To promote the growth of Web3 technology in Asia and the Middle East, the NEAR Foundation, a nonprofit organization in charge of developing the NEAR protocol, has partnered with Alibaba Cloud.
As a result of this agreement, a larger developer community will be able to build projects using the NEAR protocol thanks to the NEAR Foundation’s access to Alibaba Cloud’s developer ecosystem in these areas. Additionally, Alibaba Cloud’s “plug-and-play” infrastructure is available to developers looking to set up new NEAR validators, making the process of launching and managing validators simpler. In order to facilitate communications, Alibaba Cloud will also provide remote procedure calls as a service to developers and users inside the NEAR ecosystem.
Additionally, Alibaba Cloud will provide multi-chain indexing, giving developers access to a data-query application programming interface (API). With the help of this feature, developers creating applications based on the NEAR protocol may access blockchain data quickly and easily.
The cooperation is very important to the NEAR Foundation because it increases its visibility in the fast growing Web3 market, especially in areas where it is still in its infancy but has immense promise. The significance of the partnership in assisting Web3 developers and allowing developers and validators in Asian countries to take use of Alibaba Cloud’s enormous infrastructure was stressed by Raymond Xiao, head of international Web3 solutions at Alibaba Cloud Intelligence.
Particularly noteworthy is the potential increase in NEAR’s popularity in China as a result of the collaboration with Alibaba Cloud, a well-known and well-liked platform in the nation and across Asia. The recent news that pro-crypto figure Joseph Tsai would succeed Jack Ma as Chairman of Alibaba further solidifies the possibilities for NEAR in the Chinese market. Tsai’s participation in a number of cryptocurrency projects, such as FTX, Polygon, and Artifact Labs, demonstrates his enthusiasm for the sector.
In the past, the NEAR Foundation has concentrated on developing decentralized solutions for several industries, including gaming and banking. Through the alliance with Alibaba Cloud, NEAR will be able to reach a wider audience in an effort to increase user adoption and the decentralization of the blockchain ecosystem.
NEAR’s native token had an 8% increase after the news, hitting $1.57. The token’s current price of $1.56 is a stunning 31% growth over the last 14 days. Recent initiatives by NEAR, such the introduction of its Blockchain Operating System (BOS), have helped it gain more traction in the Web3 industry. The BOS platform gives developers the ability to interact with other network members and create decentralized apps.
In conclusion, the NEAR Foundation’s collaboration with Alibaba Cloud gives the NEAR protocol the tools it needs to hasten the spread of Web3 across Asia and the Middle East. This partnership increases infrastructure, broadens the development community, and encourages Web3 technology adoption throughout the area.
