Former Google CEO Eric Schmidt thinks Web3 is “not normal” compared to other industries—but says it’s on the right track.
In a Wednesday fireside chat at the SmartCon conference in New York City, Schmidt 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 prior stance.
Now, he sees progress being made. The former Google exec told Nazarov the Ethereum Merge that occurred earlier this month—where Ethereum moved from proof of work to proof of stake—is “a sign that your industry is getting its act 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 “got a little ahead of reality.”
What does Schmidt believe in? For one, he’s into Chainlink, which uses data from “oracles” and node...
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