On Thursday, Seattle's mayor, computer scientists at the University of Washington and the Gigabit Squared firm together announced plans involving the installation of high-speed fiber optic broadband and wireless service in Seattle.

With the announcement underscoring the potential for a notably much speedier Internet, Seattle's Mayor Mike McGinn said that a gigabit Internet connection for Seattle was clearly on the cards in future.

The endeavor announced by McGinn, University of Washington computer scientists, and Gigabit Squared will be part of Seattle's Gigabit Neighborhood Gateway Program; with the pilot project to be initially launched in 12 different neighborhoods of Seattle.

As per the Mayor's Office, the gigabit Internet service - which will kick off by the end of 2014 - will give a notable boost to business development, along with giving another Internet option to the consumers.

According to the announcement, there will be three versions of the high-speed gigabit Internet connection in Seattle; namely, fiber connections for homes and businesses; gigabit connections out-and-out for multi-family homes and offices; and "next generation mobile wireless Internet."

Though there has thus far been no official disclosure about the charges which customers will have to pay for using the network gigabit Internet connection in Seattle, a statement on the website of Gigabit Squared said: "Our rates are yet to be finalized, but households and businesses should expect extremely competitive rates."