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by Jessica DiNapoli
DAVOS (Reuters) – Ethereum co-founder Gavin Wood says cryptocurrency investors should be more aware of what’s behind the assets they choose after the market recently lost a third of its valuation.
“I hope people pay more attention to what is behind the name of currency when they join a community, an ecosystem, an economy,” Gavin Wood told Reuters on the sidelines of the World Economic Forum in the Alpine resort of Davos, Switzerland.
Cryptocurrency and blockchain companies had a strong presence at this year’s gathering of business and political leaders, despite the collapse of more than $800 billion in cryptoasset valuations in the weeks leading up to the event. The eighth largest cryptocurrency, Luna, has almost completely lost its value.
British computer scientist Gavin Wood attended the event for the first time to talk about a new partnership between his Polkadot blockchain project and US billionaire Frank McCourt’s Liberty project.
Blockchains, public ledgers that store transactions on computer networks are, along with cryptocurrencies, largely unregulated.
“The internet has no real concept of equality, because equality is something that is determined by sovereign nations,” Gavin Wood said in an interview.
The new partnership aims to decentralize the internet network and give users more control over their data, he added.
“Technology cannot prevent people from making mistakes but can help those who want to better understand the facts of the world, what they are buying.”
Gavin Wood, 42, who also coined the term “Web3”, also created the Web3 Foundation, which supports the revamping of the internet away from large corporations such as Google-owner Alphabet, in favor of individual users.
(Report Jessica DiNapoli, written by Alexander Smith; French version Elena Vardon, told by Kate Entringer)
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