Designing a cryptocurrency is not a big deal in this digital era. There are nearly over 10,000 as of 2022 – a severe increase from just a handful of digital coins in 2013. So, you must realize that a cryptocurrency needs more than just a name to succeed. If you have to select the best option, start trading at www.bitcoin-revolution.software.
Some key indicators, such as utilization, acceptance, cost, and volume, are necessary for any cryptocurrency to succeed. Will Google be that alpha that can do justice to the contemporary demands of a functional and state-of-the-art cryptocurrency? Let’s find out:
Google Has Put Its Foot Forward in The Crypto World
Sundar Pichai, the CEO of Google, confirmed in February earlier this year that the company is exploring blockchain potential.
GOOGL, the parent company of Google, announced its financial results with a record hike in ad revenue and pushed the market cap to $2tn (£1.4tn)
Pichai says, « We are looking at blockchain; it’s such an interesting and powerful technology with broad applications.”
Google Cryptocurrency’s Announcement and Its Impact
As blockchain technology evolves, Google is making substantial gains in the cryptocurrency ecosystem. In his announcement, Pichai discussed how Google could improve current web3 advancements.
Google’s Boss also said: “Blockchain solutions are something we want to support the best we can. »
Google Cryptocurrency and The Background
To catch up with the early adopters of blockchain technology, the tech juggernaut is following in the footsteps of other Silicon Valley firms already in the web3 sphere. Because of its delayed action, Google does not benefit from being the first to adopt blockchain technology.
In the more than ten years since Satoshi Nakamoto published the Bitcoin White Paper, Google remained completely silent as this game-changing technology advanced. However, Google Cloud, on 27 January, announced the start of a new blockchain-led division named the Digital Assets Team.
How Google Cloud Will Operate
The latest service from Google Cloud will enable customers to set up and manage nodes for the Theta blockchain ecosystem. More significantly, Google Cloud will run a validator for Theta’s network, covering the entirety of Europe.
No doubt, it’s a baby step from the tech giant. However, the corporation is now collaborating with blockchain.
Allen Day, Developer Advocate for Google says, “This is one of our first validators, but we have many crypto customers. We have made Bitcoin, Ethereum, and six other cryptocurrencies’ data available through our public dataset program. This is the next step.”
By hosting a validating node from Theta, Google Cloud is now a close competitor with Blockchain Ventures, Binance, Samsung, etc. It is vital to note that Google will operate only the twelfth Theta validator. The arrival of Google has also increased the Theta network’s decentralization as those validation notes have less control by Theta Labs.
How Google Wants to Explore Cryptocurrency
According to the business, it will facilitate cryptocurrency transactions, data transfers, and digital assets such as NFTs to maintain the timeliness of settlement while allowing for scalability. By assisting blockchain developers in scaling up their operations using Google’s « safe and efficient infrastructure, » the internet search engine intends to participate in the cryptocurrency ecosystem.
Google Cloud insisted they were “Exploring opportunities in the future to enable customers to make and receive payments using cryptocurrencies.”
The industry experts took the above statement as a bullish signal for top cryptocurrencies in the market, such as bitcoin and Ethereum. A complete blockchain transaction history for Bitcoin, Litecoin (LTC-USD), Ethereum, dogecoin (DOGE-USD), and other significant crypto-tokens will also be hosted on Google Cloud, according to Google.
Coinbase Partners with Google
With the help of Coinbase, the cryptocurrency market is getting closer to being adopted by the general public. The first crypto to go public allowed investors to participate in cryptocurrency equities without needing to expressly acquire cryptocurrencies or venture into the market.
By collaborating with one of the largest businesses, Google, Coinbase has now made yet another significant step to hasten the acceptance of Web3.
Coinbase decided to pursue this relationship to unite the two businesses to increase the adoption of Web3 because the Google Cloud team is responsive to the idea of expanding the scope of cryptocurrency services and incorporating Web3.
Why Google’s Partnership with Coinbase is Significant
One of the world’s largest corporations, Google dominates online search, advertising, and a wide range of all other technological fields. Since Coinbase is a significant player in the crypto market, their partnership may help crypto gain a substantial foothold in the broad tech sector.
The two businesses will complement one another, given Coinbase’s commitment to advancing the growth of Web3 technology. The partnership ensures that Web3 will become a reality with cryptocurrency at its core.
Why Google Chose to Come into the Crypto Field
The short is revenue diversification. Let me explain.
Google is attempting to steer away from advertising as its primary revenue source. The tech giant wants to increase its presence in other emerging countries. The development of a blockchain branch under Google Cloud indicates the company’s sincere aim to shape the crypto-ecosystem through its mix of financial resources, technological know-how, and political leverage.
However, issues like user anonymity, publicly available distributed ledgers, no-permission transactions, and decentralized ownership of data and intellectual property pose hurdles for Google in the crypto sphere.
Moreover, Big names in the tech industry, like Google, are taking a serious interest in blockchain technology. They have shown resolve to
- Drive the digitization of economies
- Introduce smart automation
- Boost interoperability and communication
Wrap Up
There is minimal doubt that blockchain is the future, and businesses like Google want to be on the cutting edge of the internet. By partnering with Coinbase, Google has demonstrated that it believes cryptocurrencies to be the new normal. Partnering with Theta also shows the keenness of Google to make its mark in the crypto space.
However, there is much more to be revealed by Google. But now, it’s all speculation whether or not Google will create a superior cryptocurrency.