The former chairman of Google, Eric Schmidt who is also a Blockchain enthusiast, says Ethereum may be a powerful platform with untapped potential.
Ethereum (ETH) Price Today – ETH / USD
Schmidt also made comments during a live event with Tyler Cowen, an economist hosted by Village Global in San Francisco.
He discussed the technology’s future in a wide-ranging conversation. He also spoke of Google’s hiring practices, corporate governance reform and the bifurcation of the internet.
Ethereum has major potential
Schmidt was asked whether he believed that Blockchain was underrated or overrated and he replied with a compound answer. He said,
“In the public format, overrated. In its technical use, underrated… Today, Blockchain is a great platform for bitcoin and other currencies. And it’s a great platform for private banking transactions where people don’t trust each other.”
The Former CEO believes that the exciting development in the Ethereum ecosystem could revolutionize the society and business.
“I think the most interesting stuff that’s going on is the beginning of execution on top of blockchain — the most obvious example being the capability of Ethereum,”
“And if ethereum can manage to figure out a way to do global synchronization of that activity, that’s a pretty powerful platform. That’s a really new invention.” He continued.
Vitalik Buterin shares this bullish assessment
Buterin denied all the rumor that he was taking a step back from Ethereum development. He said he was concentrating on encouraging the works of other developers in the open source dev community.
Four years ago, Schmidt believed that bitcoin was an amazing advancement. He praised the cryptocurrency as an innovative technological advancement with a lot of potentials.
“Bitcoin is a remarkable cryptographic achievement… The ability to create something which is not duplicable in the digital world has enormous value.”
“The bitcoin architecture — literally the ability to have these ledgers which can’t be replicated — is an amazing advancement. Lots of people will build businesses on top of that.”
The founder of Wikileaks, Julian Assange, introduced the crypto enthusiast to bitcoin in 2011. Assange posted a five-hour interview where he urged Schmidt to embrace the cryptocurrency because its value will rise someday.
Assange urged him to be an early adopter predicting that the value of BTC will rise exponentially.
Schmidt has a net worth of $13.4 billion and possibly didn’t get into crypto for the profit, but he was fascinated by the technology.
Some other top Google executives are also crypto fans. They include CEO Sundar Pichai and Sergey Brin. The tech billionaires have kids who mine Ethereum.
Both kids started the hobby of mining ethereum at home. Pichai built a computer for him for this purpose, but Sergey Brin reported that he mines the digital currency with his son.
“A year or two ago, my son insisted that we needed to get a gaming PC… I told him, ‘Okay if we get a gaming PC, we have to mine cryptocurrency. So we set up an ethereum miner on there.”