America may be at the forefront of innovation in some areas, but it lags behind a bunch of Asian and European countries when it comes to internet speeds. In fact, a recent study by Akamai ranked the U.S. just eighth in the world with speeds a hair under 10Mbps (megabits per second). South Korea placed first with average speeds of just over 22Mbps. Despite doubling the speed, South Koreans pay just 50 bucks on average. Google aims to improve Americans' internet speeds drastically with Google Fiber.

How fast is Google fiber? Try 100x faster than the 10Mbps average. That's right, Google Fiber delivers speeds of up to 1gbps. Fiber is also a bargain when compared to traditional internet plans from companies such as Time Warner, Comcast, Verizon and AT&T. Plans start at just $0.00. You read that right, Google Fiber is free (but throttled to 5mbps.) The 1gbps service costs $70 a month and an internet plus TV bundle comes in at $120 month. A one time construction fee of $30 is also applied to your order.

Why is increasing internet speeds so important? Kevin Lo, general manager of Google Fiber, addressed this very issue during a conference call with reporters on Wednesday.

"People do more and more of what they love on the web when speeds are fast, and they walk away when speeds are slow," Lo said.

The service is highly superior to anything currently in the U.S. today. So why don't you have fiber? It's a bear to roll out a cross-country network.

"We're acknowledging readily now that building a telecom network or fiber-optic network is a really big job," Mr. Lo said.

If things like ditches need to be dug to run fiber optic wire, traffic may get disrupted and people will get ticked off.

"One big push in one city can be enormously disruptive to a community that's not ready, both for residents and city officials," he added.

As Fiber is introduced in more and more cities nationwide other internet providers are beginning to lose their monopoly like status says Julian Castro, mayor of San Antonio.

"Competition is good in these local markets, and as providers have to compete, they lower their rates on traditional Internet speed and also improve their service offerings."

The 34 cities haven't been announced at this current point in time, though I bet San Antonio wants to be chosen badly. Other areas being considered are Raleigh-Durham in North Carolina. Lo hopes to announce the exact locales by the end of 2014.

Are you interested in getting Google Fiber web service as soon as it becomes available if your area? Let me know in the comments section below.