Former Google CEO Eric Schmidt believes Web3 is “not normal” compared to other industries – but says it is on the right track.

In a Wednesday fireside talk at the SmartCon conference in New York CitySchmidt shared his thoughts and concerns about the current state of crypto and Web3 with Chainlink Labs co-founder Sergey Nazarov.

“I’m historically a skeptic,” Schmidt said of his former stance.

Now he sees progress. The former Google executive told Nazarov that the Ethereum merger that took place earlier this month — where Ethereum moved from proof of work to proof of stake — is “a sign that your industry is coming together.”

But Schmidt still has some complaints about Web3. He argued that current smart contracts – which are used to execute instructions on blockchains such as Ethereum – are “poor in their capabilities” and believes Web3’s overall marketing strategy “got a bit ahead of reality.”

What does Schmidt believe in? First, he is interested in Chainlink, which uses data from “oracles” and node networks to provide blockchain-based information.

He claimed that Chainlink has “better technology” and “scales better” than the competition – something that should not be ignored considering the fact that Schmidt has worked as a top-level Web2 executive for over 30 years. He joined the company as a strategic advisor in December.

“Your religion is ‘Don’t trust man, trust protocol,'” Schmidt said of Nazarov, who agreed with his sentiments.

“At the end of the day, people’s faith in mathematics will end up being stronger than their faith in institutions and brands and other people,” Nazarov admitted.

Schmidt also spoke in favor of the new technology Zero proof of knowledge, which is a type of cryptographic function that allows data verification without revealing private information. Schmidt believes they will be transformative for blockchain networks and Web3 adoption, and claims that ZK Proofs will change the experience of crypto transactions.

His advice to crypto companies and developers?

“Don’t ask for regulation early,” Schmidt said, explaining that he believes crypto regulation is still premature because the technology is still developing and evolving, and the full extent of crypto’s potential problems have yet to be revealed.

That said, Schmidt doesn’t think libertarianism is a viable philosophy for the crypto industry either.

“Society doesn’t reward libertarian thinking very much,” Schmidt said. “Governments will assert their authority.”

Former Google CEO Eric Schmidt believes Web3 is “not normal” compared to other industries – but says it is on the right track.

In a Wednesday fireside talk at the SmartCon conference in New York CitySchmidt shared his thoughts and concerns about the current state of crypto and Web3 with Chainlink Labs co-founder Sergey Nazarov.

“I’m historically a skeptic,” Schmidt said of his former stance.

Now he sees progress. The former Google executive told Nazarov that the Ethereum merger that took place earlier this month — where Ethereum moved from proof of work to proof of stake — is “a sign that your industry is coming together.”

But Schmidt still has some complaints about Web3. He argued that current smart contracts – which are used to execute instructions on blockchains such as Ethereum – are “poor in their capabilities” and believes Web3’s overall marketing strategy “got a bit ahead of reality.”

What does Schmidt believe in? First, he is interested in Chainlink, which uses data from “oracles” and node networks to provide blockchain-based information.

He claimed that Chainlink has “better technology” and “scales better” than the competition – something that should not be ignored considering the fact that Schmidt has worked as a top-level Web2 executive for over 30 years. He joined the company as a strategic advisor in December.

“Your religion is ‘Don’t trust man, trust protocol,'” Schmidt said of Nazarov, who agreed with his sentiments.

“At the end of the day, people’s faith in mathematics will end up being stronger than their faith in institutions and brands and other people,” Nazarov admitted.

Schmidt also spoke in favor of the new technology Zero proof of knowledge, which is a type of cryptographic function that allows data verification without revealing private information. Schmidt believes they will be transformative for blockchain networks and Web3 adoption, and claims that ZK Proofs will change the experience of crypto transactions.

His advice to crypto companies and developers?

“Don’t ask for regulation early,” Schmidt said, explaining that he believes crypto regulation is still premature because the technology is still developing and evolving, and the full extent of crypto’s potential problems have yet to be revealed.

That said, Schmidt doesn’t think libertarianism is a viable philosophy for the crypto industry either.

“Society doesn’t reward libertarian thinking very much,” Schmidt said. “Governments will assert their authority.”

