Ethereum co-founder Gavin Wood said investors in cryptocurrencies need to be more aware of what supports their holdings after a market crash that wiped out more than $ 800 billion worth of money.
“I hope people pay more attention to what the name of the currency denies when it is involved in a community, an ecosystem or an economy,” Wood told Reuters on the sidelines of the World Economic Forum in the Swiss alpine town of Davos.
Cryptography and blockchain companies have been very visible at this year’s meeting of business and political leaders, despite the fact that market value plummeted in the weeks leading up to the event, with the eighth largest currency, Luna , virtually worthless.
British computer scientist Wood was attending for the first time to talk about a new partnership between his blockchain project Polkadot and Project Liberty by American billionaire Frank McCourt.
Blockchains are public ledgers that keep records of transactions on computer networks and, along 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 web control and give users more control over 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 network away from large companies such as the owner of Google Alphabet to individual users.
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