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Eric Schmidt: Bitcoin is Wasteful, Web 3 is the Future

person holding silver bitcoin coin
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  • 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.

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