Web3 is a next-generation Internet concept. It implies rejection of centralization and huge role of big companies, relevant to the current level of Web2, as giants use the data of their clients as a commodity.

At the same time, in a Web3 world, thanks to the use of blockchain and tokens, ordinary users can not only create certain assets, but also retain ownership of them and earn from their work. In addition, there are no huge commissions, such as the ones that Apple or Google charge developers for selling apps.

Solana co-founder Anatoly Yakovenko with his Saga smartphone

An important step in the development of the concept will be the release of the Saga smartphone from the developers of the Solana network. It will be able to securely store the user’s sido and in addition will support the operation of a decentralised app shop. Again, the earnings here will go to the authors of content, tokens and other objects.

The main disadvantages of the new decentralised internet

During the discussion, Schmidt admitted to being sceptical about the crypto industry as a whole. However, he also said there had been some progress on digital assets, with a notable step being the move of the Etherium network to the new Proof-of-Stake (PoS) consensus algorithm during a merger in early September.

Former Google CEO Eric Schmidt

The merger has indeed received a lot of praise even from some critics. It’s all about the fact that on PoS, the Etherium network now consumes at least 99 per cent less power. In other words, the cryptocurrency is less damaging to the environment and has virtually no impact on the environment, which is also important for big Western investors.

Etherium’s falling power consumption

The concept of smart contracts based on Etherium, on the other hand, is not particularly admired by Schmidt. He said they are allegedly limited in their functionality and the global marketing campaign around Web3 is “disconnected from reality”. Instead, the former Google executive praised Nazarov’s project – in his view, Chainlink is based on “better technology” and “scales better” than its competitors.


Note that such a comment was to be expected, as Schmidt is also an advisor to the Chainlink team. The criticism of smart contracts, on the other hand, is rather bizarre, as their capabilities are virtually unlimited. Moreover, the aforementioned Oracle platform from Nazarov has just gained popularity because of the development of decentralised finance, which is based on smart contracts.

Perhaps the downside of smart contracts is that they have bugs that are regularly used by hackers to steal money. However, this is common across all software categories.


Blockchain developer

The topic of Web3 was also discussed in a recent interview with Richard Wildmann, head of strategy, Web3 and cloud technology, to the news outlet Decrypt. He voiced the exact opposite of Schmidt. Moreover, Wildmann believes that Google’s goals are aligned with the key ideals of the crypto industry, including open source software development and decentralisation.

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Wildmann and his team are now working on a “giant bridge” between Web3 and blockchain companies, offering node hosting services in the Google Cloud. Here’s a quote to that effect.

In terms of providing cloud – we are ground zero for cryptocurrencies.

Tier zero is a reference to the classification of different protocols on the blockchain. For example, Etherium is a Tier 1 project, which is the basis for other projects and networks, although its functionality does depend on cloud-hosted nodes on the network. So in a sense the Google Cloud can really be called ground zero for decentralised projects, although this is not always relevant.

The most popular services for hosting Etherium nodes

Wiedlmann also stressed that Google nodes need to be decentralised around the world to protect against internet disruptions or even political unrest. If one or two big technology companies like Amazon or Google end up controlling the vast majority of nodes in cryptocurrency networks, it would destroy the core principle of decentralisation.

If everything works for Google, I’ll be the first to say that’s a problem.

But decentralisation is not a thing that could be easily defined or measured. While Widmann sees decentralisation as an important element of Google’s Web3 strategy, not everything can or should be as decentralised as it could be. The expert continues.

If you tried to build a data centre through a decentralised autonomous organisation, I’m sure you’d be able to raise money for it, but it’s unlikely that resources in such a project can be effectively coordinated.

Google Cloud


We think that the move of the Etherium network to PoS could really do well for the reputation of the cryptocurrency industry. As we have already noted, it has reduced the power consumption of the blockchain to a minimum, and the issuance of new ETH has been reduced many times over. And even these two points may be enough to attract the attention of investors who have previously avoided linking to digital assets for whatever reason.


What do you think about this? Share your opinion in our Millionaires Cryptochat, where we discuss other important developments in the blockchain world.