chainlink devEric Schmidt and Sergey Nazarov Fireside Chat SmartCon 2022

chainlink 2022 prediction chainlink post extender chainlink dev Eric Schmidt and Sergey Nazarov Fireside Chat SmartCon 2022
chainlink dev chainlink benjamin cowen Eric Schmidt and Sergey Nazarov Fireside Chat SmartCon 2022
foreign [Applause] world has gotten big look at this were in prison its excellent [Applause] um Im truly honored to be joined here by Eric Schmidt you know one of the the people that has formed how the web has evolved and how our society uses the internet today so very grateful to Eric for coming here to speak with us thank you very much for uh sharing your views and and being part of helping us see how to how to make web 3 a bigger part of society thank you um you know Im gonna just kind of jump right into it to make sure we can make the most of our of our time together with you um you youve seen a lot of things youve seen how the world has evolved and so I think you have a very astute view of you know patterns and and how how the world changes what what I really want to understand is how um how did you come to the idea that web3 is is attractive what what attracts you to web3 what is the fundamental value that you see being provided by web3 well its its important to tell the truth and Im historically a skeptic and Im a skeptic because although I like the the beliefs and the values and the technology I think the marketing got a little ahead of reality which is okay uh its not the first I mean in the waves Ive been in this happens has happened every time and lets start with the basic principles that web3 and the work that youre doing is essentially trustless immutable and distributed and those principles are really powerful for computer systems thats why many of you got involved and I looked at it and I thought I dont think this things going to scale I frankly just dont think itll become big enough and then you and a couple of other people started talking to me and I think you were one of the inventors of this about this basically a really crazy idea sorry its your idea its fine Im crazy Im on board I think its its established and so its a layer one I understood but the concept of Layer Two where you use tokens to incentivize Behavior was a really powerful development in the last say three years four years roughly roughly when you started and that changes the economics in some really fundamental ways and I think its this is a case where you all people in the audience are ahead of the academics the economists who understand this and a simple way to understand this is that so you and I do is not going to happen because youre busy doing this company you and I do a new company and we decide to have a new coin and the coin is initially relatively worthless maybe Ill seed it with some money and its value increases directly with demand now in my whole career Ive always had compensation tied to stock options which was tied to corporate wealth and so forth but the token the fact that the token goes up in value based on network effects is a real discovery and I dont think people understand quite the economics of this I was talking to one founder who curiously wouldnt tell me his actual name he had a code name God knows why and you never know and I said well how do we do you know Im used to investing things and you get so much and I get so much how much do you want he said oh we already know the answer and I said well how much do I get he said 20 20 of the tokens and I said good how much do you get 18 of the tokens what goes to everyone else he said well we need 30 of the tokens to stake the necessary Network to get the network working get the validators on we need about a hundred validators youve heard this speech before many of your chains operate this and I said how do you Im used to negotiating this and he goes I said how do you know this oh theres a paper this has been thoroughly studied and he sends me the paper right so this economic structure is actually much more interesting than you all appreciate its a new way of tying compensation and incentives to network scale thats a big deal I agree I think it is a it is a very big deal and uh I think youre definitely getting to the core of the matter on that one um so how do you see but take some credit I mean this is actually like a big its its okay its okay so come on oh come on oh I take a credit in a decade or two when when when everythings running on web3 then well until then was that did I hear a forecast okay so let me just continue let me just continue so so so first you have the layer ones then you have the various layer twos and the layer two provides all the necessary services and now you have a problem of cross chain right which something chain link works on pretty well and you have all this all of the problems of centralized systems in a distributed context because of this new invention so the way I approach this just to really answer your question is I say Ive got these layered one systems Ive got layer two systems um and how am I going to build a real scalable business today were not there and were not there because frankly and I hope most of you know this most of the services that you use which are thinking are you web3 are really hosted on web 2 cloud services so um an article I was reading I assume its true you never know um is that two-thirds of the ethereum computations are done on the three Cloud providers including the one that I like the most Google thats not decentralization I talked to another person who said be careful about real decentralization you want to understand where the control points are and even the current decentralized systems have ways in which