Eric Schmidt, the former chief executive of Google, recently shared his thoughts on cryptocurrency and Web3.
Schmidt states that he has invested “a little bit” of money in cryptocurrencies, but does not specify which ones. However, he believes that the most intriguing aspect of blockchain is not digital assets. It is the Web3’s future.
He continues by stating that if he could begin his career as a software developer today, he would concentrate on artificial intelligence algorithms or Web3.
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In an interview with CNBC, Schmidt said:
“A new internet model in which you, as an individual, own your identity and do not have a centralized management is extremely powerful. It’s really enticing and decentralized. I recall having the notion at the age of 25 that decentralization would be everything.”
Web3 is a term coined by some developers to refer to a new type of internet service built on decentralized blockchain technology.
More Interested In Web3 Than Crypto
The idea, at least in theory, is to create a system in which it becomes far more difficult for a few corporations — such as Google, which Schmidt helped develop from a Silicon Valley start-up to a global technology giant — to control enormous amounts of internet data and content.
Schmidt, whose net worth is estimated to be approximately $23 billion, said that his interest in Web3 is motivated by “tokenomics,” the study of the supply and demand aspects of cryptocurrencies.
Crypto total market cap at $1.76 trillion on the daily chart | Source: TradingView.com
Noting that Web3 may introduce novel models of content ownership and new methods of compensating individuals, the former Google executive explained that the economics, platforms, and usage patterns of Web3 are all “very exciting.”
A Waste Of Money?
Schmidt admits that he admires cryptocurrencies, but notes that most blockchain networks spend considerable time ensuring they are not targeted. According to the former Google top boss, the move is a waste of money.
Numerous high-profile figures of the technology industry have been dabbling in cryptocurrency recently. The primary objective has been to gain an understanding of the technology and its economics. Elon Musk, Tesla CEO, is a major proponent of cryptocurrency.
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Schmidt co-wrote the book “The Age of AI” last year as a roadmap for the technology’s future.
He also joined Chainlink Labs, a San Francisco-based research initiative, in December as a strategic consultant.
Chainlink Labs uses blockchain technology to create “smart contracts” that promote “economic fairness, transparency, and efficiency,” according to the initiative’s website.
Featured image from Techzine Europe, chart from TradingView.com