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James Tromans, the leading figure behind Google Cloud's Web3 initiative, recently voiced his concern that the crypto sector is overly concerned with token valuations. He emphasized that the industry should be more intent on utilizing smart contracts to tackle tangible business challenges.
Tromans commented that while tokens are utilized in executing smart contracts, it is the resolution of the business problem that should take precedence. He believes the current discourse overemphasizes tokens and their speculative nature, which he feels is a misrepresentation of the core of Web3.
One of the primary offerings of Google Cloud in the blockchain domain is the Blockchain Node Engine. This platform allows users to establish their node, facilitating them to retrieve blockchain information, initiate transactions, create smart contracts, and launch decentralized apps.
Tromans is bullish on the transformative power of blockchain and smart contracts. He believes these tools can usher in novel advancements, diminish operating expenses, and carve out new revenue avenues. Despite a downturn in the market, Google Cloud has observed sustained interest from corporate entities aiming to assimilate blockchain into their operations. He mentioned that a significant portion of this enthusiasm originates from the traditional finance segment, seeking solutions for fundamental finance and bookkeeping challenges.
Additionally, the integration of blockchain-based systems in domains like digital identification and supply chains is gaining traction among Google Cloud's clientele. The recent unveiling of Worldcoin, a project that centers on iris-based biometric cryptocurrency, spearheaded by OpenAI's CEO Sam Altman, underscores the increasing prominence of digital identity in the Web3 landscape.
However, Tromans contended that for blockchain to reach a broader audience, there's a pressing need for an enhancement in user experience. He illustrated his point by stating that when an individual opens a web browser, they use intricate protocols like TCP-IP and HTTPS without needing to comprehend their intricacies. Similarly, Web3 should aim for this level of seamless experience.
For the technology to gain mainstream acceptance, it should operate in the background, facilitating functionalities without demanding technical knowledge from the user. Tromans concluded by predicting that once Web3 becomes ubiquitous, it'll simply be referred to as the web.
