Published: 29.04.2022
Article reading time:
2 minutes.
Former Google CEO Eric Schmidt stated that Web3 has great potential and called it the most interesting component of the latest technology.
In a conversation with CNBC, Eric Schmidt shared his opinion on the development of the blockchain and cryptocurrency industry. Schmidt served as Google’s CEO from 2001 to 2011, he also served as Google’s executive chairman until 2017, and as the company’s technical advisor until 2020. Schmidt’s fortune is estimated at $20 billion.
According to the billionaire, if he now started his career as a software engineer, he would work with artificial intelligence (AI) or Web3 algorithms. His interest in Web3 is related to “tokenomics”, which describes the characteristics of the supply and demand of digital assets. Schmidt believes that in the future, Web3 may introduce new content ownership models and ways to reward people.
“The economics of Web3 and its usage patterns are interesting. So far, their potential has not been realized, but this can be achieved in the future. The new model of the Internet, in which the user can control his identity without the participation of a central authority, is very effective. I remember the feeling that I had at 25 years old – I was sure that everything would become decentralized, ”said Schmidt.
The former Google executive said he has become invested in cryptocurrencies, but did not specify which ones. According to Schmidt, the problem with blockchain technology is that developers spend most of their time making sure that no one is attacking their systems, which Schmidt called “incredibly wasteful.”
A few years ago, Schmidt spoke positively about Ethereum, saying that it has great potential for business and society.
Source: Bits
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