Ethereum co-founder Gavin Wood said cryptocurrency investors need to be more aware of what is supporting their investments after a market stampede that wiped out more than $800 billion of its value.
“I hope people pay more attention to what is misrepresenting the currency name when they get involved in a community, ecosystem economy,” Wood told Reuters during the World Economic Forum in Davos.
Cryptocurrency and blockchain companies took the spotlight at this year’s meeting of business and political leaders, despite the market having plummeted in the weeks leading up to the event, with the eighth-largest cryptocurrency Luna becoming virtually worthless.
Wood was attending for the first time to talk about a new partnership between his blockchain project Polkadot and US billionaire Frank McCourt’s Liberty Project.
Blockchains are like public records that keep transaction histories on computer networks and, with cryptocurrencies, are largely unregulated.
“The internet has no real concept of legality, because legality is something that is determined by sovereign nations,” Wood said in an interview.
The new partnership aims to decentralize control of the web and give users more control of their data, Wood said.
“Technology can’t stop people from making mistakes, but it can help those who want to better understand the facts of the world, what they’re buying,” Wood said.
The 42-year-old, who also coined the term Web3, also founded the Web3 Foundation, which supports reorganizing the web from large companies, such as Alphabet, which owns Google, to individual users.
Source: CNN Brasil
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