Eric Schmidt, the former CEO of Google, says he has started investing in cryptocurrencies; however, the most exciting aspect of blockchain for him isn’t virtual currency but Web3.
“A new paradigm of the internet in which you, as an individual, own your identity and do not have a centralized management is extremely powerful,” Schmidt tells CNBC Make It, “It’s tempting and incredibly decentralized.” “When I was 25, I had the notion that decentralization would be everything.”
Schmidt was Google’s CEO from 2001 to 2011, during which time the firm saw one of its most significant periods of growth. He served as executive chairman until 2017 and then as a technical advisor until 2020. According to Forbes, Schmidt has a net worth of $20 billion, making him the world’s 80th richest person.
However, he claims that if he were starting as a software developer today, he would prefer to work on AI algorithms or Web3.
Schmidt claims his fascination with Web3 stems from a notion known as “tokenomics,” which refers to the supply and demand dynamics of cryptocurrencies. Schmidt also mentions that Web3 may bring new content ownership models as well as new methods to compensate individuals.
Schmidt acknowledges his admiration for cryptocurrencies but points out that most blockchain networks spend a significant amount of time ensuring that they are not targeted. The move, according to the former Google CEO, is a waste of money.
Several high-profile personalities in the technology world have lately experimented with bitcoin. The main goal has been to obtain a better grasp of the technology as well as its economics. Elon Musk, the CEO of Tesla, is a strong supporter of cryptocurrencies.
Last year, Schmidt co-authored “The Age of AI,” a blueprint for the technology’s future.
In December, he began working as a strategic consultant for Chainlink Labs, a San Francisco-based research venture.
According to the initiative’s website, Chainlink Labs utilizes blockchain technology to build smart contracts that promote economic justice, transparency, and efficiency.
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