What does the former @Google CEO think of Web3???
In this event from #smartcon2022, @chainlink cofounder @SergeyNazarov is joined by @ericschmidt, former @Google CEO, to discuss regulations, Web2 vs Web3, $LINK, & more.
Read our notes below 👇
In this event from #smartcon2022, @chainlink cofounder @SergeyNazarov is joined by @ericschmidt, former @Google CEO, to discuss regulations, Web2 vs Web3, $LINK, & more.
Read our notes below 👇
What Attracts You to Web3?
@ericschmidt
•He's skeptical, because although he likes the tech, marketing got a bit ahead.
•Web3 is trustless, immutable, & distributed. 1/
@ericschmidt
•He's skeptical, because although he likes the tech, marketing got a bit ahead.
•Web3 is trustless, immutable, & distributed. 1/
Economics of Businesses with Tokens
@ericschmidt
•The concept of L2, where you use tokens to incentivize behavior is a very powerful development in the last 3-4 years which changes economics in fundamental ways. 2/
@ericschmidt
•The concept of L2, where you use tokens to incentivize behavior is a very powerful development in the last 3-4 years which changes economics in fundamental ways. 2/
•The value of a coin changes with demand, where the token goes up in value based on network effects.
•This economic structure is a new way of tying compensation & incentives to network scale. 3/
•This economic structure is a new way of tying compensation & incentives to network scale. 3/
Decentralization
@ericschmidt
•Most of Web3 used today is hosted on Web2 cloud services.
•⅔ of E$TH computations are done on 3 cloud providers.
•Users should be careful about decentralization as it’s important to understand where the control points are. 4/
@ericschmidt
•Most of Web3 used today is hosted on Web2 cloud services.
•⅔ of E$TH computations are done on 3 cloud providers.
•Users should be careful about decentralization as it’s important to understand where the control points are. 4/
•Before China banned $BTC mining, 51% of all mining capacity belonged to 3 companies in China. 5/
•@chainlink oracle networks create large committees of identified nodes where you can choose the decentralization that you want to achieve without having dynamic membership that creates 3-4 pools under the control of 1 mining pool operator. 7/
•He sees more computation moving into oracle networks because blockchains don’t fulfill the scalability or privacy properties.
•There are different requirements that you need to fulfill to build more advanced Web3 applications: this is what @chainlink is trying to solve. 8/
•There are different requirements that you need to fulfill to build more advanced Web3 applications: this is what @chainlink is trying to solve. 8/
Convergence of Web2 & Web3
@ericschmidt
•He's skeptical that Web3 is going to take down companies FAANG companies.
•More likely that we will see Web2 used in cases where trustlessness is not needed but you can get the decentralization through centralization of power. 9/
@ericschmidt
•He's skeptical that Web3 is going to take down companies FAANG companies.
•More likely that we will see Web2 used in cases where trustlessness is not needed but you can get the decentralization through centralization of power. 9/
•There will be very powerful systems used to meet the need for trustlessness, decentralization, & immutability.
•ZK proofs enable a completely new way to validate financial transactions. 10/
•ZK proofs enable a completely new way to validate financial transactions. 10/
@SergeyNazarov
•People’s faith in mathematics will end up being stronger than their faith in institutions, brands, & other people because the tendency that mathematical guarantees will fail them will be extremely low. 11/
•People’s faith in mathematics will end up being stronger than their faith in institutions, brands, & other people because the tendency that mathematical guarantees will fail them will be extremely low. 11/
New Services Enabled by Web3
@ericschmidt
•What will Web3 development enable that can’t be done today?
•One thing Web3 enables is distributed analytics over decentralized systems. 12/
@ericschmidt
•What will Web3 development enable that can’t be done today?
•One thing Web3 enables is distributed analytics over decentralized systems. 12/
Web3 & AI
@SergeyNazarov
•Certain private key measures can be instituted that can’t be surpassed & they can act as a good guardrail to the fears people have about AI. 13/
@SergeyNazarov
•Certain private key measures can be instituted that can’t be surpassed & they can act as a good guardrail to the fears people have about AI. 13/
Interaction Between Web2 & Web3 Systems
@ericschmidt
•High barrier to compete with today’s Web2 smartphones.
•Consumers will be going through a Web2 interface & web3 will be operating in the background.
•Consumers just want the product to work seamlessly. 14/
@ericschmidt
•High barrier to compete with today’s Web2 smartphones.
•Consumers will be going through a Web2 interface & web3 will be operating in the background.
•Consumers just want the product to work seamlessly. 14/
Web3 & Regulation
@ericschmidt
•Don’t ask for regulation early.
•Systems need to get built so that it’s possible to understand what the hard problems are, & figure out what problems they cause. 15/
@ericschmidt
•Don’t ask for regulation early.
•Systems need to get built so that it’s possible to understand what the hard problems are, & figure out what problems they cause. 15/
•Difficult to get regulation right in the sense that it prevents the bad things but allows all good things. 16/
Web2 & Web3 Similarities
@ericschmidt
•It’s possible that web2 companies will add regulations of their own.
•He started his career in web2 when there was a notion of decentralization & empowerment of individuals but today Web2 ended up being centralized. 17/
@ericschmidt
•It’s possible that web2 companies will add regulations of their own.
•He started his career in web2 when there was a notion of decentralization & empowerment of individuals but today Web2 ended up being centralized. 17/
•The same thing could potentially happen in Web3.
•There are economic incentives, scale incentives, & technology incentives that tend to favor centralization. 18/
•There are economic incentives, scale incentives, & technology incentives that tend to favor centralization. 18/
•People have to break down Web3 and figure out what will be centralized, regulated, or completely open. 19/
Evolution of Web3
@ericschmidt
•The companies that won in Web2 had better tech, put more capital to work, moved faster, & scaled faster.
•There are a lot of things that Web3 can do that would be very hard to do on Web2. 20/
@ericschmidt
•The companies that won in Web2 had better tech, put more capital to work, moved faster, & scaled faster.
•There are a lot of things that Web3 can do that would be very hard to do on Web2. 20/
@SergeyNazarov
•As long as chainlink provides the security & the systems that are needed, the team wants to have chainlink in everything that is being done. 21/
•As long as chainlink provides the security & the systems that are needed, the team wants to have chainlink in everything that is being done. 21/
Joining Web3
@ericschmidt
•1 positive of a recession is that it would get labor prices down.
•In terms of recession, Eric is not worried about the Web3 world because it has it’s own ecosystem. 22/
@ericschmidt
•1 positive of a recession is that it would get labor prices down.
•In terms of recession, Eric is not worried about the Web3 world because it has it’s own ecosystem. 22/
•The way to win is to build a breakout product that solves a real problem. 23/
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