The former CEO of Google and American businessman Eric Schmidt recently put forward his opinion regarding the growing blockchain industry. The well known software engineer, who also served as the chairman for Google from 2011 to 2015, shared that the future of Web 3 seems far more fascinating to him rather than cryptocurrencies.
Schmidt commented that the concept of “tokenomics” has really spiked his interest in Web 3. At the same time, he also disclosed that he has invested a little amount of money in digital assets as well. Schmidt further added that if he had the chance to restart his career again as a software engineer today, his primary focus would be on Web 3 or AI algorithms.
During an interview conducted by CNBC, Schmidt revealed that the concept of a new internet model where an individual has the power to control their identity and where there is no centralised manager seems very seductive and decentralised to him. He further said that he still remembers when he was 25 and he felt that decentralised would be the ultimate game changer.
Talking further on the topic, Schmidt pointed out the fact that Web 3 would give birth to new content ownership models and different ways to compensate people for what they created. He added that the economics, the platforms and the usage of patterns in Web 3 is very interesting and even if it hasn’t worked yet, he is confident that it will in the future.
Coming to the topic of cryptocurrencies, Schmidt agreed that he did admire the technology but feels that the move is somewhat wasteful since most of the blockchain networks spend their maximum amount of time making sure no one attacks them.
After serving as Google’s technical advisor till 2020, Schmidt dedicated most of his time to funding research in biology, energy and artificial intelligence. Later on, he joined the team of Chainlink Labs in December as a strategic advisor.
