Alphabet technical consultant and former Google CEO Eric Schmidt considers that Ethereum (ETH/USD) and bitcoin (Bitcoin) networks have a good potential to become truly powerful platforms.
In an interview with economist Tyler Cowen, Schmidt stated that in a public format, the Blockchain is overvalued, and undervalued in terms of technology use. He noted that Blockchain is now a great cryptocurrency platform. This technology is also important for private banking transactions where there is no trust environment, he said.
“Well, 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. 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 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.”
Note that Eric Schmidt is also one of the early supporters of Bitcoin. Wikileaks founder Julian Assange introduced him to cryptocurrency in 2011.
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