crypto strategy

Ethereum Merger Shows Crypto Is “Mobilizing”: Eric Schmidt

Former Google CEO Eric Schmidt thinks Web3 is “not normal” compared to other industries, but says it’s on the right track.

During a fireside chat Wednesday at SmartCon in New YorkSchmidt shared his thoughts and concerns about the current state of crypto and Web3 with Chainlink Labs co-founder Sergey Nazarov.

“I’m historically a skeptic,” Schmidt said of his earlier stance.

Now he sees progress being made. The former Google director told Nazarov that the Ethereum merger that happened earlier this month — where Ethereum moved from proof-of-work to proof-of-stake — is “a sign that your industry pulls himself together”.

But Schmidt still has some gripes about Web3. He argued that today’s smart contracts – which are used to execute instructions on blockchains like Ethereum – are “poor in their capabilities” and thinks Web3’s overall marketing strategy “has a bit of an edge.” ahead of reality.

What does Schmidt believe in? For one thing, it’s in Chainlink, which uses data from “oracles” and networks of nodes to provide blockchain-based information.

He claimed that Chainlink had “better technology” and “scaled better” than its competitors – a catch not to be ignored considering that Schmidt worked as a top Web2 executive for over 30 years. He joined the firm as a strategic advisor in December.

“Your religion is ‘Don’t trust the human, trust the protocol,'” Schmidt said of Nazarov, who agreed with his sentiment.

“At the end of the day, people’s faith in math will end up being stronger than their faith in institutions, brands and others,” Nazarov conceded.

Schmidt also advocated for the emerging technology of Zero-knowledge proofs, which are a type of cryptographic function to verify data without revealing private information. Schmidt believes they will be transformative for blockchain networks and Web3 adoption, saying ZK Proofs will change the crypto transaction experience.

His advice for crypto companies and builders?

“Don’t ask for regulation early,” Schmidt said, explaining that he thinks crypto regulation is still premature because the technology is still developing and evolving, and the scope of potential problems with crypto doesn’t has not yet been revealed.

That said, Schmidt also doesn’t think libertarianism is a viable philosophy for the crypto industry.

“Societies don’t reward libertarian thinking very much,” Schmidt said. “Governments will assert their authority.”

Stay up to date with crypto news, get daily updates in your inbox.

#Ethereum #Merger #Shows #Crypto #Mobilizing #Eric #Schmidt #crypto strategy

Related Articles

Back to top button