There are few other companies as prominent and influential in the development of the Internet that we know of today as Alphabet (GOOG) 2.88%) (GOOGL) 2.83%). The tech giant has its hands in almost every niche on the internet, from its search engine to its cloud services to its own smartphone.

Despite its success, Alphabet recognizes that a new frontier has the potential to help usher in a new era of the Internet known as Web3.

The next iteration of the internet is being built

Unlike Web2, which has dominated Alphabet’s Google, Web3 refers to the next generation of the Internet, which focuses on decentralization, security, and interoperability between different protocols. To achieve this, blockchains have become the building blocks for developers due to their inherently secure and decentralized nature.

In May of this year, Google formed a Web3 division to capitalize on the “tremendous potential” that Web3 holds. Although still in its early days, Google has already released a handful of innovative solutions that should ensure the company can stay relevant in the Web3 age.

Instead of creating your own blockchain like Bitcoin either Ethereal, Google wants to “build a giant bridge” between Web3 developers and blockchains by offering node services through Google Cloud. Known as the Blockchain Node Engine, this service essentially makes Google the backbone of Web3 and acts as a “layer 0” for Web3 development.

A node is a container that runs code for cryptographic networks and typically runs on a computer or server. It is an essential component of Web3 and is required for networks like Ethereum to function properly. The more nodes a network has, the more decentralized, scalable, and secure it can become.

However, the work involved in propping up, running, and maintaining a node can be timely and expensive. To mitigate this, developers can use the Blockchain Node Engine to build new applications on the blockchain of their choice. By doing so, developers do not have to worry about installation, maintenance, and maintenance. Instead of waiting for nodes to sync with the network, which can take several days, developers can get up and running right away.

In addition, Google offers cutting-edge security features for the blockchain infrastructure that are currently limited in the market. Developers can use built-in firewalls to ensure that only designated machines can communicate with each other. And best of all, if Google will keep the node. If it fails, the node automatically restarts so developers can focus on development.

Currently, only Ethereum is supported by the Blockchain Node Engine, but there is optimism that Solarium it will also be available sometime in 2023 and according to other comments, more blockchains should be added in the future.

An all time bargain buy

It may seem counterintuitive or a conflict of interest for Google to embrace Web3 when you consider that much of the success it has enjoyed over the past two decades stems from allegedly monopolistic business practices that collect user data. Concerns about whether Google will turn Web3 into just another version of the centralized Web2 are probably justified.

But there are reasons to be at least slightly optimistic that Google’s Web3 division is aware that this Internet age requires a different approach. Fortunately, it seems that Google’s chief strategist for Web3 is aware of this conundrum. At the Mainnet conference in New York City in September, Richard Widmann acknowledged that the point of Web3 is to maintain decentralization and security and that “if everything runs on Google, I’ll be the first to say it’s a problem.”

Many Web3 believers were probably optimistic that it would put an end to some of Web2’s major players or at least unravel some of its power. But based on Google’s progress with the Blockchain Node Engine, it looks like the company could only increase its dominance on the internet. Although Alphabet’s shares are down nearly 40% this year, when considering Google’s current control of Web2 and its goals to become a major player in Web3, investors should view the recent stock decline as one more reason. to add to your portfolio for a long time. -long-term success.