One of the most successful CEOs and the former chairman of Google is in the latest crypto news. Eric Schmidt, who is a well-known billionaire and a budding Bitcoin and blockchain enthusiast, recently pointed out to Ethereum and its potential for success.
He made the remarks during a live event with the economist Tyler Cowen by his side, hosted by Village Global in San Francisco. In the wide-ranging conversation, Schmidt talked about the future of blockchain, the governance reforms, Google’s hiring practices and other topics.
When asked whether he thinks that blockchain was overrated, Eric said:
“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.”
Schmidt also believes that Ethereum could revolutionize business and security. As he stated:
“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.”
What’s interesting is the fact that Schmidt was an early believer in Bitcoin. In 2014, he praised the technology and labeled it “a remarkable cryptographic achievement which has enormous value.”
The whole speech can be seen on the video below.
Vitalik Buterin: The Growing Price Of Ethereum Guarantees Security
“In part, it was counter-signaling to distinguish [Ethereum] from other crypto projects that do pumping and lambo-ing way too much. But also it was about minimizing the legal risk by basically trying to make the project seem more distant from something that would be covered by financial regulation.”He made a point that regulators are aware of how the technology works now and understand that the coins have a price attached to them that is not backed by fiat currency. Regulators learned about the blockchain system and decentralized apps on the networks so now it’s impossible to claim that the price doesn’t matter because regulators ‘’will totally see through that.’’ One of the most important things he said about the price of cryptocurrencies is that:
“I can tell you what things are clearly important about why the price is higher rather than lower is good. One of them is obviously security. If the price is zero, then the network can’t be secure. That’s true in proof-of-work and proof-of-stake.’’Buterin stated that there will always be someone who holds crypto just for the sake of holding it and waiting for its price to go up. There are hundreds of people in the ETH community who demand that ether should be more than just a cryptocurrency. He also agreed that Ethereum’s success is a result because the platform was a launchpad for ‘’the ICO craze.’’ He did, however, state ICOs would have reached the market even without Ethereum’s help:
“To some extent, though, ICOs are something that was going to happen on some platform regardless of what platform it ultimately was.”
Ping An Insurance Giant Partners With ETH-Based AI Startup SingularityNET
‘’As more and more entities adopt SingularityNET either by offering their services on the platform, utilizing the services that already exist, or backing the creation of new services — the first mover advantage of SingularityNET will seal its place as the global mind cloud that is governed democratically and not controlled by any single entity.’’Ping An is one of the world’s most important insurance companies since it serves about 170 million customers and was ranked on the 10th place in Forbes Global 200 list of largest public companies in the world. As previously reported, Ping An and the Sanya municipal government also made a partnership or more like a strategic agreement for building a ‘’Smart City’’ with the help of the blockchain technology.
‘’Ping An Technology and SingularityNET have reached the intention to collaborate in the field of Artificial Intelligence, possible future directions for collaboration include (but are not limited to) OCR and model training.’’- Said Mr. Bai Meng, the AI lead for Ping An.The press release also points out that the ‘’One Minute Clinics’’ that is initially built by Ping An, use artificial intelligence and they are currently expanding in China after being accepted by the community in more exactly eight Chinese cities. Ping An’s banking branch, Ping An Bank also made headlines after announcing that they will launch a boutique bank with the help of blockchain technology, the Internet of Things (IoT) tech and cloud services.
Joseph Lubin Guarantees Investors That Ethereum Is Not Going To Fail
“Ethereum is not going away. It’s not going to fail. It will remain very significant.”According to Lubin, all of the high tech entrepreneurs are now in the process of building new applications by using the ethereum blockchain and don’t really worry about the price fluctuations. He continued:
“Since the start of the ecosystem and since 2009, we’ve seen many incredible rises in the price of these tokens followed by very significant corrections. So the most significant correction took us back one year, which was 5,000-times more valuable than when ETH was initially launched. In that context, it’s not so horrifying. There is way more activity in our ecosystem now than a year or 18 months ago.’’Lubin also tapped another issue which is the scaling aspect of Ethereum, the one issue everyone cares the most. The scaling problem is the biggest problem for ethereum since it can currently only handle about 14-17 TPS which is only a small fraction when compared to the global transactions on the internet. He explained:
“Ethereum 2.0 is coming…we have eight teams building it,” said Lubin, adding that they’re in “phase 0 of four phases.” This base layer upon which we continue to build Layer 2 scalability solutions is going to expand by at least 1,000-fold over the next 18-24 months from now. It will keep expanding after that.”Despite the harsh position that ethereum had on the market after losing 92% of its value from its peak in January 2018, it seems like the user base of the blockchain protocol increased and this also led to the improvement of the eth infrastructure.
Vitalik Buterin: Non-Financial Blockchain Use Cases Are A “Harder Pitch”
“The problem is that decentralization is basically their value add. With finance you’re competing with banks that take five days to do something interesting. With anything that’s not financial, chances are there is some internet thing that does what you want, that’s just centralized. So it’s a bit of a harder pitch.”When it came to the actual examples of areas that blockchain could be implemented into beyond finance, Vitalik isolated digital identity, reputation and digital certificates as the specific use cases that are not necessarily confined to the use of cryptocurrencies or financial markets. In his further discussion, Buterin also motivated the event attendees to identify real-world applications that focus on developing "not just theory but something on the ground." Some of the examples included micro-insurance, non-fungible tokens as well as gaming. Speaking of, Buterin said a lot about gaming. He thinks that while many people are committed to blockchain innovation that could tackle real-world problems in many industries and provide positive social impact - the use of blockchain in the entertainment and gaming industries is where it could excel as well, attracting high numbers of early adopters. On the topic of personal commitments, Buterin highlighted the decentralized applications (dApps) which allow multipel actors to share and cooperate on applications that are based on underlying and decentralized blockchain protocol. He also proposed that the dApps use case can potentially redraw the existing technology and power landscape by leveraging a unique decentralized ecosystem that would allow smaller players to compete with tech giants' monopolies. In another interview, Buterin stated that he was trying to solve Bitcoin's (BTC) limited functionality with the creation of Ethereum.
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