As the appeal of AI draws investors away from cryptocurrency, a new light rises in the shape of generative AI firms, luring those looking for the next Google Bard or OpenAI’s ChatGPT. While this shift in focus gathers traction, Google Cloud’s Engineering Director of Web3, James Tromans, claims that the tech titan anticipates combining AI with Web3, emphasizing digital ownership and enhanced security.
Tromans asserts that the essence of Web3 extends beyond mere data protection. It focuses on giving people control over their data and its choices. He says that Web3 technology emphasizes data provenance, immutability, and security, adding an extra degree of reliability.
Nonetheless, as Tromans extols Web3, he steers the conversation away from speculative token valuations. He emphasizes the technology’s ability to produce measurable business outcomes. This strategic approach includes a horizontal plan geared toward Web3 enthusiasts and a vertical strategy geared toward traditional enterprises.
The formation of Google’s Web3 team in May of the previous year signaled the convergence of Google’s aspirations and the Web3 sphere. This strategy aims to capitalize on the industry’s growing potential and promote Google Cloud as the preferred alternative among developers. Google Cloud became a transaction validator on numerous blockchains, including the Ethereum side-chain Ronin network for Axie Infinity and the Solana network.
Tromans believes that blockchain technology can solve economic problems. He tempers his enthusiasm, though, with suspicion. He warns against attempting to force Web3 into situations that do not naturally suit, claiming that not all applications require Web3 technologies.
Despite these technological endeavors, Tromans admits that AI isn’t the panacea for separating the wheat from the chaff in the Web3 cosmos. He rejects the concept that AI alone can distinguish genuine initiatives from marketing hype, recognizing that exaggerated claims are not limited to the cryptosphere.
Tromans, on the other hand, sees AI’s job as speeding project development. He believes that AI-powered productivity tools capable of authoring and reviewing intelligent contracts could drastically cut the time to market for firms.
Despite Google Cloud’s growing Web3 involvement, some crypto communities are cautious about hosting Web3 projects on established platforms such as Google Cloud and Amazon’s AWS. Tromans refutes these concerns by emphasizing Google’s massive infrastructure, which includes self-laid undersea cables that support network decentralization.
Contrary to detractors’ allegations, he notes that access to Google’s fiber optic network promotes decentralization. Tromans emphasizes the importance of equitable and widespread adoption of Web3 technologies to extend advantages beyond a specialized cohort to society.
Google Cloud sees a future where digital ownership and security coexist in an era where AI and Web3 combine. With its intentional inroads into the Web3 scene, the digital behemoth aims to reshape industry norms while promoting the cause of equality and creativity.