Google Cloud joining the Polygon Network halts MATIC price downtrend.
Google Cloud joining the Polygon Network halts MATIC price downtrend.
Google Cloud Strengthens Polygon Network Security
The blockchain industry continues to garner attention from major players in the tech world, with Google Cloud making a significant move in this space. Google Cloud, the renowned cloud computing service provided by Google, has announced its involvement as a validator on the Polygon network (MATIC). This collaboration aims to bolster the security of the Polygon Proof-of-Stake (PoS) network by leveraging Google Cloud’s robust infrastructure.
Polygon Labs, the team behind the Polygon protocol, recently welcomed Google Cloud into their validator set. With over 100 validators responsible for verifying transactions on the Layer 2 Ethereum (ETH) network offered by Polygon, Google Cloud’s involvement adds to the collective effort in securing the Polygon PoS network. This move is expected to bring a heightened level of confidence to users of the Polygon PoS ecosystem.
The significance of Google Cloud’s participation lies in the utilization of the same infrastructure that powers popular platforms like YouTube and Gmail. By deploying this infrastructure to safeguard the Ethereum-based Polygon protocol, Google Cloud adds credibility and expertise to the ecosystem. This collaboration reflects a long-term commitment to advancing the adoption and development of Web3 technologies.
Beyond acting as a validator, the partnership between Google Cloud and Polygon Labs extends to a strategic collaboration. Both parties are dedicated to realizing a decentralized web and have released a YouTube video titled “Polygon Labs is solving for a Web3 future for all.” The joint efforts aim to make it easier to build and grow Web3 products, ultimately advancing the vision of a decentralized internet.
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The collaboration between Google Cloud and Polygon not only enhances the overall security and reliability of Polygon’s network infrastructure but also benefits users who rely on the platform for seamless and efficient blockchain transactions.
MATIC Breaks Free From 3-Month Downtrend
In addition to the exciting news about Google Cloud’s involvement, Polygon’s native cryptocurrency, MATIC, has experienced a positive turnaround. After a three-month downtrend that pushed MATIC to a yearly low of $0.5040, the token has shown signs of recovery. In the past 24 hours, MATIC’s price has surged by 1.7% and is currently trading at $0.5240.
This upward movement is supported by the Squeeze Momentum Indicator, which has broken the downtrend pattern. This indicator suggests the initiation of a recovery phase for MATIC since Friday. However, it is important to note that MATIC’s ADX indicator displays a spike downwards, indicating low volatility and a neutral battle between bullish and bearish forces in the cryptocurrency market.
Looking ahead, MATIC faces obstacles around the $0.5442 zone, which it failed to surpass on September 21. If the uptrend continues, the next significant hurdle lies at $0.5951 before reaching the $0.6000 level, which has not been achieved since late August. The sustainability of MATIC’s uptrend and its ability to strive towards its yearly high of $1,569 remains uncertain and will require further observation.
Conclusion
Google Cloud’s involvement as a validator on the Polygon network brings increased credibility and expertise to the blockchain industry. This collaboration strengthens the security and reliability of the Polygon network, benefiting users who rely on the platform for their blockchain transactions. Additionally, the positive turnaround of MATIC signifies potential upward momentum and the initiation of a recovery phase for the cryptocurrency. The future of both Google Cloud and Polygon holds promise for the advancement of Web3 technologies and the continued growth of the blockchain industry.