they are centralized for a while before China banned it 51 of all the miners were three companies in China and as you know with Bitcoin in the protocol they can basically take over the whole protocol with that level of concentration today thats not true but you get the point I I do I really do this is what youre working on well yeah this is yeah I would say that chain link 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 three or four pools under the control of one mining pool operator yeah I would say in that sense yes if you want a network of 100 nodes to do a very specific computation for you you can choose the 100 nodes you can choose the jurisdiction theyre in you can choose the trust assumptions you want to have with them you can choose their commitment to you and you know those are all choices you should be able to make and to create that type of decentralization in a very explicit way rather than a dynamic membership way that creates these large mining pools yeah and and my My overall point is I think that youve just described a whole new industrial system its not very well understood outside of this room once again very much in agreement with you kind of on Candy how youre getting to the core of the issue having that youve arrived very recently but its really quite I mean recently to the conference not like to the industry but recently to the industry too okay well then its even its very impressive and its amazing I mean the guys get into the core of the issue and like so what are you going to do what are you going to do to fix it um what well I I actually see more and more computation moving into Oracle networks because blockchains dont fulfill uh the scalability or privacy properties and if they fulfill those properties and thats fine that computation can go there but I think there will be an interim stage where they wont fulfill those requirements and so there needs to be a bridge just like blockchains couldnt fulfill the requirement of providing data um you know there are all these requirements that you have to build more advanced applications to really realize web3 and all those requirements are really what Oracle networks seek to fulfill some of them will fall away and go into you know a blockchain but many of them wont its just not very easy to predict which requirements will fall away and which wont um but were were building a pretty flexible system that as you can tell provides data identity you know Randomness across chain soon all these things so um I mean thats my plan to solve it is to basically plug all the holes and then the holes that are left are are probably very valuable holes to keep filled and thats where I think that the value will land in that decade uh half decade time series so in the spirit of full disclosure Im the chairman of a so a woman named Michelle Ritter founded a company called steel prolove which Im now the chairman and shes the CEO and she designed a structure where you do fundraising to and fundraising for funds that generate cash it goes into startups and the startups are going to go into Global Financial systems based on these principles so I decided to put my money and other peoples money you know into this space I think that your vision is correct Im a little bit more skeptical I keep reading all of these claims that web3 is going to take down Amazon Google Microsoft and so forth having lived through that I think thats pretty unlikely and I think what youre going to ultimately see and I want to be very clear is youre going to see where uh lets use the generic term web 2 web 3. youre going to see web 2 used in cases where you dont need the trustlessness and you can but you can get the decentralization through centralization and centralization of power which is how those companies work and so I think the more likely scenario is youre going to see the traditional web stop web 2 stuff but if you need something which is trustless decentralized right and immutable youre going to have very very powerful systems if you look at zero knowledge proofs and the development of that which is like its been under development for a very long time that will enable a completely new way in which you validate Financial transactions and part of your the chain link vision is basically cryptographic truth is always the right answer so your religion if I can say it is dont trust the human trust the protocol so roughly what way to say it well that is a scalable model if you can get the technology to scale and thats likely a major contribution to the computer architecture going forward yeah yeah I think so I think at the end of the day uh peoples faith in mathematics is going to be end up being stronger than their faith in institutions and Brands and other people because the tendency that mathematical guarantees will have to fail them will be an extremely low percentage whereas the tendency that humans and institutions and Brands run by humans those things will continue to unfortunately very Unfortunately they will continue to fail and there will be periods where they fail very little and therell be periods but they fail in you know very rapid succession in big ways like in the 2008 financial crisis and you know I I would rather be building a system thats going to reconstruct a world in a reliable guaranteed way uh than contributing to that the other thing that you have is you have an opportunity in addition to so so one way to think about what youre doing in web 3 is youre trying to recreate all the all the practices that exist in current cloud services but in a decentralized platform thats one way to think about your strategy and um to me the most interesting question are what are