Google forms a Web3 team as it sees massive potential for providing crypto tech support. The team will be a part of their cloud unit and will allow Google to enter the Web3 space. They plan to offer technologies for companies to use and make the most of the decentralized nature of the industry. Since we are still in the early stages of Web3, 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. Google’s team will be building services that Web3 and blockchain developers can use. Their goal is to make Google’s cloud unit the first choice for developers in this new industry. Google also believes that the market is already showing a lot of potential while we are still in the early phases. They have also been receiving requests to increase their support for crypto and web tech.
Google’s Web3 team will have employees who have been a part of the industry working at Google or independently. However, the company has cleared that this is not an attempt to directly ride the crypto wave. Instead, they simply want to offer services and technologies that the companies can use with Web3. Sundar Pichai, CEO of Google, said that they are looking to create value and contribute to the ecosystem as a company.
What is web3?
Web3 is a notion for a new generation of the World-Wide-Web based on blockchain technology, which includes principles like decentralization and token-based economy. Some engineers and journalists have compared it to Web 2.0, in which data and content are consolidated in a small handful of businesses known as “Big Tech.”
Ethereum co-founder Gavin Wood created the phrase “Web3” in 2014, and the concept piqued the interest of cryptocurrency enthusiasts, huge technological corporations, and venture capital organizations in 2021. In other words, one can say Web3 is a replacement for Web2 and aims to take control of the internet away from giant companies and place it in the hands of the users.
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