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Cryptocurrency News Articles

Google Cloud's Web3 Dive Garners Mixed Industry Buzz

Apr 28, 2024 at 08:13 pm

Google Cloud's new Web3 website provides tools for blockchain development, including testnet tools, blockchain data sets, and educational resources. However, the cryptocurrency industry has had mixed reactions, with some expressing concerns about the lack of support for Bitcoin and Lightning while others welcomed the comprehensive resource.

Google Cloud's Web3 Dive Garners Mixed Industry Buzz

Google Cloud's Web3 Initiative Draws Mixed Reactions from Cryptocurrency Industry

The cryptocurrency industry has responded with a range of sentiments to the launch of Google Cloud's new Web3 site, which provides developers with testnet tools, blockchain data sets, and educational resources.

Testnet Tools and Learning Materials

Google Cloud's Web3 site offers a suite of blockchain development tools, including testnet tokens for experimenting with decentralized applications (dApps) on Ethereum's Sepolia and Holesky testnets. Additionally, it features a curated curriculum covering topics such as creating non-fungible tokens (NFTs), designing Web3 reward systems, and leveraging multi-party computation for securing digital assets.

Industry Reactions

The reaction from the digital currency industry has been varied. Phil Geiger, Vice President of Product Marketing at Unchained, expressed concern about the lack of support for Bitcoin and its Lightning Network in a post on X, stating that it "seems like a mistake to exclude the most significant cryptocurrency."

In contrast, Ivaibi Festo, founder of Mitroplus Labs, described the Web3 site as a "complete resource" in an article on X.

Google's Web3 Strategy

The launch of the Web3 site is part of a broader strategy by Google to engage with the Web3 ecosystem. Earlier this year, Google expanded its search engine capabilities to allow users to view wallet balances across various blockchains, including Bitcoin, Arbitrum, Avalanche, Optimism, Polygon, and Fantom.

Moreover, Google has revised its advertising policies to permit the promotion of certain cryptocurrency products on its main search engine, including Bitcoin exchange-traded funds.

In anticipation of the Web3 site's launch, Google has been actively forging partnerships within the industry. In October 2023, Google Cloud integrated its BigQuery data warehouse with MultiversX to provide Web3 users and projects with advanced data analytics and AI capabilities.

This integration followed Google's expansion of BigQuery in September 2023, which added eleven blockchain networks to its data warehouse, including Avalanche, Arbitrum, Cronos, Ethereum's Görli testnet, Fantom, Near, Optimism, Polkadot, Polygon's mainnet and Mumbai testnet, and Tron.

Conclusion

Google Cloud's Web3 initiative has elicited mixed reactions from the cryptocurrency industry. While some have questioned the exclusion of Bitcoin, others have praised the comprehensive resources provided by the Web3 site. Google's ongoing efforts to engage with the Web3 ecosystem indicate its commitment to supporting the growth and innovation within this emerging field.

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