the new services that are not easily done today in Cloud I mean theres a straightforward listing Cloud right because the cloud stuff just replaced the stuff I used to do before Cloud existed right so its file Services uh scheduling invocation you know figuring out how to run services and so forth and so on there will eventually be some sort of ethereum zero knowledge virtual machine today the smart contracts are pretty um let me just say poor in their capabilities and that functionality should get there because of all the research thats being done in the industry to me the question is what can you then do that you cant do today one of the most obvious things is doing distributed analytics over over these kinds of decentralized systems because when you talk to the banks they they roughly in some cases know whats going on in their own banking system but they have no idea what the other ones and when you talk to the banking Regulators they have no visibility to anything so imagine a system system where you have extremely good analytics that are cross-chain and these Bankers can actually say holy crap you know were just about to have a crisis yeah absolutely I think that that that is basically the the world that we all want to be in because the cyclical booms and busts that just keep getting bigger and bigger are are basically based on people not having access to siled information um you know lets forget even about Regulators its its even the credit rating agencies and all these people that are supposed to be experts and supposed to get access to the siled information I mean thats the fundamental reason for most of these big cyclical boom in Boston developed markets yeah well weve also talked about where would AI approach when Ive mostly been working on AI stuff once you have the data just think of the the generative design the sort of analytics and we can talk about this if youre interested in it but you know the eventual vision is a new set of apps that allow you to manage the system better we were struck with uh in 2008-2009 that there were no uncorrelated assets right well thats something that should be easily discoverable right by your own technology running on the top of the things that youre building yeah makes sense I I personally dont know exactly how how AI is going to interact with blockchains um my view on it is um um skeptical as as uh as as as you put it um I I actually think that um you know Ive watched a bunch of these sci-fi shows you know like Westworld and all these things I dont really think its going to be that bad frankly but um I think that um private Keys um the interesting thing about the Westworld show was actually that the whole show is about getting access to a private key that gives access to like this other system so basically even if you have ai maybe you still have encryption as a limiting factor and then guess what system does really complex programmatic encryption all right its blockchains right so maybe that can be a kind of um good guard rail or good limitation to whatever fears people have about AI is they can they can Institute certain private key measures that cant be surpassed so I have that skeptical you want that I think thats a fine belief system well see if that actually happens um I think the most important thing to know is that youre going to be able to do computations on the equivalent of blockchains layer one layer two using homomorphic encryption and zero knowledge proofs so you will be able to analyze these things without necessarily getting into trouble absolutely I cant wait till they make that efficient thats going to be a big deal very big deal but look we made some progress with the shift from proof of work to proof of stake so thats a long time coming and Incredibly important um and I think these these changes are really good signs that your industry is getting its act together from the standpoint of computer science right because computer scientists have known about these limitations for a very long time and weve all complained about them while some people have actually worked hard to get those things fixed so so how do you see web 2 systems interacting with web3 systems our web 2 systems The Trusted interfaces and web3 systems are the trustless state storage and transactional backends how does web 2 interface with web3 in in the long term well this is let me give you another example um lets assume for purposes of argument that youre youre going to use the web 3 system through Android and iPhone and by the way its in that order not the other way um is the is the phone itself a web 2 system and this and I think it is because its it has traditional authentication traditional computation traditional rules about access to apps and so forth so I could imagine a competitor to those two emerging you know on on Bear hardware or other kinds of devices but that barrier is a pretty high barrier you know you have to really do something exceptional to replace the functionality of those two now very very mature platforms um I went through the PC versus MAC uh basically fight and then I did Android versus iPhone I was conveniently on the board of both companies at the time and um these are the fights that Define the generation of Technology so this could be hard to displace so thats the first question so assuming you can get through the stores the app stores and figure out some way to do that either with a simple app that then goes into some some other protocol service thats delivered to your phone without an intermediary then I think youve got some possibilities but I think for most consumer apps the consumer is going to be going through what we would describe as a web 2 