I am more interested in the future of Web3, says former Google CEO Eric Schmidt

The decentralisation of the internet has grabbed the attention of many people globally.

Eric Schmidt, the former CEO and Chairman of Google, said he is very interested in the future of Web3. He said this during a recent interview with CNBC.

The former Google executive admitted that he had invested money in various cryptocurrencies. However, he added that the most interesting part of blockchain technology is not cryptocurrencies. Schmidt said;

“A new model [of the internet] where you as an individual [can] control your identity, and where you don’t have a centralized manager, is very powerful. It’s very seductive, and it’s very decentralised. I remember that feeling when I was 25 that decentralized would be everything.”

Schmidt said if he was a software engineer just starting out, he would focus on artificial intelligence (AI) or Web3. He added that his interest in Web3 stems from the tokenomics used by most blockchain projects. 

He further pointed out that Web3 would birth new models of content ownership and ways to compensate people for their creation. Schmidt added that;

″[Web3′s] economics are interesting. The platforms are interesting, and the use patterns are interesting,” Schmidt says. ”[It] doesn’t work yet, but it will.”

Although he admires cryptocurrencies, Schmidt said most blockchain networks spend a lot of time ensuring no one attacks them. According to the former Google exec, the move is incredibly wasteful.

Despite admitting that he holds some cryptocurrencies, Schmidt didn’t name the specific coins he has invested in.

The cryptocurrency market has been gaining mainstream attention in recent years. Big tech companies and technology experts have discussed the potential impacts of blockchain technology and cryptocurrencies on the global economy.

The total cryptocurrency market cap lies around $2 trillion, down from the all-time high of $3 trillion recorded in November 2021.