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Google’s Co-Founder Thinks Ethereum’s Untapped Potential Can Make It A Powerful Platform


During his appearance on the Conversations with Tyler show hosted by the economist Tyler Cowen,  Google co-founder Eric Schmidt stated that Ethereum could be a powerful platform whose unresearched potential is off-the-charts.

Google’s Co-Founder Thinks Ethereum's Untapped Potential Can Make It A Powerful PlatformSchmidt recognizes Ethereum’s potential

After discussing his former employment at Google, Schmidt was asked about his opinion about blockchain technology.

He told Cowen that, in the public format, he thinks that blockchain is overrated, but that its technical use is highly underrated.

Schmidt also revealed his opinion that blockchain is a great platform for Bitcoin and other cryptocurrencies, while at the same time providing a useful foundation for private banking transactions.

According to Schmidt, the most interesting ongoing development on the blockchain is the beginning of execution happening on top of it, naming Ethereum as the most prominent example.

The conversation was getting more focused on Ethereum, as the ex-chairman of Google stated that, if the development team behind Ethereum can find a way to do global synchronization, that new invention would make Ethereum a really powerful platform.

A long-time Bitcoin believer

It is known that Mr. Schmidt was introduced to cryptocurrencies back in 2011 by the founder of Wikileaks, Julian Assange, who, at the time, presented Bitcoin to Schmidt, saying that he should embrace Bitcoin as it is going to be worth a lot of money some day.

Despite the fact that Schmidt didn’t need to make money from investing in new technology as his net worth is estimated to be around $13.4 billion, it seems that he took Assange’s advice, and became one of the early adopters of cryptocurrencies.

“Bitcoin is a remarkable cryptographic achievement,” Schmidt said during the interview published in 2014. He portrayed Bitcoin’s ability to create something which is not duplicable as a potential of the enormous value.

During the same interview, Schmidt shared his vision of digital business future by saying that Bitcoin’s architecture is the reason why people are going to build businesses on that technology, as the ability to run unreplicable ledgers is an amazing technological advancement.

Google nurtures cryptocurrency believers

Eric Schmidt isn’t the only Google’s official who believes in cryptocurrencies.

It is known that Google co-founder, Sergey Brin, and CEO, Sundar Pichai, are both directly involved in cryptocurrency mining on the Ethereum network.

Brin had already reported that the one responsible for him supporting the Ethereum network by mining is his son who wanted a gaming PC. Allegedly, Brin accepted his son’s suggestion to acquire the machine only if, besides for gaming purposes, it would serve as an Ethereum miner.

Pichai’s story is perhaps similar, as he also reported to be supporting the Ethereum network through mining with his 11-year-old son.

To hear that such individuals do believe in the potential of Ethereum is a great piece of news for the network, which is going through a tough transition period as all kinds of speculations and rumors started flying around.

One such rumor was that the founder of Ethereum, Vitalik Buterin was stepping away from the development of the platform, which was denied by the man himself.

Schmidt did say that Ethereum could revolutionize business and society, but only time will tell if the development team behind the first smart contract platform in the world will fulfill the potential Schmidt was talking about.

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  • Source: https://xbt.net/blog/ethereum-blog/googles-co-founder-thinks-ethereums-untapped-potential-can-make-it-a-powerful-platform/

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