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what happened
of avalanche (Avax 25.40%) Cryptocurrencies surged Wednesday thanks to a newly signed collaboration deal with Amazon (AMZN 5.81%) and its Amazon Web Services (AWS) Cloud Computing Division. As of 4:30 p.m. ET, the cryptocurrency was up 13.3% in his 24 hours.
So what
AWS wanted a default blockchain platform for managing and executing smart contracts. It can perform financial transactions and title transfers based on real-time market data. The most obvious choice was the sector leader and smart contract innovator. ethereum (ETH 4.51%)but AWS kept it interesting by going with smaller and faster competitors instead.
On Wednesday, Amazon and Ava Labs, the company that created Avalanche, published a blog post explaining how developers using Avalanche tokens will be able to access a wide range of AWS assets and features.
Ava Labs President John Woo said: “This is especially important for his early-stage and start-up Web3 project, which really benefits from the blockchain-as-a-service model.”
So
The deal made Ava Labs a member of the AWS Partner Network collection of technology providers, putting the Avalanche name front and center when AWS-based developers were looking for technology solutions. Additionally, Avalanche nodes can be deployed in an isolated GovCloud network to qualify for federal government projects with stringent security requirements.
This is AWS’s first official blockchain partnership, but probably won’t be the last. In addition to AWS support for stablecoins, cross-chain development networks, value storage coins, and more, other smart contract platforms are likely to follow in the coming months and years. But Avalanche is the first, and the fast smart contract platform should win a lot of development projects that might not have gone in that direction before.
Avalanche’s token price is down 84% from last year, even after Wednesday’s positive action. The cryptocurrency (like nearly all of its peers) has a long way to go to reach new all-time highs. Still, this deal with an important internet platform is a nice step in the right direction.
John Mackey, former CEO of Whole Foods Market, an Amazon subsidiary, is a member of The Motley Fool’s board of directors. Anders Bylund has positions at Amazon.com and his Ethereum. The Motley Fool has positions in and recommends Amazon.com, Avalanche, and Ethereum. The Motley Fool’s U.S. headquarters has a disclosure policy.
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