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During the Staking Summit in Istanbul , a conference attended by hundreds of individual involved in the staking recitation of the crypto ecosystem , two expo booths stood out . They belonged to Tencent and Huawei . Amidst a backdrop eclipse by twenty - somethings clad in trendy company hoodies and giving out well - designed merchandise , the two Chinese tech giant appeared somewhat incongruous with their more stately corporate banners .
They were next to applied scientist , seller and business developers deeply entrenched in staking , where individuals pledge their crypto assets , such as Ethereum , to protocols in exchange for returns . The borrowed assets are subsequently used to corroborate transactions in blockchains implementing the “ proof - of - stake ” method .
Chinese tech giants ’ involvement in crypto sit somewhere at the crossroads of web2 and web3 thanks to their home country ’s widespread Bachelor of Arts in Nursing on cryptocurrency trading and initial coin offer . In the most common eccentric , these technical school firm are touting their computing resources to web3 startup in a way not so different from how they have been trade cloud divine service to company in more established tech vertical .
Cloud write down by company build or leveraging decentralized net are interpret to be still quite peanut . It ’s not rare for a “ mid - sized ” enterprise in web2 to spend over $ 1 million on cloud calculation , but a society turn over to be mid - sized in web3 might only be pass in the modest hundred of thou of dollars , several attendees at the consequence said .
Yet the circumscribed ticket size has n’t impeded Chinese cloud providers from venturing into crypto . As underdogs in the global cloud market , Chinese firms are far more proactive and conciliate with customers because they lack brand realization , specially in the West . As such , they have to compete by offer loud — or near servicing .
Beyond providing cloud infrastructure , Taiwanese firms have also been involved in area that are more removed from their core products and put them in competition with crypto - native business firm . That includes build blockchains for enterprisingness use — most tech house in China have guide clear of the public blockchain empyrean in which tokens toy a vital theatrical role due to the country ’s crackdown on crypto .
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Some players also propose node - as - a - divine service business . Blockchains , which are decentralize databases that store and cypher transaction data , are lam on distributed nodes . These nodes , however , can be expensive and complex to maintain , so companies like Huaweioffer a lymph node host service for developer , an appealing root to enterprises that want to build up decentralized applications but lack the technical sophistication to do so themselves .
Tencent and Alibaba , being the first movers amongst Chinese tech giants to the web3 blank space , have also acquaint themselves with well-thought-of projects to storm up their repute in the industry .
Tencent , for model , hasformed partnershipswith public blockchains like Sui and Avalanche as well as the Ethereum - scaling solvent Scroll .
Alibaba , on the other hand , has teamed up with Aptos , a blockchaindeveloped by former Meta employees , to amplify its name in the web3 universe . In a joint promulgation today , Alibaba Cloud and Aptos Foundation said they will be co - hosting hackathons that use the Move programming language in the Asia Pacific area .
For now , web3 is barely make a ding in Formosan technical school giants ’ top billet , but these firms know the potential of the burgeon industry and understand that they can not give to overlook the chance , even in the face of meaning market volatility and the flop of major players like FTX .
Hong Kong is chart its own web3 path despite China ’s anti - crypto stance
