Former Google CEO Eric Schmidt believes the Ethereum Merge shows that the industry is in order. According to Schmidt, the move from Proof-of-Work to Proof-of-Stake is an important one in the context of climate change, a topic that is becoming increasingly important politically.
“I am a skeptic”
Incidentally, Schmidt is not positive about crypto from the start. In fact, like so many others, he started out as a skeptic. It is of course also strange that a digital currency like Bitcoin can get value out of nowhere. Bitcoin does not employ a marketing department or people to take care of that. In the end, it’s just the protocol and network that people see value in and that a few adventurers started to store value in years ago.
Schmidt is not very positive about the Web3. According to him, the ‘smart contracts’ that Ethereum makes possible are not that special in terms of capabilities. They can’t do much and he thinks Web3’s marketing strategy is “a bit ahead of itself” at the moment. With which he indicates that they are blowing quite high from the tower, for what has actually been put down.
Schmidt believes in Chainlink
A project that Schmidt is confident in is Chainlink, which uses data from so-called ‘oracles’ to get reliable information in blockchains. According to Schmidt, Chainlink has “better technology” and “scales better” than its competition. Incidentally, he is not entirely objective, because in December he became involved in the project as a strategic advisor.
Schmidt sees us heading for a world in which we rely less and less on other people and more and more on mathematics. Ultimately, that’s where it needs to go, he says, at least when it comes to things like money. History, meanwhile, has taught us that humanity cannot be trusted on these subjects, at least not in the long run.