AIOZ Network and Alibaba Cloud: Web3 Innovations in Asia

2024-04-03, 02:57

[TL; DR]

Alibaba Cloud and AIOZ Network have entered a partnership aimed at fostering cooperation among web3 players in the Asia-Pacific region.

The DePIN alliance will use hackathons and web3 gatherings to assist blockchain developers and entrepreneurs.
The AIOZ token price may rise above $1.50 within the near future.

Keywords: AIOZ Network, Alibaba Cloud, Web3 innovations Asia, DePIN Alliance Southeast Asia, Blockchain partnership, AI and cryptocurrency, Web3 community Asia-Pacific, Cryptocurrency technology support, Decentralized infrastructure network, AIOZ token price prediction, Hackathons Web3 development, Cross-chain storage and streaming, Blockchain and AI integration, Web3 infrastructure services, Singapore Innovation Accelerator

Introduction

There is an emerging trend in the web3 sector where blockchain firms partner web2 projects to benefit more from decentralization. The increasing number of partnerships between web3 and web2 projects indicates a growing acceptance of the blockchain technology as a driving force behind modern business development.

This post looks at the partnership between AIOZ and Alibaba and its impact on the decentralized sector and the digital economy. We shall analyze the impact of the AIOZ-Alibaba partnership on the growth of the blockchain sector. Lastly, we will find how the digital community views the AIOZ-Alibaba alliance.

The Partnership at Glance

In a recent significant development, AIOZ Network - an infrastructure solution for web3- has partnered Alibaba Cloud - a global ecommerce platform that offers cloud storage facilities- to promote web3 innovations in the Asia-Pacific (APAC) region. As the following screenshot shows, using the X media platform, IOZ announced its alliance with Alibaba Cloud.

Source: x.com
The core aim of the alliance is to increase web3 development and availability in Asia. Also, one of the driving forces behind the partnership is a mutual commitment towards providing the Infrastructure-as-a-Service and related resources to the blockchain community as well as nurturing talent willing to venture into web3 projects.

This partnership is strategic in the sense that AIOZ Network will provide the required infrastructure and funding to projects that are developed on its platform while leveraging Alibaba Cloud’s advanced infrastructure services.

This DePIN alliance Southeast Asia, through the Singapore Innovation Accelerator program, will provide entrepreneurs and developers with a set of required tools. Overall, this cryptocurrency technology support will foster innovation and growth within the web3 community Asia-Pacific region.

Aiming High with the DePIN Alliance

The main aim of the DePIN Alliance Southeast Asia is to improve the infrastructure for web3 AI, storage and streaming services which support innovative applications and related services in the decentralized eco.

Also, the alliance aims to synergize their strengths and resources to foster web3 innovations Asia through supporting developers and web3 start-ups. For example, this blockchain partnership will back individual projects by hosting regional gatherings and hackathons thereby promoting knowledge exchange and collaboration which may lead to AI and cryptocurrency innovations.

Being the largest Infrastructure as a Service (IaaS) provider in Asia, Alibaba Cloud has the capacity to leverage the growth of the decentralized infrastructure network and web3 infrastructure services. On the other hand, AIOZ Network has the capacity to promote cross-chain storage and streaming capabilities in the region.

The development and growth of infrastructure services related to AI, storage, and streaming are essential for the deployment of Web3 technologies as well as blockchain and AI integration which are key aspects of the modern world and the global economy. The reason is that blockchain technology and artificial intelligence are finding their way into various sectors of the economy such as education, gaming, entertainment, finance and supply chain.

Whereas Alibaba Cloud provides its storage facilities AIOZ Network unveils its decentralized private infrastructure network (DePIN) for the benefit of various emerging web3 projects and entrepreneurs. To benefit from this alliance these stakeholders should work alongside it.

Basically, AIOZ has a global network of nodes that facilitate “the storage, transcoding, and streaming of digital media content.” More importantly, AIOZ is willing to share its blockchain expertise with the web3 innovations Asia community. Yet, on the other hand, Alibaba will avail its scalable cloud services to regional web3 start-up projects.

Voices from the Alliance

Both Alibaba Cloud and AIOZ Network are confident that their partnership will achieve its targeted objectives, which include expanding Web3 infrastructure services and hosting Web3 hackathons.

For example, through its blog AIOZ said, “This initiative seeks to consolidate industry expertise to foster innovative and resilient businesses in Singapore by facilitating access to cutting-edge infrastructure services, including AI, storage, and streaming capabilities.”

It continued, “This initiative seeks to consolidate industry expertise to foster innovative and resilient businesses in Singapore by facilitating access to cutting-edge infrastructure services, including AI, storage, and streaming capabilities. AIOZ Network will offer its infra and advisory services to the most promising projects developed on its platform.”

On the other hand, Selina Yuan, Alibaba Group’s Vice President and President of Alibaba Cloud Intelligence International Business Unit, emphasized the rationale of the partnership. She said, we are committed to continuously supporting global businesses in their digital transformation journey”.

Yuan added, “The new initiatives and the strengthening of our talented workforce further illustrate our support for global customers with ambitions to expand and upgrade their innovation capabilities, while delivering on their sustainability goals.”

Also, through its blog Alibaba Cloud said, “The new initiatives and the strengthening of our talented workforce further illustrate our support for global customers with ambitions to expand and upgrade their innovation capabilities, while delivering on their sustainability goals.”

The DePIN Network Role

In this setup the DePIN network utilizes a peer-to-peer network of nodes to provide their excess storage capacity to dapps that exist on the Ethereum and Cosmos blockchains. The sharing of storage capacity promotes the distribution of digital media content. In return, the AIOZ uses its native cryptocurrency to reward the service providers.

Community and Analyst Perspectives

The crypto community has appreciated the DePIN alliance as evidenced by the following social media posts.

Source: x.com

You can also note several comments posted on X after AIOZ announced of the partnership

Source: x.com

Finally, some Reddit users have the following to say.

Source: Reddit

The above comments summarize the feelings that many web3 enthusiasts feel about the DePIN alliance. In addition, Corleone, a pseudonymous analyst, commented on the importance of the blockchain and AI integration which the DePIN Alliance Southeast Asia promotes.

BeInCrypto quoted Corleone as saying, “AI holds immense potential, finding its place in numerous facets of our lives. The combination of AI and crypto has the potential to create a market valued in the trillions.”

Again, based on the alliance, Rekt Fencer, a technical analyst, has provided a very optimistic AIOZ token price prediction. He believes that the price of the AIOZ token may soon surge to $1.6 and $2.6 before targeting $4.

At the time of writing the AIOZ is trading at $0.83 after gaining by 3.3% within the previous 24 hours and by 169.5% within the last 30 days. The following chart summarizes the recent AIOZ’s price movement.

AIOZ Price Chart – CoinGecko

As observed, the price of AIOZ rose from $0.2214 on 5 March to $1.03 on 26 March before retracing to the current value.
You may be interested in 10 DePIN Projects to Watch in 2024

Conclusion

Alibaba Cloud and AIOZ Network have partnered with the aim of promoting the development of the web3 sector in the Asia-Pacific region. Through the partnership these firms will provide blockchain expertise and financial support to emerging web3 projects. AIOZ Network will allow the start-ups to use its blockchain infrastructure while the community will benefit from Alibaba’s cloud data storage facility.

Author: Mashell C., Gate.io Researcher

*This article represents only the views of the researcher and does not constitute any investment suggestions.

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