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Google Cloud Joins Flare Network as Validator, FLR Jumps 5%
Flare, which calls itself "the blockchain for data," gives developers access to decentralized data via its Oracle system
Updated Mar 8, 2024, 7:58 p.m. Published Jan 15, 2024, 1:00 p.m.
The cloud division of tech giant Google (GOOGL) has joined the Flare blockchain as a validator and infrastructure provider.
Google Cloud is one of 100 organizations adopting this combined role, both securing the network as a validator and contributing to the Flare Time Series Oracle (FTSO), according to an announcement shared with CoinDesk on Monday.
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Flare, which calls itself “the blockchain for data,” gives developers access to decentralized data via its Oracle system. In blockchain parlance, Oracle refers to entities that connect networks to external systems, thereby allowing smart contracts to be executed based on inputs and outputs from the outside world.
The network’s native token, FLR has a market cap of nearly $550 million and is priced at around $0.018. The token jumped over 4% after the partnership news came out.
Flare’s infrastructure providers are the parties responsible for providing high-quality data, thus helping developers build use cases for blockchain technology and further its adoption.
There are few entities that offer access to such a volume of data as Google Cloud, making it a banner partnership for Flare and a reminder of the blockchain adoption ongoing at tech giants like Google.
Read More: Lido Tests of 'Distributed Validator Technology' Portend 2024 Decentralization Push
UPDATE (Jan. 15, 13:01 UTC): Updates headline and story to add token movement.
UPDATE (Jan. 15, 13:32 UTC): Updates to reflect Google Cloud's combined role as a validator and contributor to FTSO.
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