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Our analysis of the situation
Chainbase has recently announced its strategic partnership with Alibaba Cloud, a move aimed at significantly reducing operational costs and streamlining its expansion plans. This collaboration has proven highly effective, enabling Chainbase to maintain continuous operations without any downtime during the migration process.
The partnership with Alibaba Cloud signifies a pivotal step for Chainbase as it seeks to not only enhance its storage and computing capabilities but also to accelerate the development of its network and AI models leveraging Alibaba Cloud's community resources.
Looking ahead, Chainbase is poised to elevate its data network by focusing on improving storage I/O and GPU computing power to further decentralize the network. Additionally, plans are underway to utilize Alibaba Cloud’s community resources to fast-track network and AI model development, although a specific timeline for implementation has yet to be disclosed.
Established in 2021, Chainbase has emerged as a leading omnichain data network, offering essential solutions for the development of blockchain applications. With a recent successful raise of $15 million in Series A funding in mid-July, co-led by Tencent and Matrix Partners China, Chainbase is geared up for the launch of its mainnet and governance token, CBT, by the fourth quarter of 2024.
As the largest omnichain data network, Chainbase seamlessly connects all blockchain data into a single system, providing transparent data for AI utilization. Boasting a community of over 15,000 developers and data scientists, the platform has been the foundation for the development of more than 8,000 applications.
To fuel its growth trajectory, Chainbase transitioned its blockchain data platform to Alibaba Cloud, thereby enhancing service speed and affordability, consequently unlocking opportunities for reinvestment in business expansion. CEO Mogu expounded on the significance of this partnership with Alibaba Cloud, emphasizing the unparalleled speed, scalability, and suite of tools that Alibaba Cloud offers.
This partnership is poised to fortify Chainbase's operational stability and efficiency while supporting the company's pursuit of full decentralization. Furthermore, Alibaba Cloud has pledged its unwavering commitment to bolstering Chainbase's growth and development, promising to provide the necessary storage IO and GPU computing power to realize the company's decentralization goals.
Alibaba Cloud's foray into the blockchain industry reflects the company's diversification strategy, evident in the establishment of the ZAN brand by Ant Group Digital Technologies, an Alibaba-owned company, designed to provide tools for developing blockchain projects.
The partnership between Chainbase and Alibaba Cloud represents an exciting convergence of expertise and resources, set to galvanize Chainbase's expansion efforts and reinforce its position as an industry leader in the omnichain data network space.
Disclaimer: Our articles are NOT financial advice, and we are not financial advisors. Your investments are your own responsibility. Please do your own research and seek advice from a licensed financial advisor beforehand if needed.
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