What the BNB Chain and Google Cloud partnership means for the Web3 and blockchain market?
- The global Web3 market is anticipated to reach $81.5 billion in 2030
- Google Cloud and BNB Chain collaborate to accelerate early-stage Web3 and blockchain startups create and scale high-performance, effective, and sustainable innovations
NFTs and bitcoins are two terms that some people may be familiar with. Even if it doesn’t, Web3 might sound familiar. A potential future iteration of the internet called Web3 is built on public blockchain, a mechanism for maintaining records best known for allowing cryptocurrency exchanges. Web3 is appealing because it is decentralized.
Essentially, Web3 is the third generation of the internet, which makes use of decentralized ledger technology (DLT), machine learning (ML), and big data. Users can surf more comfortably and analyze data more effectively thanks to the Web3 blockchain market.
According to a survey by the Canadian market research and strategy consulting firm Emergen Research, the global Web3 market is anticipated to grow at a compound annual growth rate of 43.7% to reach $81.5 billion in 2030.
Although Web3 is still a relatively new concept and term to the general public, it has recently gained popularity across the globe. Governments and investors are paying attention to startups that offer Web3 services.
In order to help early-stage Web3 and blockchain startups create and scale high-performance, effective, and sustainable innovations for users and the entire industry, BNB Chain and Google Cloud have formed a strategic partnership. BNB Chain is the largest smart contract blockchain in Web3 in terms of transaction volume and users.
Combining BNB Beacon Chain (formerly Binance Chain) and BNB Smart Chain (previously Binance Smart Chain), BNB Chain includes more than 1,300 active decentralized apps (dApps) in its ecosystem, including blockchain games, non-fungible tokens (NFTs), metaverse, and decentralized finance (DeFi). With this partnership, BNB Chain continues to be dedicated to giving skilled Web3 developers the fundamental infrastructure they need to develop their ideas and dApps into reliable, enduring, and valuable components of the larger ecosystem.
Leveraging blockchain technology in the Web3
Startups may now build on Google Cloud’s open, scalable, developer-friendly, secure, and sustainable cloud architecture by leveraging BNB Chain’s highly competitive and functional blockchain infrastructure. These BNB Chain projects can also use Google Cloud services to encrypt data as it is being processed in real-time and analyse on-chain data on demand.
BNB Chain has been focusing on finding and assisting creative Web3 builders, according to Investment Director of BNB Chain, Gwendolyn Regina. By working with Google Cloud, BNB Chain is now able to assist these builders in accessing the open, secure, and carbon-neutral cloud infrastructure that is required to strengthen and scale their businesses.
“We look forward to collaborating with BNB Chain to provide Web3 builders with the cleanest cloud infrastructure on which to develop and scale their applications. This builds on our existing work to support our customers’ needs in developing, transacting, storing value, and deploying new products on blockchain-based platforms,” said James Tromans, Director of Web3, Google Cloud.
As part of this partnership, BNB Chain will help qualified Web3 builders in its ecosystem, including those enrolled in the Most Valuable Builder (MVB) accelerator program, gain faster access to the Google for Startups Cloud Program. The Google for Startups Cloud Program aids eligible early-stage startups in establishing and expanding their companies by offering Google Cloud credits every year for up to two years. Those Web3 developers who sign up for the initiative will also be able to:
- Connect with Google’s technical subject matter experts in data management, data analytics, artificial intelligence (AI), machine learning (ML), zero trust security, and more.
- Attend Web3 developer workshops.
- Gain access to training and certification through Google Cloud Skills Boost; and
- Become a member of the company’s international customer community group.
The MVB accelerator program, run by BNB Chain and Binance Labs, selects developers and startups that require the proper setup to continue developing and scaling cutting-edge Web3 products and dApps for users. It offers funding, mentoring, and community-based support for these initiatives.