockchain. In an announcement published in October, the firm explained how its Node Engine will make developers’ work easier and save them time (simplify because it’s quite technical):

“Google Cloud’s Blockchain Node Engine can speed up and simplify this process by allowing developers to deploy a new node in a single operation and specify the desired region and network (main network, test network).”

On the other hand, BigQuery, Google’s “multi-cloud data warehouse”, will also index Solana’s data. This will make it easier for developers to collect historical blockchain data.

The News That Caused the Rise of the Cryptocurrency

Basically, Google wants to bet big on Solana. And after this announcement, the blockchain-related cryptocurrency ended up in a small cloud. Indeed, the announcement increased its value by 15%.

However, since then SOL has already undergone a correction. But in any case, the reaction of the markets shows the importance of supporting a technology giant like Google.

Google Cloud already accepts cryptocurrency payments

Prior to the announcement of this partnership with Solana, Google has officially formalized a partnership with another major player in cryptocurrency: Coinbase. Through the Coinbase Commerce service, Google will allow certain web3 players to pay for Google Cloud services using cryptocurrencies. This will then be extended to more customers.

Coinbase charges a fee for these cryptocurrency transactions. But in return, the cryptocurrency exchange will start using Google Cloud instead of Amazon services.

Although we are currently in a downward trend (in addition, Google’s advertising revenue has declined due to the fall in the price of cryptocurrencies), Google seems to have faith in the future of cryptocurrencies, blockchain and the Internet3. And Google Cloud is gradually positioning itself as the most suitable solution for developers working in these areas.

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