Google believes that internet speed is not fast enough and said it is building a new-and-improved network that will work 100 times faster than the cable and DSL services that the majority of Americans use today.

The Mountain View Internet giant announced in a company blog, that it plans to build a series of ultra high-speed fiber optic broadband networks that will pump out 1GB bps (bit per second) connections to the lucky “50,000 to 500,000 people” within their reach.

“We are doing this because we want to experiment with new ways to make the Web better and faster for everyone, allowing applications that would be impossible today, said Google product manager James Kelly.

Analysts have long speculated on Google’s fiber holdings, as the company has been buying fiber lines in the US for some years now.

Now the search engine giant – which launched Google Buzz yesterday as its first attempt at a social network -- appears ready at last to run real networks on the fiber.

Google also has close ties with fiber infrastructure wholesalers like Level 3, according to the company blog.

“We hope this will serve as an example to other network operators that the open model should not be feared, but should be emulated,” Markham Erickson, Executive Director of the Open Internet Coalition, said in a release today.