Google Cloud's Web3 Lead Urges Crypto Industry to Focus on Real-World Solutions Instead of Token Prices
Summary:
Google Cloud's Web3 lead, James Tromans, emphasizes the need for the crypto industry to focus on using smart contracts to solve real-world business problems rather than fixating on token prices. Tromans highlights the importance of business logic in smart contracts and discusses Google Cloud's Blockchain Node Engine service. He also comments on the demand for blockchain integration from enterprises and the necessity for improved user experience in order to achieve mass adoption of blockchain technology. Tromans envisions a future where Web3 becomes the standard and is simply referred to as "the web" again.
The head of Web3 at Google Cloud believes that the crypto industry should shift its focus from token prices to leveraging smart contracts for solving real-world business problems. According to James Tromans, businesses should prioritize the execution of business logic through smart contracts rather than being fixated on token speculation and supply and demand dynamics. Tromans emphasized the importance of addressing the actual business problems that can be solved using smart contracts. He also mentioned Google Cloud's Blockchain Node Engine as a key service that allows users to access blockchain data, conduct transactions, build smart contracts, and develop decentralized applications. Despite the bearish market conditions, Google Cloud has observed strong demand from enterprises seeking to integrate blockchain technology, particularly in the traditional financial sector. However, Tromans stressed the need for improved user experience in order for blockchain technology to achieve mass adoption. He highlighted the importance of abstracting away complex technicalities like private keys to ensure a smooth and seamless user experience. Tromans also stated that when blockchain technology solves problems related to payment solutions, gaming, and monetizing creative work without requiring users to understand the underlying technology, widespread adoption will occur. He concluded by suggesting that when Web3 achieves mass adoption, it will simply be referred to as "the web" once again.
Published At
9/18/2023 1:54:36 AM
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