The head of Google Cloud Web3 says the crypto industry is too focused on token prices instead of figuring out how to use smart contracts to solve real-world business problems.
In an interview with Cointelegraph, Google Cloud Web3 lead James Tromans emphasized the need to focus more on the business logic in smart contracts rather than the supply and demand dynamics of tokens:
“What business problem are you hoping to solve? When you run a smart contract to execute some business logic to solve your business problem, you are using the token, but the token is not the problem, the business problem is the problem.”
“So I hope we stay away from all the talk about tokens and token speculation as if that’s Web3 — that’s not Web3,” Tromans added.
One of Google Cloud’s main blockchain services is the Blockchain Node Engine, which provides users with self-hosted nodes to access blockchain data, conduct transactions, build smart contracts, and run decentralized applications.
Tromans believes that blockchain and smart contracts can bring innovation, reduce operating costs and new revenue streams.
Despite the bear market, Tromans said Google Cloud is still seeing strong demand from enterprises looking to integrate blockchain technology:
“In the past 12 to 15 months, interest in using blockchain technology to improve efficiency, reduce costs and increase the speed of innovation has not disappeared in the traditional enterprise space.”
Tromans explained that much of the demand comes from the TradFi space, which aims to solve basic financial and accounting problems. But he added that Google Cloud customers are increasingly considering integrating blockchain-based solutions into digital identity and supply chains.
Recently, digital ID has become a hot topic of debate in the Web3 world, especially with the launch on July 24 of Worldcoin, the iris biometric cryptocurrency project founded by OpenAI CEO Sam Altman in 2019.
Blockchain technology is not invisible enough
However, Tromans believes that blockchain technology is unlikely to see mass adoption, at least until the user experience improves.
“If the average end user (who is not a computer scientist, doesn’t understand blockchain) has to know their private keys – we’re doing something wrong. They have to be abstracted away,” he explained.
“When you load a web browser, you’re using a bunch of high-tech features like TCP-IP and HTTPS. These protocols don’t mean anything to most people,” Tromans added, suggesting that Web3 should strive to achieve the same The goal.
Tromans said Web3 developers need to build frictionless solutions to help users recover private keys and help manage their data so they have a “great” user experience.
Thanks @savannah_fortis Have a great fireside discussion #ProofOfTalk This week in Paris. https://t.co/U3BjAU878k
— James Tromans (@jmtromans) June 16, 2023
related: Google Cloud expands Web3 launch program with 11 blockchain companies
He said that when user experience is optimized, blockchain technology will solve problems in a range of industries.
“When that technology solves payment problems, helps games cost less, or helps artists be more creative and get paid for their work, they can have a career without actually having to understand how the technology works, to the point where crucial [and] Very, very important for widespread adoption of this technology. “
“When Web3 gets mass adoption, we won’t call it Web3. We’ll call it the web again,” he said.
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