Former Google CEO Eric Schmidt believes Web3 is “not normal” compared to other industries – but says it is on the right track.

In a Wednesday fireside talk at the SmartCon conference in New York CitySchmidt shared his thoughts and concerns about the current state of crypto and Web3 with Chainlink Labs co-founder Sergey Nazarov.

“I’m historically a skeptic,” Schmidt said of his former stance.

Now he sees progress. The former Google executive told Nazarov that the Ethereum merger that took place earlier this month — where Ethereum moved from proof of work to proof of stake — is “a sign that your industry is coming together.”

But Schmidt still has some complaints about Web3. He argued that current smart contracts – which are used to execute instructions on blockchains such as Ethereum – are “poor in their capabilities” and believes Web3’s overall marketing strategy “got a bit ahead of reality.”

What does Schmidt believe in? First, he is interested in Chainlink, which uses data from “oracles” and node networks to provide blockchain-based information.

He claimed that Chainlink has “better technology” and “scales better” than the competition – something that should not be ignored considering the fact that Schmidt has worked as a top-level Web2 executive for over 30 years. He joined the company as a strategic advisor in December.

“Your religion is ‘Don’t trust man, trust protocol,'” Schmidt said of Nazarov, who agreed with his sentiments.

“At the end of the day, people’s faith in mathematics will end up being stronger than their faith in institutions and brands and other people,” Nazarov admitted.

Schmidt also spoke in favor of the new technology Zero proof of knowledge, which is a type of cryptographic function that allows data verification without revealing private information. Schmidt believes they will be transformative for blockchain networks and Web3 adoption, and claims that ZK Proofs will change the experience of crypto transactions.

His advice to crypto companies and developers?

“Don’t ask for regulation early,” Schmidt said, explaining that he believes crypto regulation is still premature because the technology is still developing and evolving, and the full extent of crypto’s potential problems have yet to be revealed.

That said, Schmidt doesn’t think libertarianism is a viable philosophy for the crypto industry either.

“Society doesn’t reward libertarian thinking very much,” Schmidt said. “Governments will assert their authority.”

Former Google CEO Eric Schmidt believes Web3 is “not normal” compared to other industries – but says it is on the right track.

In a Wednesday fireside talk at the SmartCon conference in New York CitySchmidt shared his thoughts and concerns about the current state of crypto and Web3 with Chainlink Labs co-founder Sergey Nazarov.

“I’m historically a skeptic,” Schmidt said of his former stance.

Now he sees progress. The former Google executive told Nazarov that the Ethereum merger that took place earlier this month — where Ethereum moved from proof of work to proof of stake — is “a sign that your industry is coming together.”

But Schmidt still has some complaints about Web3. He argued that current smart contracts – which are used to execute instructions on blockchains such as Ethereum – are “poor in their capabilities” and believes Web3’s overall marketing strategy “got a bit ahead of reality.”

What does Schmidt believe in? First, he is interested in Chainlink, which uses data from “oracles” and node networks to provide blockchain-based information.

He claimed that Chainlink has “better technology” and “scales better” than the competition – something that should not be ignored considering the fact that Schmidt has worked as a top-level Web2 executive for over 30 years. He joined the company as a strategic advisor in December.

“Your religion is ‘Don’t trust man, trust protocol,'” Schmidt said of Nazarov, who agreed with his sentiments.

“At the end of the day, people’s faith in mathematics will end up being stronger than their faith in institutions and brands and other people,” Nazarov admitted.

Schmidt also spoke in favor of the new technology Zero proof of knowledge, which is a type of cryptographic function that allows data verification without revealing private information. Schmidt believes they will be transformative for blockchain networks and Web3 adoption, and claims that ZK Proofs will change the experience of crypto transactions.

His advice to crypto companies and developers?

“Don’t ask for regulation early,” Schmidt said, explaining that he believes crypto regulation is still premature because the technology is still developing and evolving, and the full extent of crypto’s potential problems have yet to be revealed.

That said, Schmidt doesn’t think libertarianism is a viable philosophy for the crypto industry either.

“Society doesn’t reward libertarian thinking very much,” Schmidt said. “Governments will assert their authority.”