Google Cloud Coldline is a new cold-tier storage for archival data with access frequency of less than once per year. Unlike other cold storage options, Nearline has no delays prior to data access, so now it is the leading solution among competitors.
The Real description is about Coldline storage Class:
Coldline Storage
Coldline Storage is a very-low-cost, highly durable storage service for storing infrequently accessed data.
Coldline Storage is a better choice than Standard Storage or Nearline Storage in scenarios where slightly lower availability, a 90-day minimum storage duration, and higher costs for data access are acceptable trade-offs for lowered at-rest storage costs.
Coldline Storage is ideal for data you plan to read or modify at most once a quarter. Note, however, that for data being kept entirely for backup or archiving purposes, Archive Storage is more cost-effective, as it offers the lowest storage costs.
https://cloud.google.com/storage/docs/storage-classes#coldline

Implied rules Every VPC network has two implied firewall rules. These rules exist, but are not shown in the Cloud Console: Implied allow egress rule. An egress rule whose action is allow, destination is 0.0.0.0/0, and priority is the lowest possible (65535) lets any instance send traffic to any destination, except for traffic blocked by Google Cloud. A higher priority firewall rule may restrict outbound access. Internet access is allowed if no other firewall rules deny outbound traffic and if the instance has an external IP address or uses a Cloud NAT instance. For more information, see Internet access requirements. Implied deny ingress rule. An ingress rule whose action is deny, source is 0.0.0.0/0, and priority is the lowest possible (65535) protects all instances by blocking incoming connections to them. A higher priority rule might allow incoming access. The default network includes some additional rules that override this one, allowing certain types of incoming connections. https://cloud.google.com/vpc/docs/firewalls#default_firewall_rules

Logged onto console and followed the steps and was able to see all the assigned users and roles.

Reference: https://cloud.google.com/storage/docs/managing-lifecycles
Nearline Storage is ideal for data you plan to read or modify on average once per month or less. And this option archives just the noncurrent versions which is what we want to do.
Ref: https://cloud.google.com/storage/docs/storage-classes#nearline