After a market meltdown that wiped away more than $800 billion in value, Ethereum co-founder Gavin Wood said cryptocurrency investors need to be more mindful of what is underpinning their purchases.
“I would hope that when people get involved in a community, ecosystem, or economy, they pay greater attention to what lies beneath the currency moniker,” Wood told Reuters on the sidelines of the World Economic Forum in Davos, Switzerland.
Despite the market plunging in value in the weeks leading up to the event, crypto and blockchain enterprises were very visible at this year’s meeting of business and political leaders, with the eighth-largest coin Luna being nearly worthless.
For the first occasion, British computer scientist Wood attended to discuss a new alliance between his blockchain firm Polkadot and American millionaire Frank McCourt’s Project Liberty.
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Blockchains, like cryptocurrencies, are public ledgers that retain records of transactions on networks of computers. They are mostly uncontrolled.
In an interview, Wood stated, “The internet has no true sense of legality since legality is something that is defined by sovereign governments.”
According to Wood, the new cooperation aims to decentralise web control and give people more control over their data.
“While technology cannot prevent individuals from making mistakes, it may assist those who want to better comprehend the facts of the world and what they’re purchasing,” Wood explained.
The Web3 Foundation, which supports the reorganisation of the web away from huge firms like Google owner Alphabet and toward individual users, was formed by the 42-year-old ethereum co-founder, who also originated the phrase Web3.
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