Google ex-CEO: Web3 vision is right

Former Google CEO Eric Schmidt has expressed support for the Web3 and Crypto industries, but he believes that these industries need more improvement in order to play the excellent performance of the industry itself.

In an interview with CNBC on Tuesday, the former Google executive weighed in on the ongoing Crypto crash, which saw the global cryptocurrency market lose more than half its value in less than eight months.

According to Schmidt, the wild swings associated with Crypto show that the Crypto and Web3 industries in general have a long way to go .

“If you think Web3 is 10 times overhyped, it’s true, it’s got a long way to go,” Schmidt told CNBC’s Andrew Ross. “Web3’s vision is right, it’s just the technology to make it happen. It needs to be established.”

Google ex-CEO: Web3 vision is right

To back up his claim, Schmidt uses Ethereum as an example, the current price of Crypto has reached crazy levels, with 1 million transactions per day, and the transaction speed of Ethereum is very slow, which means that Ethereum needs to be rebuilt. ‘ he added.

In April of the same year, Schmidt said he had invested “a little” of his savings in Crypto. However, he is actually more interested in the field of Web3, the future version of the Internet based on blockchain technology.

The fact that Web3 will enable individuals to control their identities without a central authority will be very powerful , Schmidt said .

“It was very tempting and very decentralized,” Schmidt told CNBC’s MakeIt. “I remember being 25 and the feeling of decentralization was everything to me.”

Google ex-CEO: Web3 vision is right

Today, although the Web3 concept is still largely hypothetical, the idea is heavily supported by many Crypto backers and several major tech companies.

Internet companies in particular are particularly keen on Web3 because security concerns over the vast amounts of data and content they control could put them out of business.

In May, Google’s cloud division launched a new division dedicated to building services for developers who choose to take the Web3 path.

According to Amit Zavery, vice president of the division, the move is due to “customers requesting that we increase our support for Web3 and Crypto-related technologies.”

Nonetheless, Schmidt expressed great confidence in the recovery of the Crypto market and the tech industry’s offerings thriving after a prolonged market-wide winter .

“The tech industry has its own spring, summer, autumn and winter, and we’ve created too many storms, but fortunately we’re ahead, and that’s kind of a correction,” he said. “Our next-generation products will do what they do, so we’ll be fine.”

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