Could we see a Google cryptocoin, or something else?
It’s been over ten years since Satoshi Nakamoto unleashed Bitcoin on the world and introduced us to the blockchain. Since then, we’ve become inundated with technology powered by these cryptographically linked lists of data. Even though blockchains are pushing at the margins of popular perception, they have yet to find a mainstream use outside of the niches of cryptocurrencies and NFTs. However, that may be about to change, as Google is reportedly venturing into blockchain technology.
The folks at Bloomberg got a glimpse at an email naming Shivakumar Venkataraman as the new vice president of a unit focused on “blockchain and other next-gen distributed computing and data storage technologies.” Venkataraman has worked at Google for nearly 20 years, previously heading up ads on search and other company-owned properties.
As part of his new role, Venkataraman will be one of the executives overseeing the revitalized and repurposed Google Labs. The previous incarnation of Labs, which closed in 2011, was public-facing, acting as a sort of a beta program for testing its new product features. Ten years later, Labs is back, now as an internal group focused on incubating “high-potential, long-term” projects.
Does all of this mean that Google is developing a cryptocurrency? It’s possible. Just yesterday, the company’s commerce executive Bill Ready told reporters the company was paying attention to the crypto space when discussing plans for the future of Google Pay. It wouldn’t be the first tech giant to give it a shot. Meta is currently attempting — and struggling — to get its cryptocurrency Diem off the ground.
Meanwhile, Twitter, Discord, and Reddit are also dipping their toes into the blockchain waters. Twitter is experimenting with crypto tips and NFTs. Discord, which is already home to plenty of NFT groups, has hinted at partnering with crypto wallet provider MetaMask. And Reddit is hiring software developers to build out an NFT platform to “build the largest creator economy on the internet.”
Ultimately, it’s too early to do anything more than speculate. Google could be developing a cryptocurrency, or it might just be something more mundane, like adding transaction history into Pay. Given Venkataraman’s background in delivering targeted ads, this new project could even be building a blockchain targeted exclusively to you.
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