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Google launches cloud-based node engine for Ethereum devs

By Raphael Sanis

Edited by Charlie Mellor

09:31, 28 October 2022

The Google logo and a pile of Ethereum (ETH) coins
Google’s blockchain nodes will first be available for Ethereum – Photo: Shutterstock

Google (GOOGL) is not shying away from blockchain technology this month. Just over two weeks after announcing a Coinbase partnership, the technology giant has revealed plans to host blockchain nodes.

The Blockchain Node Engine is a fully managed service that allows developers to quickly and easily deploy nodes – the computers that support a crypto network.

The service will initially be available on the Ethereum (ETH) blockchain. But GOOGL has not clarified whether it will expand to other cryptocurrency networks.

GOOGL to USD

Fully managed nodes

Nodes are an integral part to blockchain technology. These computers make up the peer-to-peer network that exchanges data and keeps the blockchain in sync. Larger amounts of nodes will lead to a more scalable, decentralised and secured network.

However, setting up nodes is a complex and time-consuming process. It involves installing the Ethereum software and syncing with the network.

BTC/USD

66,824.50 Price
-0.490% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 21:00 (UTC)
Spread 106.00

ETH/USD

3,494.91 Price
-0.670% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 21:00 (UTC)
Spread 6.00

XRP/USD

0.60 Price
+0.220% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 21:00 (UTC)
Spread 0.01168

SOL/USD

173.57 Price
-0.260% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 21:00 (UTC)
Spread 2.2651

Meanwhile, Google said: “Blockchain Node Engine can make this process faster and easier by allowing developers to deploy a new node with a single operation.”

This engine was designed for Web3 companies to easily enter the market and deliver their services. It enables them to “deploy smart contracts, and read or write blockchain data with the reliability, performance and security”.

Google’s Web3 presence

This node engine is an addition to a wealth of different Web3 services offered by Google Cloud. They are split into three different categories, scalability, security and efficiency. According to Google:

“Web3 companies and projects choose Google Cloud because it’s faster and easier to get things done. Reduce the need for infrastructure maintenance, custom tooling, and operations.”

Companies using these services include Sky Mavis, which is behind axie infinity (AXS), along with the market intelligence platform Nansen.

Markets in this article

GOOGL
Alphabet Inc - A (Extended Hours)
177.97 USD
-0.32 -0.180%
ETH/USD
Ethereum / USD
3494.91 USD
-23.69 -0.670%
AXS/USD
AXS/USD
6.46 USD
-0.07 -1.100%

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The difference between trading assets and CFDs
The main difference between CFD trading and trading assets, such as commodities and stocks, is that you don’t own the underlying asset when you trade on a CFD.
You can still benefit if the market moves in your favour, or make a loss if it moves against you. However, with traditional trading you enter a contract to exchange the legal ownership of the individual shares or the commodities for money, and you own this until you sell it again.
CFDs are leveraged products, which means that you only need to deposit a percentage of the full value of the CFD trade in order to open a position. But with traditional trading, you buy the assets for the full amount. In the UK, there is no stamp duty on CFD trading, but there is when you buy stocks, for example.
CFDs attract overnight costs to hold the trades (unless you use 1-1 leverage), which makes them more suited to short-term trading opportunities. Stocks and commodities are more normally bought and held for longer. You might also pay a broker commission or fees when buying and selling assets direct and you’d need somewhere to store them safely.
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