July 21, 2024
Google Cloud's Ambitious Push into Web3 Technology

Google Cloud’s Ambitious Push into Web3 Technology

Many investors have shifted their attention away from cryptocurrencies and toward generative AI firms in an effort to identify the new Google Bard or OpenAI’s ChatGPT as a result of the general demand for artificial intelligence.

However, James Tromans, Engineering Director of Web3 at Google Cloud, claims that the multinational tech giant wants to close the distance between AI and Web3 with a focus on the near future and digital ownership as speculators wager on the next big thing.

“Web3 is not so much about keeping your data private,” Tromans stated. “[It’s] about owning your data and having more choice in what to do [with it], not necessarily never letting anyone touch your data.” He continued by saying that the technology can offer an additional level of security and traceability, as well as guarantee the authenticity and consistency of data.

Despite being positive about Web3, Tromans stated that he believes the technology’s major usefulness is providing solutions for business results rather than making predictions about the value of a coin.

“We have a horizontal strategy and a vertical strategy; the horizontal strategy is to make sure that we can meet our customers where they are—Web3 natives as well as people that know the [tech] industry.” Tromans commented at Google Cloud Next in San Francisco.

Tromans claimed that while Google made it a priority to hire workers with experience in Web3, the tech company also had a vertical strategy for the products it created, not just focusing on traditional corporations but also on Web3 natives.

As part of its integration with Web3, Google Cloud has validated transactions on a number of blockchains.

In an effort to capitalize on the industry’s potential and establish Google Cloud as the platform of choice for developers, Google established its inaugural Web3 team in May of last year. Google Cloud started approving transactions on the Ethereum side-chain Ronin network of Axie Infinity in September. Later in the year, Google Cloud joined the Solana network as a validator.

Although Trojans expressed optimism about the potential of blockchain technology to address economic issues, he also expressed skepticism about applications that do not call for Web3 tools, are a less suitable fit, or are attempting to force the technology into areas where it is not required.

Tromans noted that, although effective, AI wouldn’t serve as a one-stop shop for businesses and investors hoping to use the technology to distinguish the greatest Web3 ventures from marketing vaporware.

Tromans stated, “I don’t think AI is going to be the silver bullet,” adding that businesses making promises in marketing to attract money is neither new nor exclusive to the cryptocurrency industry.

According to Troman, AI will speed up the time it takes for businesses and projects to get to market. He mentioned productivity tools like AI that can create and examine smart contracts as examples.

“It’s not unreasonable to think that AI is going to help the startups time to market shrink significantly, because they’re going to have these additional tools at their fingertips to help them be more productive,” he stated.

However, some in the cryptocurrency community laugh at hosting Web3 projects on “legacy” systems like Google Cloud and Amazon’s AWS while Google is pushing deeper into Web3. Tromans claims that this is untrue.

“I understand that people have their own perspectives,” Tromans further added. “Google has its own [fiber optic lines]; we lay our own undersea cables that are helping decentralize networks.”

Possessing access to Google’s fiber network, according to him, enhances decentralization.

Developers should see Web3 technologies becoming widely and fairly embraced, according to Tromans.

“Not just the tip of the spear,” he said. “The tip of the spear is critical for getting us moving, but if we want everybody to benefit from this technology, it can’t just be one small cohort of people. It needs to be everybody.” Tromans concluded.

Image: Freepik

Disclosure Statement: Miami Crypto does not take any external funding, or support to bring crypto news to the readers. We do not have any conflicts of interest while writing news stories on Miami Crypto.

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