Google’s Foray Into Web3

Google’s cloud sector is putting together a team to help developers who run blockchain apps take full advantage of the growing interest in cryptocurrencies and similar projects. As it competes with Alibaba, Amazon, and Microsoft for dominance in cloud infrastructure, Google wants to offer back-end solutions to developers interested in creating their Web3 applications.

What’s Google’s Interest in Web3?

In an email sent out to staff , Google Cloud vice president Amit Zavery explained the goal of making Cloud Services the de facto standard in the industry. He stated, “Whereas the world remains early in its acceptance of Web3. Nevertheless, it remains an important sector already displaying significant promise, with many clients requesting us to improve our involvement for Web3 and Bitcoin-related technologies.”

Proponents of Web3 have put together a group of distributed technologies to make the third version of the Internet. It’s an ideology that aims the way the web is now, dominated by behemoths like Amazon, Microsoft, and the parent company of Facebook, Meta Platforms.

Zavery told reporters, “We’re not looking to be a part and parcel of that crypto tsunami directly.” Instead, we’re making it possible for businesses to use the decentralized infrastructure of Web3 by providing the necessary tools and infrastructure. In 2019, Google hired Zavery, a former executive at Oracle, to work in the cloud division. It came many months after Google hired Thomas Kurian, director of product innovation at Oracle, to lead Google’s cloud division.

To further demonstrate its dedication to the industry, Google is establishing an internal team to develop Web3 tools. Seeing the rising popularity of NFTs, Google’s cloud division announced in January that it would be forming a Digital Commodities Team to assist clients. The organization has indicated that it is exploring payment options that allow users to use bitcoins.

Google’s Partnerships With Web3

Google And Coinbase

To hasten the development of the Web3 system, Google Cloud will collaborate with Coinbase to build a trial program for accepting cryptocurrency payments. Coinbase will be constructing its metadata architecture on Google Cloud as a vital part of the proposed partnership, while Google Cloud will be using Coinbase Commerce to accept cryptocurrency payments for its services.

There have been rumors that Coinbase may move its workloads over to Google Cloud. In order to develop data services and new exchange to provide its clients with computer-driven crypto insights using Google’s BigQuery and VertexAI. Through its new trial program. Google Cloud will accept payment transactions for cloud services from a small subset of its Web3 ecosystem clients paying with specific cryptocurrencies through Coinbase Commerce.

According to rumors, Google Cloud will employ Coinbase Cloud to power its BigQuery cryptocurrency public datasets on many significant blockchains. These include Eth, Btc, and others. In addition, Google uses Coinbase Premier as its cryptocurrency broker and custodian for safekeeping purposes.

With the new pilot program, makers of Web3-based services may run them promptly and reliably without investing in sophisticated and expensive infrastructure. As Brian Armstrong, Coinbase’s CEO, said, “We are delighted Google Cloud has picked Coinbase to help introduce Web3 to a pioneer group of customers and give an effective solution to developers.”

Near Protocol and Google Cloud

With the announcement of their new relationship, Near Foundation and Google Cloud will be able to provide Pagoda, Near’s Web3 startup framework, to more people.

An release from Google Cloud on October 4 states that with this collaboration, they would be able to provide “technical assistance” to Near grantees by way of Pagoda as the latter’s network operator for Near’s Remote Method Call node.

A distributed application (DApp) framework, Near Protocol prioritizes ease of use for both programmers and end users. As an alternative to Ethereum, it is likewise a smart-contract-enabled and proof-of-stake network that uses sharding technology to accomplish scalability.

Google And Chainlink

Google’s meteoric rise to prominence is not coincidental. Their innovative technological prowess and capacity for establishing fruitful strategic alliances have allowed them to grow into the multinational powerhouse they are today. On June 14, it was revealed that the corporation would collaborate with Chainlink on a novel blockchain technology initiative, continuing this pattern.

Google has been seeking a way to improve communication across blockchains and its cloud-based services, which is a significant development for the company. In particular, this will lessen the dangers facing the blockchain platform, allowing BigQuery data to be used in a smart contract built on Ethereum. It would also settle speculative bets made on prediction markets and conceal activities, so they look anonymous.

It is necessary to have a trigger for a smart contract to go into effect. These events are triggered by something else, generally something not in the same chain. It implies that all “parties” to the transaction must see the information as reliable and accurate.

Google’s Impact On The Crypto Space

Sundar Pichai, Google’s CEO, acknowledged the corporation is investigating blockchain and cryptocurrencies. Pichai said, “We are looking into blockchain. It’s such a fascinating and robust technology with vast uses.” As Google’s parent organization, Alphabet (GOOGL), presented its results, which included a record spike in advertising income, bringing its market worth to $2tn (£1.4tn).

As blockchain-based and disinter-mediated (no-middleman) peer-to-peer transactions gain traction, Google is making substantial inroads into the cryptocurrency industry. Pichai’s statement offered Google’s perspective on improving upon preexisting web3 technologies by stating that the company intends to “support the best we can” in the case of blockchain solutions.

Google has plans to open up its cloud services to blockchain-based enterprises. They are also considering accepting bitcoin payments and using NFTs in their online platforms. In an attempt to catch up to the crypto-forerunners, space’s IT behemoth is adopting web3 as many other Silicon Valley firms have.

Google’s Impact On The World

According to Google’s 2015 Economic Impact Report, the corporation generated $166 billion in revenue for 1.5 million enterprises and nonprofits worldwide. It is an increase from the $131 billion it generated in 2014. Clicks on ads and search results may result in sales. Earnings growth has a noticeable effect on employment growth.

For example, the Missouri Stars Quilt firm has expanded to become the county’s top employer. The company’s 250 workers “send hundreds of goods to consumers throughout the globe” daily. CEO and founder Al Doan said, “The Internet allowed us to develop a company that has altered our community and transformed our family.”

Many large digital companies, like Google, are beginning to take blockchain seriously because of its potential to facilitate the digitization of economies, bring about intelligent automation, and promote interoperability and connection.

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