Google sees great potential in providing cryptography support and has formed the Web3 team. This team will be part of its cloud unit and will allow Google to enter the Web3 space. The company plans to provide technologies that businesses can use to make the most of the decentralized nature of the industry. As Web3 is still in its early stages, it could also help Google become a leader in the space.
Google's new Web3 team
The news about the team was reported by CNBC. The Google team plans to build services that can be utilized by Web3 and blockchain developers. Their goal is to make Google's cloud division the first choice for developers in this new industry. Google also believes that while it is still early days, the market already sees great potential. They have also received requests to add more support for cryptocurrencies and web technologies.
Google's Web3 team has employees who are part of the industry who have worked for Google or independently. But the company is clear that this is not an attempt to jump on the cryptocurrency wave directly. Instead, it just wants to provide services and technologies that businesses can use in Web3. Google CEO Sundar Pichai said the company aims to create value and contribute to the ecosystem.
What is web3?
Web3 is the concept of a new generation of the World Wide Web based on blockchain technology, including principles such as decentralization and a token-based economy. Some engineers and journalists compare Web3 to Web 2.0, where data and content are consolidated in the hands of a few companies known as “Big Tech.”
Ethereum co-founder Gavin Wood coined the phrase “Web3” in 2014, and the concept has caught the interest of crypto enthusiasts, tech giants, and venture capital organizations in 2021. In other words, Web3 is an alternative to Web2 that aims to take control of the internet away from the giant corporations and put it in the hands of users.
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