Ex-Google Executive Says Web3 Is ‘Extremely Powerful’

Former Google CEO Eric Schmidt recently gave his thoughts on cryptocurrencies and Web3. After stating that he has invested some money in cryptocurrencies (without specifying which ones), however, he asserted that the most intriguing aspect of blockchain is not digital assets. This is the future of Web3.

The usefulness of Web3 according to Eric Schmidt

If Eric Schmidt could start his career as a software developer today, he would focus on artificial intelligence algorithms or the Web3. In any case, this is what he himself said in an interview he gave to CNBC.

Mr. Schmidt said: “A new internet model where you, as an individual, own your identity and don’t have centralized management is extremely powerful. It’s really seductive and decentralized. I remember having the idea, at the age of 25, that decentralization would be everything”.

The idea of ​​Web3 launched by developers is to create a system in which it becomes much more difficult for some companies – such as Google, Amazon, Facebook, Microsoft, etc. – of control huge amounts of data and Internet content.

Noting that Web3 could introduce new content ownership models and new methods of rewarding individuals, the former Google executive explained that Web3’s economy, platforms, and usage patterns are all “very exciting”.

A waste of money

Schmidt admits he admires cryptocurrencies, but notes that most networks are more focused on the aspect of security only on practicality. According to him, much more time is spent ensuring that these networks are not vulnerable than ensuring that they really meet the needs of each other. Therefore, according to him, it is a waste of money.

Many tech industry figures have recently got into cryptocurrencies. The primary objective is to better understand the technology and its economics. For example, Elon Musk became one of the main leaders to be a strong supporter of cryptocurrencies. As for Eric Schmidt, in December he joined Chainlink Labs, a San Francisco-based research initiative, as a strategic consultant.

For Eric Schmidt, the former head of Google, what is fascinating about blockchain is the creation of Web3. According to him, Web3 makes it possible to prevent large companies from having access to private (even very private) information about Internet users. However, the fact that blockchains focus more on security than practicality is a waste of time in his view.

Source : bitcoinist

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Ex-Google Executive Says Web3 Is ‘Extremely Powerful’

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