interface and web3 is essentially the service that is behind them and remember that is as excited as you are about the complexity of your product um the consumer actually just wants it to work and they wanted to work without any input they wanted to know they wanted to be in media and they wanted to be you know boom boom boom done and if you think about a just using digital cash as a vision think about all the obstacles to using digital cash right now you have to physically move a credit card you have to physically open your phone all that kind of stuff this is in the web 2 world the goal would be to make digital cash broadly speaking completely seamless right and thats a reasonable goal for the next five to ten years and its clearly its clearly coming and The Regulators will I mean if you just as a minute on regulators you dont want so be careful for those of you who have not dealt with Regulators dont ask for regulation early please um you want Ive done this now for 45 years no 47. um sorry I was doing a little math um you you dont want premature regulation you want these systems to get built so people can understand what the really hard problems are and then you want to figure out what problems they cause now right now its important to understand that many of you would prefer not to have any regulation at all welcome to being a libertarian and societies dont reward libertarian thinking very much because of all the issues around power and control and so forth and so on its highly unlikely that a purely libertarian view of how these things are going to emerge is going to work what instead is going to happen is governments will assert their Authority partly because thats what they do and you want to do it in such a way that its rational and today for example in the United States its not at all clear who the regulatory bodies are going to be right theyre still thinking about it theyre still talking about it is it an asset that is regulated by the cftc how do we deal with AML kyc issues and so forth and these are real issues but my overall message is for those of you that are working with Regulators take it slow right get the regulation right and its very very hard to get the regulation right and such that it prevents the bad things but allows all of the good things its really a difficult knife edge to be on makes perfect sense and and and and I have lived this I have done this for the last 30 years and Im like I dont want to have to do this again in web3 so you do it its not gonna Im Gonna Knock on something wooden someone else someone else can can live through it um Im just going to build all this stuff people are going to build cool things thats thats our plan yeah you know like likely story yeah we dont we dont make Financial products we dont do anything but but understand understand that youre successful enough that youre on somebodys list I understand so um in your uh thank you so much um in uh in your experience um you know in the way that the web 2 infrastructure evolved right where it evolved from larger closed systems to low to smaller and smaller pieces being combined as service oriented architecture and then microservices do you see a similar Dynamic um happening from the point of view of um you know web3 and that you know itll itll end up becoming smaller and smaller pieces that get composed into those more complex web to applications and and by the way on the point on webtool and web3 I personally dont think it matters if the user relationships are retained by a lot of web 2 applications necessarily because the fundamental value will flow through those interfaces into web3 back-end systems okay I I agree with you in an optimistic scenario its perfectly possible that the web 2 companies will decide that youre making youre having too much fun and making too much money and that they will actually put in regulations uh right of their own right so this is a its trickier than it sounds so a note of caution on web 2 and by the way when we were doing this we didnt call it web2 we just called it the web um the what happened lets see if I can describe it we all started with a node a notion of true decentralization true empowerment of individuals all of the things that I did 25 years ago involving Mosaic and the internet and HTML all this kind of stuff was presumed of the fact that that the world become disaggregated that everyone have equal access all the stuff all that religion and stuff and we believed it and I really believed it and if you look at the structure today of the of what you think of as web 2 its highly concentrated around relatively proprietary systems and thats not what we started off in so if you look at it in the Arc of my career over 20 years the same thing could happen to you and you go oh my God that would be terrible but let me tell you who it might happen this is not a prediction there are economic benefits and returns to scale and you have really clever entrepreneurs who are very very smart theyre moving quickly they create value and they can begin to merge and acquire things right and there are also technical benefits to centralization because of the Civil effect the truly distributed systems spend the vast majority estimates are up to 90 of their time making sure there isnt an interloper in the protocol right so thats and there are Technical Solutions to that so youve got a system where it spends an awful lot of time making sure there arent other people around um Its Perfectly possible that that could lead to a small number of high-end large players so I dont think web3 is immune from the kind of centralization that surprised me now I was also one of the people who caused it so Im Im not