Technology

Google Cloud’s web3 portal launch sparks debate in crypto industry

Google Cloud has unveiled its latest initiative, a Web3 portal tailored to blockchain developers, featuring datasets and tutorials on creating non-fungible tokens (NFTs). However, the reception within the cryptocurrency sphere has been mixed, with voices from both ends of the spectrum expressing their opinions.

Google Cloud's web3 portal launch sparks debate in crypto industry

Critics have pointed out what they perceive as shortcomings in the portal’s offerings. Phil Geiger, vice president of product marketing at Unchained, lamented the absence of native support for Bitcoin and lightning, labeling it as a significant oversight. Similarly, renowned pseudonymous crypto trader MartyParty, with a substantial following, voiced disappointment over what he deemed as Google lagging behind in the rapidly evolving landscape of blockchain technology.

Despite the criticisms, some industry figures have welcomed the initiative with open arms. Ivaibi Festo, founder of Mitroplus labs, hailed the Web3 portal as a “comprehensive resource,” highlighting its potential utility for developers in a post dated April 25. The portal, as advertised on its website, offers developers access to a plethora of tools, including testnet tokens for deploying and testing decentralized applications (DApps) on Ethereum’s testnets Sepolia and Holesky.

Additionally, it provides a structured learning program encompassing tutorials on NFT development, implementation of Web3 loyalty programs, and the intricacies of securing digital assets through multi-party computation (MPC). This move by Google Cloud comes amidst a series of recent forays into the Web3 space. Notably, Google has expanded its search features to enable users to query wallet balances across various blockchains, including Bitcoin, Arbitrum, Avalanche, Optimism, Polygon, and Fantom.

Earlier this year, Google revised its advertising policies to permit certain crypto products, including Bitcoin exchange-traded funds (ETFs), to be promoted on major search engines. The groundwork for these developments was laid through strategic partnerships, with Google Cloud’s BigQuery data warehouse integrating with MultiversX in October 2023, facilitating data analytics and artificial intelligence for Web3 projects and users.

Furthermore, Google’s BigQuery has steadily expanded its repertoire, adding support for 11 additional blockchain networks in September 2023. These include prominent networks such as Avalanche, Arbitrum, Cronos, Ethereum’s Görli testnet, Fantom, Near, Optimism, Polkadot, Polygon’s mainnet, Polygon’s Mumbai testnet, and Tron. Google’s entry into the Web3 domain underscores the growing importance of blockchain technology and its applications, while also igniting discussions within the crypto community about the future trajectory of the industry.

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