Eric Schmidt: Bitcoin is Wasteful, Web 3 is the Future
- Eric Schmidt believes that web 3 is where the action is at.
- He is most fascinated in the web 3 ecosystem, with less interest in Bitcoin or other virtual assets of themselves.
- Web 3 is the crypto community term for the hypothetical next generation of the internet.
- It is ideally just as functional as the “web 2” internet we know today, underpinned by more decentralized governance using the power of smart contract blockchains and advanced “tokenomics”.
- “It’s very seductive and it’s very decentralized,” Schmidt told CNBC.
- Tokenomics are the supply and demand dynamics that blockchain ecosystems and apps use to compensate their users.
- He called them all “interesting” and thinks that they eventually will.
- Blockchains today, spends too much time focused on security.
- “They’re incredibly wasteful,” he said.
