Avalanche, a fast and scalable layer 1 blockchain platform, has announced a strategic partnership with Alibaba Cloud, the digital technology and intelligence division of Alibaba Group, to create Cloudverse, a metaverse launchpad for businesses and brands.
Cloudverse allows businesses to smoothly customize, launch, and maintain their own metaverse space. All blockchain assets are built on top of the Avalanche chain.
According to John Wu, president of Ava Labs, the parent company of Avalanche:
“Alibaba Cloud and Avalanche continue to change how enterprises can create value and seize the opportunities of Web3. Cloudverse powered by Avalanche offers millions of consumer-facing businesses a quick, low-overhead, one-stop gateway into Web3. We look forward to seeing how businesses expand into the Cloudverse – and to continuing to build the future with Alibaba Cloud.”
This is not the first time that Avalanche and Alibaba Cloud have collaborated. In December 2022, they announced a deal that would allow developers to spin up AVAX validator nodes through Alibaba’s services.
About Avalanche
Avalanche is a decentralized, open-source proof-of-stake (PoW) blockchain platform that supports smart contracts, decentralized applications (dApps), and custom blockchains. It aims to rival Ethereum as the most popular blockchain for smart contracts by offering faster, cheaper, and more scalable transactions. The blockchain can process up to 6,500 transactions per second with sub-second finality
AVAX is the native token of the Avalanche network. It is used to pay transaction fees, secure the network, and act as a basic unit of account among blockchains in the Avalanche network. AVAX is also a governance token that allows holders to vote on network parameters and proposals. AVAX has a capped supply of 720 million tokens, but the rate of new coin creation is determined by holders through voting
About Alibaba Cloud
Alibaba Cloud, also known as Aliyun, is one of the largest cloud service providers in the world. It offers a comprehensive suite of cloud computing services to businesses globally, including elastic computing, database, storage, security, big data, artificial intelligence, and more. It is also a subsidiary of the Alibaba Group, and is registered in Singapore
Cloudverse is one of the latest initiatives that showcase the growing interest and innovation in the metaverse space. The metaverse is a term that describes a collective virtual shared space that encompasses various forms of digital reality. It has been gaining popularity in recent years as more people seek immersive and interactive experiences online.
Other Related Articles:
Disney Abandons Metaverse Arm Development: An In-Depth Look
Nissan Embraces Web3: New 4 Trademarks and Metaverse Auto Sales Drive Digital Innovation
Source: Avax blog
Featured image from Pixabay
