The former chairman of Google and billionaire Eric Schmidt is an enthusiast of Bitcoin and blockchain technology. He has now spoken out regarding his opinion on Ethereum, saying that it was a powerful platform whose untapped potential is off the charts.
The former chairman of the search engine giant made his comments during a live event with economist Tyler Cowen hosted in San Francisco by Village Global.
In the wide-ranging conversation, Schmidt discussed the future of technology, corporate governance reform, Google’s hiring practices and the ‘bifurcation of the internet’
ETH has massive potential
When Schmidt was asked on his opinion on whether blockchain was overrated or underrated the ex-chairman 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.”
Schmidt believes that exciting developments are currently happening with Ethereum which could revolutionise business and society as a whole.
“I think the most interesting stuff that’s going on are 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.”
It seems that the co-founder of Ethereum, Vitalik Buterin shares a similar sentiment
As we reported earlier in the week, Buterin has denied the rumour that he was stepping back from Ethereums development, saying that he is aiming at encouraging the work of other developers in the open-source developer community.
Back in 2014, Schmidt said that he was an avid supporter of Bitcoin. He praised what was then an obscure cryptocurrency as being unique as an advancement in technology with huge potential.
“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.”
As reported by CCN, when Schimdt was first introduced to Bitcoin it was thanks to the founder of Wikileaks, Julian Assange as Schmidt was urged to embrace Bitcoin because one day it’s going to make him a lot of money.
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