trying to be mislead you but the economic incentives the scale incentives and the technology incentive itself tend to favor centralization so one thing for you all to do is to make a map of what you think of web3 will be and then figure out which points will be centralized which points will be regulated and which ones will be wide open the history of technology is they start completely wide open and then there are centralizers there are consolidators there is probably a set of consolidators that will get either built founded or will come into the space and provide that to some of the infrastructure yeah I mean I I completely understand what youre saying in terms of economies of scale and efficiency and I think back to your earlier point of mining pools that you know thats an example of the efficiency of a mining pool attracting a lot of hash power into you know a single entity thats then you know probably through some mac room social convention kept at you know 25 or something but um I I really think that the the difference in web3 is that its about creating open markets for those compute uh workloads for for all of that right so the the successful protocol for me Isnt that it um it centralizes the value of the computer the control in in one group like a mining pool its that it successfully creates a market where people efficiently bid against each other to create uh more efficiency more security often through some form of formalized reputation so I I think the the real difference is that yes those big companies could get you know better deals on Hardware bigger better deals on data centers better deals on cooling better deals on uh on uh human capital better deals on a bunch of things but I think the real question is is that if you make a market um how um how does that market evolve when all you need is very proven inputs very proven uptime and and thats what I think web3 reputation systems really do theres a theres actually a very poor name for them as reputation systems because web2 reputation systems fundamentally suck because like the intern can make a five-star review and everyone now has five star reviews but web free reputation systems together with the market can become efficient does that make sense um they do until you have an evil actor and so heres Ill give you an example so I spent I dont know a decade of my life fighting Microsoft at the Heyday of its consolidation including antitrust 1996 1997 all this kind of stuff and um Microsofts tactics at the time they dont do this anymore included uh not allowing competitor access to the platforms various pricing strategies all of which were subject to antitrust rules all of which has been discussed at length by my generation so the internet comes along and Cisco for a while had more than 50 percent of control over the net but Cisco didnt use the same business tactics as Microsoft and I kept wondering why now partly its because its different people different leadership but also because it was a protocol Network incentive as opposed to an app control incentive if you see the distinction so to the degree that your observation is about Network scale and protocol it wont end up being dominated or taken over by a proprietary player in other words your vision is correct to the degree that somebody can come in with significant money significant Network Power and change the protocol to exclude competitors right then then youll have trouble and and again you have a a model of web3 as protocol network based which I and obviously I like that a lot I would be very careful in the design of those future Layer Two or whatever is called layer three protocols to make sure that they fully affect and realize the vision you outlined yeah yeah it makes sense thats thats definitely a challenge but I think we can we can formalize that and its all going to happen pretty openly and so that I think that can create those uh bring us back to those positive market dynamics yeah its interesting in your world in the people that Ive talked with Ill use my kind of language which I must seem old to them and Maya kind of language is you know gaining market share dominance and so forth and they say well thats not appropriate so thats a different generation of leaders in a different set of language so the question is when its not appropriate but its in someones Financial incentive to do it will they change their mind and I dont think we know yet I think its appropriate we have we are the standard for oracles and we dominate that market because we make the best system Im totally comfortable with that we you guys good with that Im good with it but but but youve done it in such a way that you havent excluded your competitors you havent killed anybody no no I no I havent killed anybody just Im not that crazy yet yet I havent got there yet but if we will see talk to me in a few years if he keeps going at this pace who knows um Im just kidding I I think its basic its basically because you run the whole company on zoom and zoom will kill you somebodys maybe you should have some in-person meetings I shall think about it weve had this conversation privately before Ill definitely think about it um were not planning to kill anybody just so were on the same page its not thats not the plan um great so so this all adds up um in in terms of you know infrastructure and and how it needs to evolve how do you see um oracles fitting into that infrastructure how do you see infrastructure in web 3 kind of evolving generally are there any lessons from web 2 that really explain how um at kind of the the infrastructure level not at the app layer not at the interface layer but and I know we kind of already discussed