Former Google CEO believes the vision and spirit of Web3 is right, but the technology needs to improve.
Eric Schmidt, former CEO of Google, believes that the volatility of cryptocurrencies is the main culprit for the fall of the market, which has lost almost half of its total capitalization. In this regard, the former Google CEO points out that Volatility is just a sign that Web3 is in its early stages of growth and still needs to mature.
“If you assume Web3 was 10 times overvalued and has corrected 5 times, it has a bit more to go,” Schmidt said during an interview with CNBC. “The Web3 view is the right one, but it is It is necessary to build better technology to make it a reality".
To support his claims, Schmidt pointed to Ethereum, stating that the fact that the value of the cryptocurrency reaches extremely high prices with a million transactions a day means that it is incredibly slow and that needs to be rebuilt.
In the past, Eric Schmidt stated that he had investments in cryptocurrencies. However, he was more interested in Web3 developments than in cryptocurrencies themselves. The former Google has expressed on several occasions that he is interested in blockchain and decentralized technology.
For Schmidt, users have The possibility of being able to control your identity without a centralized manager would be a differentiating point“It’s very seductive and very decentralized. Although I remember that feeling when I was 25 that centralized would be everything in the future.”
Web3 will be the next step in the evolution of the Internet and promises a decentralized ecosystem, in which Each user will be the owner of their dataAlthough cryptocurrencies have made the term popular, the truth is that it goes much further.
Internet companies have been interested in it for some time now, as the decentralization of the large amounts of data and content they control could be a problem for their current business model.
En este sentido, Google Cloud has launched a division dedicated to creating services for developers who want to work on blockchain and Web3. Amit Zavery, vice president of the division, said it was created following constant requests from developers. Clients looking for Web3 and blockchain solutions, as well as cryptography-related tools.
Schmidt also believes that The cryptocurrency market will recover from the correction, as it has done before, and that Web3 products and developments will thrive. “The technology industry makes its own timing, and we created too big a storm, we got a little ahead of ourselves and we got a correction.” Finally, the former Google CEO added that: “The next generation of products is going to work, so we will be fine.”
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