Google ex-chairman talks up ethereum

Eric Schmidt, a billionaire and Google’s former chairman has been talking up the potential of ethereum during an interview with economist Tyler Cowan at Village Global in San Francisco, according to a CCN report.

Schmidt covered a number of topics during the chat, including the future of technology, corporate governance reform, Google’s hiring practices, and bifurcation of the Internet.

Cowan asked him if the blockchain was overrated, and Schmidt’s response was ““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.”

But Schmidt also believes that there are developments on the ethereum blockchain that could prove revolutionary for business and society. Schmidt said: “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 added, “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.” No doubt Vitalek Buterin shares his point of appraisal of etheruem’s prowess.

Schmidt has been a ‘bitcoin believer’ for some years now. In 2014 he said bitcoin was a “remarkable cryptographic achievement,” and ““The ability to create something which is not duplicable in the digital world has enormous value.” He also raved about bitcoin architecture, claiming that the fact that ledgers can’t be replicated would encourage lots of businesses to build on top of it. Interestingly, it was Julian Assange of Wikileaks famewjo introduced Schmidt to bitcoin, telling him “it’s going to be valuable one day.” Other Google execs are also crypto fans: co-founder Sergey Brin and CEO Sundar Pichai both have young sons who mine ethereum.