this but at the end of the day the companies that won in web 2 were better technology they put more Capital to work and they move faster and they scaled faster and in these and these are network businesses so once you get a little bit ahead its very hard to catch up to the person ahead of you you know in your case because you were early and very smart obviously you got in there first so you see it from the standpoint of the the person whos ahead so I think that that in in web3 youre going to see the same Dynamic right of new things entering and the winners and I think this is absolutely true of chain link they have better technology as you said and it scales better thats Im now speaking as a computer scientist um youve got to get the architecture right so you can go from 10 users to 10 million users and most of the systems that you all collectively and this is not a comment about chain link its about others seem to fall over reasonably quickly right thats my observation theyre just not built to scale yet and that it its just harder you cant do it in six months it takes real computer science real planning real platforms I think chain link because of the way youre going to provide compute services and Ill just use the generic word Trust Services will become a key component of that but youll only be one therell be a number of other players who will be important as well I mean an obvious one is storage Services Etc yeah yeah that makes sense I I think in every part of the stack there will be a network effects efficient winner that as it gets more usage gets more economic demand than its economic system you know if if it if it drives that economic demand into an efficient market itll just create um you know the both the most con cost efficient and the most scalable and I and ideally if the protocol is built with real computer science as you put it which is how we try to do it then itll itll be built in a way that can meet all of those requirements um and provide cost and scalability so so and I I want to use an example of remember I said earlier Im interested in the things that you can do that you couldnt do in web 2. so one person I know is working on a Model where you basically you find people by creating a token and the token is both an incentive to find people but also a disincentive to find them if they dont want to be found right and they figured out a way to do this now thats something thats very difficult to do in web 2 right so if you go back to what I said earlier that the invention that you guys did which is Layer Two Plus tokens plus distributed plus immutable Plus uh basically uh the trust is built into the protocol theres a bunch of stuff that you can do that would be very hard to do on web2 and Im if I were smarter Id make the list I cant quite make the list yet but collectively you guys can and what I would do is then found those companies because those things are going to be really powerful right because they they solve a problem in a completely new way yeah yeah thats absolutely absolutely the the case I think theres actually these two layers of incentives as you put it what you mentioned is kind of app level incentive or or a user level incentive and then theres infrastructure level incentives thanks for for you all to think about is I have a simple rule which is if you give me a hundred million users I can make money from them trust me right if theyre doing something I can find a way to monetize it using again traditional web 2 techniques what is the same answer on top of web 3 because in Your Vision web 3 will be Universal across the globe itll be used in some form by almost everyone so one way to when we were do when we initially were doing Google what we our goal was we want a little piece of Google in everyones computation right so for example the time the uh the DNS that you use is almost certainly the Google DNS right Google roughly a third of the worlds internet traffic goes through I think thats still the number uh through Google Fiber you would never know that now all are these gifts to the world yes thank you very much but they were also in our direct financial interest because it meant that we knew what was going on yeah having a piece of computation is of every computation is a good idea Im on board yeah Im on board with that plan its a solid plan um yes is there is there any particular reason why you cant just announce that thats your plan right now to your customers we want everyone here to have a piece of chain link in everything that you do [Applause] as long as we procure you need and items that you need we we should win on that basis and and if we provide the most secure best system for you to build your application then we should absolutely have the ability to provide that compute to to web3 I think thats thats thats exactly right thats the standard well need to meet and thats the standard Google Map very very impressively and thats just kind of you know at certain size and speed the name of the game so I think thats uh once again thank you for getting to the core of the issue for telling everybody my plan oh Im sorry was that private no it wasnt really I was just talking about it for like an hour no no no um cool so I um I think I think this makes a lot of sense um is is there anything in particular that attracted you to to working with us working on oracles uh that you see oracles playing a particularly important role in infrastructure um separate from from the others when we first were chatting you were talking about Oracle and I thought you were talking about a company so Im interested in creating a different Oracle got it well thats definitely what were doing thats definitely