Ex-Google CEO Eric Schmidt Showers Praise on Ethereum’s Potential

Although Ethereum is currently through a rough phase with its developers struggling over its scalability issues, the blockchain network still continues to draw attention and appreciation from tech giants.

Much recently, former Google chairman Eric Schmidt showered praises on the Ethereum blockchain network saying that it is a “powerful network” with a huge potential off the charts. Schmidt, who’s been a long time blockchain enthusiast made these remarks during a live event in San Francisco last week.

During the event, Schmidt discussed about the changing dynamics of technology and its future going ahead. Schmidt also shared whether he considers blockchain to be over rated or under rated. “In the public format, overrated. In its technical use, underrated,” he said. He further added: “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.”

Furthermore, he specifically went to praise Ethereum blockchain network saying that it has the potential to revolutionize the society and business.

“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,” Schmidt said. “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.”

Just like Ethereum, Eric Schmidt was also an early believer in Bitcoin. Back in 2014, he showered similar praises on Bitcoin. At the time, Schmidt said: “Bitcoin is a remarkable cryptographic achievement,” Schmidt said. “The ability to create something which is not duplicable in the digital world has enormous value.” He continued: “The bitcoin architecture — literally the ability to have these ledgers which can’t be replicated — is an amazing advancement. Lots of people will build businesses on top of that.”

However, Schmidt is not the sole Google employee who is a Ethereum supporter. Google co-founder Sergey Brin and CEO Sundar Pichai both have said that their sons are mining Ethereum. According to Business Insider, Sundar Pichai unveiled that his 11-year-old son mines Ethereum.

“Last week I was at dinner with my son, and I was talking about something about bitcoin and my son clarified what I was talking about was Ethereum, which is slightly different. He’s 11-years-old, and he told me he’s mining it,” said Pichai.

Similarly earlier this year, Brin said: “A year or two ago, my son insisted that we needed to get a gaming PC. I told him, ‘Okay, if we get a gaming PC, we have to mine cryptocurrency. So we set up an Ethereum miner on there.”