Google created a team to study the prospects of Web 3. What does this mean?
Three months after the announcement of an active study of the prospects of Web 3 by Alphabet Inc., whose subsidiary is Google, it announced the creation of a team of specialists to work in the aforementioned field. Google Cloud Vice President Amit Zaveri told Google employees in an email that management is committed to making the cloud platform the preferred tool for Web 3 developers. Let's take a closer look at what's going on and why.
Recall that Web 3 is a new generation of the Internet, in the center of which is the blockchain, and its main focus is decentralization. Accordingly, it is not companies that own services and infrastructure that come to the fore here, but content creators and other ordinary people.
Despite the novelty of the concept, many large companies already recognize it and are making efforts to popularize innovation. In particular, at the beginning of the year, Opera developers released the corresponding version of the browser. It allows you to interact with decentralized applications and other components of the Web 3.0 world. Read more about this in a separate article .
Which companies interact with cryptocurrencies
Here is a quote from Zaveri's appeal, published by the Decrypt news outlet .
Although the world is just beginning to embrace Web3, this market is already showing great potential with many clients asking us to increase support for Web 3 and cryptocurrencies.
In other words, the driving force for the development of adoption of digital assets is directly their users. This means that large companies in any case depend on the interests of their own customers and, in addition, listen to them.
It can also be assumed here that the emergence of support for coins and blockchain technologies by large companies will lead to a similar one among organizations of smaller scale. At the very least, it would be logical on the part of the latter to attract a new audience.
Web 3 refers to the definition of the term for the next generation of Internet applications focused on decentralization. In theory, such a “new format” of the Internet will allow users to retain control over most of their data, because in the case of the same NFTs, it is the creator of the tokens who receives the income, and not the owner of the trading platform. Therefore, the Google team will be working on back-end services for developers building Web 3 applications.
In February, during its Q4 2021 earnings report, Alphabet CEO Sundar Pichai said building a team of Google Cloud specialists would be just one of the ways the company will compete in the blockchain space. Here is his remark in which he mentioned the new generation of the Internet.
With Web 3, we're definitely looking at blockchain and such an interesting and powerful technology with a wide range of applications, far more than in any other field. Therefore, as a company, we are looking at how we can contribute to the ecosystem and make a difference. One example is that our Google Cloud team is exploring ways to support our customers' needs for creating, transacting, storing, and deploying new products on blockchain-based platforms.
At the same time, innovations in the decentralization of large companies cannot yet completely secure the crypto industry from the intervention of financial regulators. The U.S. Treasury Department's Office of Foreign Assets Control (OFAC) last week for the first time imposed sanctions against a cryptocurrency mixer called Bender.io with ties to North Korea.
In a press release on Friday, Ministry officials said the service was allegedly being used by hackers in North Korea to "support their malicious activities and launder money using stolen virtual currencies."
Recall that cryptomixers are platforms that help make it much more difficult to track transactions on public blockchains like Bitcoin and Ethereum. They mix the coins of different users and send them to new addresses, thus, as if covering their tracks.
OFAC also found a "Russian trace": Bender.io was allegedly actively used by the hacker groups Trickbot, Conti, Ryuk, Sodinokibi and Gandcrab, which are based in the Russian Federation. In addition, $20.5 million, which appeared in the Ronin DeFi protocol hack in March of this year, passed through the platform . Then anonymous hackers managed to steal more than 620 million dollars.
Here's a statement on the matter from U.S. Undersecretary of the Treasury for Terrorism and Financial Intelligence Brian Nelson.
Virtual currency mixers that facilitate illegal transactions pose a threat to U.S. national security interests. We are taking action against the illegal financial activities of the DPRK and will not allow state-sponsored theft and its money laundering accomplices to go unanswered.
The Department will also update its Designated Citizens and Blocked Persons List (SDN List) to include crypto addresses associated with the Lazarus Group . This is an anonymous cybercriminal group with ties to North Korea.
We believe that the connection of giants like Google to the blockchain and decentralization niche will have a great impact on the prospects for the cryptocurrencies themselves. Still, in fact, such recognition will positively affect the reputation of digital assets. Accordingly, people outside the crypto world will have fewer and fewer reasons not to get involved with it.
Look for even more interesting things in our millionaire crypto chat . There we will discuss other important news related to the world of blockchain.
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