what were doing very much so um okay great so I I think um I think a lot of this adds up um you know the the final questions that I have are kind of just around how should people be uh thinking about uh joining the web3 industry you know theres been a lot of ups and downs in web3 its obviously a very cyclical Market uh people might be wondering should they build applications in web3 should they take their career into web3 um obviously its very cyclical the Cycles are also very rapid theyre about twice to three times as rapid as web 2 or or traditional Cycles how do you think people should be let me ask the audience are we going to have a recession in the next 12 months in the U.S the the guys over here are in favor of it okay over here youre in favor of it too do you know why a recession would be good for all of us he would get labor prices down right so so and Im not endorsing recessions trust me um I would answer the question by saying first I think we make our own weather in our industry we make our own economics and the way you win is you build a product that solves a real problem and you do it now and it takes off so if youre in a downturn its the same message as if youre going well right a downturn is easier to hire because people become more labor available and their demands for compensation and so forth become more realistic but its the same rule right youre trying to build a product thats a breakout product right and I have historically ignored as a matter of business what was going on in the public markets tech industry has always had lots of capital because of software theres infinite amounts of money to invest the valuations that are being raised in this cycle are still high relative to normal metrics if you look at AI which again Ive spent most of my time on the next generation of startups are being raised at 200 million billion dollar kind of valuations with 10 people with no product its just insane stuff thank God the capital markets can provide that kind of capital for this generation of founders so Im not at all worried for us Im worried about the globe Im worried about the war Im worried about food Im worried about gas prices Im worried about all of that but for our world which remember is not normal were not normal we have our own little ecosystem sorry Sergey definitely not normal thats for sure yeah so you and I especially um we have our we we have our own we have our own structure so my advice would be when I was um itd be hard for you all to understand when I was in college there was an article that said There Will there we have too many engineers in our country and we wont ever need any more and I of course was majoring in electrical engineering because computer science didnt exist and I remember thinking well thats a bummer but I didnt change what I was doing and of course the article as usual was completely wrong but my point here is as a matter of your lifes choice right because you know life is short life is short and its over fairly quickly figure out what you really want to work on and do something which is exceptional if youre doing something which is exceptional with a team that you love what are you complaining about right thats the best of life so Eric I want to thank you for you know your inspirational um ideas uh its been truly a pleasure speaking with you its always my immense pleasure to speak with you whenever I have a chance Im going to be contacting you ceaselessly to speak with you even more and um lets just say congratulations to you all for ending up in the right spot in the web 3 space working with chain link thank you very much thank you thank you very much At SmartCon 2022, former Google CEO Eric Schmidt and Chainlink Co-founder Sergey Nazarov sat down for a fireside chat.Featuring: Eric Schmidt, former Google CEO. Sergey Nazarov, Chainlink Co-founder. 0:00 - Introduction 0:10 - Web3 Has Gotten Big 0:22 - Welcoming Eric Schmidt 1:00 - What Attracted Eric to Web3 2:30 - How Tokens Change the Economics of Businesses 5:21 - The Challenges of Cross-Chain for Building a Scalable Business 7:41 - New Industrial System Powered by Blockchains, Smart Contracts, and Oracles 9:33 - Eric Believes in the Vision of Web3 but Is Skeptical About Some of Its Claims 10:23 - How Web2 and Web3 Will Converge 11:00 - Zero-Knowledge Proofs and Cryptographic Truth Are Major Contributions To Computing 12:29 - What New Services Are Enabled by Web3? 14:31 - The Possible Intersection of Web3 and AI 17:05 - How Eric Sees Web2 and Web3 Systems Interacting 19:44 - Questions Surrounding Web3 and Regulation 22:17 - Similarities Between the Evolution of Web2 and Web3 Infrastructure 27:58 - Parallels With Early Internet Business Tactics 29:51 - New Business Models Enabled by Web3 31:18 - How Eric Thinks About Web3 Infrastructure 33:56 - Eric Is Interested in Use Cases That Aren’t Possible in Web2 35:14 - “A Little Piece of Google in Everyone’s Computation” 37:24 - What Attracted Eric to Chainlink and Oracles 38:02 - Eric’s Advice for People Thinking About Joining the Web3 Industry About Chainlink: Chainlink is the industry standard for building, accessing, and selling oracle services needed to power hybrid smart contracts on any blockchain. Chainlink oracle networks provide smart contracts with a way to reliably connect to any external API and leverage secure off-chain computations for enabling feature-rich applications. Chainlink currently secures tens of billions of dollars across DeFi, insurance, gaming, and other major industries, and offers global enterprises and leading data providers a universal gateway to all blockchains. Learn more about Chainlink: Website: Docs: Twitter: Chainlink Chainlink,