Alibaba Cloud and blockchain startup Chainbase have partnered to reduce operating expenses for Chainbase’s decentralized data distribution initiatives.
In an attempt to cut its operational costs for decentralized data distribution in half, Chinese cloud provider Alibaba Cloud has partnered with Chainbase, a web3 interaction layer artificial intelligence infrastructure.
The Singaporean business stated in an X release on Thursday that it will be able to concentrate on improving storage and GPU computing power in order “to decentralize the data network” thanks to the partnership. Chainlink:
“By joining forces, we’ve halved operational costs and achieved 100% uptime during the petabyte-level migration process.”
The business further stated that it is looking for a way to use the community resources offered by Alibaba Cloud “to accelerate our network and AI model development.” However, it did not specify when this would happen.
Additionally, Chainbase withheld details about its partnership with Alibaba. Chainbase, which Damon Yue founded in 2021, offers a range of products and services intended to aid in creating and expanding blockchain applications.
The business completed a $15 million Series A financing headed by Tencent Investment Group and Matrix Partners China in mid-July. According to rumors, Q4 2024 is when the Chainbase mainnet network and its governance token, CBT, are scheduled to launch.
As part of its larger diversification strategy, Alibaba has been increasing its footprint in the blockchain industry. Alibaba Group subsidiary Ant Group Digital Technologies unveiled ZAN, a brand devoted to offering blockchain development tools, in September 2023.
The effort intends to provide a broad range of blockchain goods and services tailored to fulfill the demands of both institutional and individual web3 developers.
