Gavin Wood, the co-founder of Ethereum, said that crypto investors need to be more aware of what backs their holdings after the market plunge.
Ethereum $800 Billion Wiped
Gavin Wood, the co-founder of Ethereum, said that crypto investors need to be more aware of what is backing their holdings after the market collapse that wiped more than $800 billion from their value.
Mr Wood told Reuters on the sidelines of the World Economic Forum at the Swiss alpine resort of Davos, “I hope people pay more attention to what they do when they are involved in a community, an ecosystem, an economy, in the name of the currency.” What gets attention.”
Crypto and blockchain firms have been highly visible at the gathering of business and political leaders this year, leaving Luna, the eighth-largest coin, virtually worthless, despite a drop in market cap in the weeks prior to the event.
British computer scientist Wood was attending for the first time with American billionaire Frank McCourt’s Project Liberty to talk about a new partnership between his blockchain project Polkadot.
Blockchains are public ledgers that keep records of transactions over a network of computers and, as with cryptocurrencies, are largely unregulated.
Partnership with Large Companies
“There is no actual concept of legitimacy on the Internet because rightfulness is something that is determined by sovereign nations,” Mr Wood said in an interview.
He said the new alliance aims to decentralize control over the web and give users more control over their data.
“Technology cannot stop people from making mistakes, but it can help people who want to better understand the facts of the world, what they are buying,” Mr Wood said.
The 42-year-old, who also coined the term Web3, also founded the Web3 Foundation, which supports the restructuring of the Web for individual users from big companies such as Google’s proprietor Alphabet.