The NEAR Foundation has joined hands with the Alibaba group to boost overall Web3 development in the Middle East. It has come to light that the new venture would enable the NEAR Foundation complete access to Alibaba’s cloud developer ecosystem throughout Asia and the Middle East. The sole purpose of taking such a step is to pull a greater number of developers to build on the NEAR protocol. Similarly, developers looking forward to launching entirely new NEAR validators would be able to do so with Alibaba’s plug-and-play ecosystem.
At the same time, the collaboration between NEAR and Alibaba would also lay the foundation for the provision of remote procedure calls. These would be classified as a service to developers and all users in the ecosystem. RPC can be classified as a type of computer server that enables users to seamlessly and easily read blockchains and send transactions to a number of different networks. The masses currently believe that it would even offer multichain indexing to provide a data query application programming interface to a number of developers.
What to Expect From the New Venture in Web3?
Users would be able to make the best possible use of the NEAR blockchain operating system. The platform was launched earlier this year, and it enables developers to build and interact with a number of other users while using the Alibaba platform.
The head of international Web3 solutions at Alibaba Cloud Intelligence, Raymond Xiao, stated:
“The NEAR Foundation and Alibaba Cloud partnership is an important one as we continue to support Web3 developers to explore opportunities”
Similarly, the venture would also prove to be increasingly beneficial for developers and validators throughout Asian markets. It would also allow them to fully harness the power of Alibaba’s Could Comprehensive Infrastructure throughout Asia.
NEAR Jumps Amid the Partnership with Alibaba
With the news of the collaboration between the NEAR protocol and Alibaba, a sense of excitement surrounding the potential improvements in the already existing Web3 infrastructure resulted in a positive momentum in the NEAR token’s trading price. Over the course of the previous 24 hours, the token has surged by a whopping 10.18%.
The increase has inevitably pushed the trading price to almost $1.58 and the token’s market cap currently stands at the $1 billion mark. Based on the current situation, a number of analysts believe that the trading price of the token could continue to witness positive momentum for the time being.