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The partnership with Alibaba Cloud will help Chainbase focus on making its data network more decentralized by improving storage and computing power.
Chainbase has announced its partnership with Alibaba Cloud, which has helped reduce its operational costs by half. The Chainbase team revealed that they were able to maintain a continuous operation without any downtime during the migration process.
The partnership with Alibaba Cloud will help Chainbase focus on making its data network more decentralized by improving storage and computing power. Chainbase also wants to use Alibaba Cloud’s community resources to speed up the building of its network and AI models, but the timeline has yet to be shared. They stated:
“Looking ahead, we will focus on enhancing storage I/O and GPU computing power to decentralize the data network. We also plan to leverage AlibabaCloud_jp’s community resources to accelerate our network and AI model development.”
Chainbase Accelerate Network and AI Model Development
The blockchain company was founded in 2021, it provides necessary solutions to help the development of blockchain applications. Chainbase in mid-July, raised $15 million in Series A funding, which was co-led by Tencent and Matrix Partners China. Chainbase plans to launch its mainnet and governance token, CBT, by the fourth quarter of 2024.
Chainbase has rapidly grown to become the largest omnichain data network. It connects all blockchain data into one system, providing transparent data for AI to use. The platform has also gained more than 15,000 developers and data scientists. More so, around 8,000 applications have been built on it.
To foster its growth, Chainbase moved its blockchain data platform to Alibaba Cloud, making its service faster and cheaper, which opened the door for reinvesting in its business expansion. It was revealed that Chainbase’s previous partner was cost-effective, but as the company got bigger, it realized the need to improve its efficiency to grow faster; at this time, the operating expenses became a challenge, and it took away resources meant for business growth. Chainbase CEO Mogu stated:
“We’re excited about this partnership with Alibaba Cloud! Alibaba Cloud’s range of Web3 solutions marks it as a vital partner for Chainbase in our global expansion. While we have experimented with other cloud providers to host our core services, none were able to provide the speed, scalability and suite of tools that Alibaba Cloud could offer.”
This partnership will make Chainbase’s work more secure, stable, and efficient as it grows. Alibaba Cloud promised to always support Chainbase’s growth. The team revealed that they would back Chainbase’s plan to be fully decentralized later in the year. They noted that they would provide more storage IO and GPU computing power to ensure it becomes achievable.
Alibaba, well known for its e-commerce services, has been getting more involved in the blockchain industry, showing the company’s plan to diversify. In September 2023, a company owned by Alibaba, Ant Group Digital Technologies, started a ZAN brand that provides tools for developing blockchain projects.
