Google Cloud enters Flare Network, sparks 8% surge in Flare Token

Google Cloud has strengthened its presence in the blockchain sector by becoming part of the Flare Network. Following this development, Flare’s utility token experienced an eight percent surge.

“As the blockchain for data, we are excited that Google Cloud is joining our existing decentralized network of infrastructure providers who contribute to Flare. Our work together will help deliver a more robust decentralized smart contract platform that places decentralized data at its core,” said Flare co-founder and CEO Hugo Philion.

Google Cloud is assuming a dual role, serving as both a network validator and contributor to the Flare Time Series Oracle (FTSO) on the Flare network.

Flare said this collaboration underscores its dedication to expanding blockchain utility and empowering developers to create use cases that drive widespread adoption of the technology. Dubbed “the blockchain for data,” Flare facilitates developer access to decentralized data through its Oracle system.

Oracles link networks to external systems, enabling the execution of smart contracts based on inputs and outputs from the external world. The native token of the network, FLR, boasts a market cap of nearly $550 million, with a valuation of approximately $0.018.

In an official blog post, Philion outlined the hurdles associated with decentralizing data access within the blockchain sector. He clarified that Flare’s oracles are intricately integrated into the network’s structure, positioning it as the sole smart contract platform optimized for decentralized data acquisition. This capability allows developers to access all the necessary data for constructing innovative use cases beyond financial speculation.

In addition to this collaboration, Flare joined the Google for Startups Cloud Program, providing developers on the Flare network with financial and technical support from Google Cloud and its partners.

James Tromans, head of Web3 at Google Cloud, emphasized the significance of achieving data access at scale. He highlighted that expanding relevant blockchain use cases is crucial for widespread global adoption of the technology, and Google Cloud’s role as a validator on the Flare network aligns with this mission.

“Data access at scale is important to increase relevant blockchain use cases and greater global adoption of the technology. Google Cloud becoming a validator on the Flare network will help support that mission,” he said.

Google Cloud welcomes 11 new blockchains

Google Cloud has expanded its coverage on BigQuery, its data analytics service, by incorporating 11 additional blockchains last year. The newly added blockchains include Avalanche, Arbitrum, Cronos, Ethereum Goerli, Fantom, Near, Optimism, Polkadot, Polygon, Polygon Mumbai and Tron.

In 2018, Google Cloud first introduced its blockchain data services within BigQuery, allowing developers to access on-chain data from Bitcoin and Ethereum. Then the next year saw the inclusion of support for six additional chains, namely Bitcoin Cash, Dash, Dogecoin, Ethereum Classic, Litecoin and Zcash. With the recent incorporation of 11 more chains, the total count of supported networks has reached 19.

Alongside BigQuery, Google Cloud offers Web3 infrastructure services, including node hosting and validator operation supervision for diverse blockchains on its platform including Ethereum, Solana, and Aptos.

Describing these newly added blockchains as “in-demand,” Google highlights users’ ability to query data related to asset flows between wallets, popular tokens and interactions with smart contracts. This enhancement enables users to address queries like NFT minting statistics and compare transaction fees across various chains.

Google emphasizes that broader access to diverse networks facilitates addressing such queries without the operational overhead of running nodes or maintaining an indexer. Google Cloud said its commitment to blockchain development extends beyond dataset expansion, citing the company’s role as an oracle operator for LayerZero, a cross-chain messaging protocol.