NEAR Foundation, a pioneer in the field of carbon-neutral layer-1 blockchain networks, announced a strategic partnership with Alibaba Cloud, the computing and storage arm of Chinese tech giant Alibaba. The collaboration aims to accelerate Web3 growth in Asia and the Middle East, leveraging Alibaba Cloud’s vast developer ecosystem and NEAR’s scalable infrastructure.
NEAR stands out in the blockchain landscape for its innovative implementation of sharding called Nightshade, which ensures scalability and security. But what truly sets NEAR apart is its user-centric approach, making it accessible and user-friendly for both developers and users alike.
Empowering Creators and Developers Through Token Economics and Rewards
Token economics play a pivotal role in NEAR’s ecosystem, benefiting creators and developers in unique ways. Contracts developed on the platform generate fees, and their creators receive a generous 30% share of those fees. Network participants, on the other hand, earn rewards for validating transactions and providing storage, fostering a collaborative and rewarding environment.
NEAR’s interoperability is a key advantage, allowing seamless communication with other chains and ecosystems. By providing scalable infrastructure and services, NEAR becomes an invaluable L1 network for developers and users seeking a versatile blockchain solution.
The NEAR Foundation, responsible for driving ecosystem development for the NEAR protocol, is partnering with Alibaba Cloud to take Web3 growth in Asia and the Middle East to new heights. The collaboration grants the NEAR Foundation access to Alibaba Cloud’s expansive developer ecosystem, enabling them to attract more developers to build on the NEAR protocol.
Streamlined Validator Launch and Enhanced Developer Experience
Developers interested in launching new NEAR validators will have access to Alibaba Cloud’s “plug-and-play” infrastructure as a service, streamlining the process and reducing barriers to entry. This collaboration will undoubtedly spark a surge of developer activity within the NEAR ecosystem, bringing fresh ideas and innovations to the forefront.
To further enhance the developer experience, the NEAR Foundation and Alibaba Cloud will offer remote procedure calls (RPC) as a service to developers and users. This service allows seamless data reading and transaction execution across different networks and blockchains. Additionally, multi-chain indexing will be available, providing developers with a comprehensive data-query application programming interface (API) for their projects.
Web3 Growth – Enhanced User Experience and Market Recognition
Users, too, will benefit from this partnership. NEAR’s Blockchain Operating System (BOS), launched earlier this year, provides a platform for developers to build and interact with other users. By integrating Alibaba Cloud’s infrastructure, NEAR users can enjoy a seamless and robust user experience.
The announcement of the partnership sent the price of NEAR soaring by 8% to reach $1.57 on Monday. This surge reflects the market’s recognition of Web3 growth and the significant potential that lies in the collaboration between NEAR Foundation and Alibaba Cloud.
Alibaba’s recent appointment of Joseph Tsai as Chairman adds even more weight to this partnership. Tsai’s active involvement in the Web3 space and his track record of signing deals with crypto-related entities signal Alibaba’s commitment to exploring the opportunities presented by blockchain technology.
A Promising Milestone for Web3 Growth in Asia and the Middle East
Raymond Xiao, the head of international Web3 solutions at Alibaba Cloud Intelligence, emphasized the importance of the NEAR Foundation and Alibaba Cloud partnership. He stated, “It is also significant for developers and validators in the Asian markets, as they can leverage Alibaba Cloud’s comprehensive infrastructure in Asia.” This collaboration creates a fertile ground for developers and validators, empowering them to harness the full potential of blockchain technology in the region.
The partnership between NEAR Foundation and Alibaba Cloud marks a significant milestone in the realm of Web3 growth in Asia and the Middle East. By combining NEAR’s scalable and user-friendly infrastructure with Alibaba Cloud’s extensive developer ecosystem, this collaboration opens up exciting possibilities for developers, validators, and users alike. As blockchain technology continues to reshape industries, this partnership sets the stage for a vibrant and thriving Web3 ecosystem in the region.