Former Google CEO Eric Schmidt: Has invested in some cryptocurrencies, Web3, token economics fascinate me

Former Google CEO Eric Schmidt has expressed his views on cryptocurrency, blockchain, Bitcoin, and Web3.

Enthralled by Web3

During an interview with CNBC, Eric Schmidt expressed that for him, the most intriguing aspect of blockchain is not cryptocurrency, but Web3.

It represents a new internet paradigm where you control your identity without a central authority. It's very powerful, very appealing, and highly decentralized. I remember the feeling of decentralization from when I was 25; decentralization is everything.

The Token Economics of Web3

At 67 years old, if Eric Schmidt were to start in software engineering today, he would consider working in AI algorithms or the Web3 space. His interest in the Web3 field also extends to concepts like token economics:

Web3 may introduce new models of content ownership and a fresh way to reward users. Its economics, platforms, and usage patterns are fascinating. While it's not fully operational yet, Web3 will eventually be realized.

Invested in Cryptocurrency

Schmidt did not disclose his cryptocurrency investment portfolio. Since leaving Google, he has primarily focused on his foundation, Schmidt Futures, dedicated to philanthropy by sponsoring core research projects in AI, biology, energy, and other fields. He only mentioned that he has "started" investing in cryptocurrency.

In addition, Schmidt pointed out some of the challenges facing blockchain technology today, specifically citing Bitcoin. He believes that miners spend a significant amount of time in the system ensuring the network is not attacked through the Proof of Work (PoW) mechanism, which he considers to be resource-intensive.

He stated that the real challenges, the hard stuff, are yet to be resolved.