Former Google CEO and President Eric Schmidt says he has invested “a small amount” in cryptocurrencies, but finds blockchain more interesting than cryptocurrencies.
CEO of Google more concerned with the future of Web3 than cryptocurrencies
Eric Emerson Schmidt, CEO of Google from 2001 to 2011, Google from 2011 to 2015 is an American businessperson and software engineer, known as the chairman of Alphabet Inc. from 2015 to 2017. Eric Schmidt, guest of CNBC Make It, thinks that the most interesting part of Blockchain technology is not cryptocurrencies:
A new internet paradigm where individuals control their own identities in the absence of a centralized administrator is extremely powerful. This is an incredibly attractive and decentralized state. When I was 25, I remember the feeling that decentralization was going to be everything.
Web3 is a new internet service based on decentralized Blockchain networks. The goal is to create a system where few companies like Google cannot control huge amounts of internet data and content. Schmidt, who led Google through one of the company’s most important growth stages from 2001 to 2011, says he’d rather work on AI algorithms or Web3 these days. Schmidt’s interest in Web3 stems from a concept called “tokenomics” that describes the supply and demand of cryptocurrencies. Schmidt adds that Web3 can introduce new ways of content ownership and compensation:
I like the economics of Web3. Platforms and usage patterns are interesting. Not yet, but soon.
“I invested ‘a little’ in crypto”
Schmidt did not name any specific cryptocurrencies he currently owns and said he is just “starting” investing in crypto. ” he stated. Since leaving Google, he has spent most of his time in philanthropic efforts through his Schmidt Futures initiative, where he funds fundamental research in fields such as artificial intelligence, biology and energy.
As we quoted as Kriptokoin.com, last year Schmidt wrote the book “The Age of Artificial Intelligence” as a roadmap for what the future of this technology might look like. In December, he became a strategic advisor for Chainlink Labs, a San Francisco-based research startup that uses blockchain technology to create “smart contracts” that promote “economic fairness, transparency, and efficiency,” according to the startup’s website.
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