Ethereum co-founder Gavin Wood told Reuters at the World Economic Forum in Davos that crypto investors should pay more attention to information about what exactly supports their assets after a market crash. The fall of major cryptocurrencies has collapsed the market by more than $800 billion.
“I hope people pay more attention to what is behind the name of a currency when they are involved in a community, ecosystem or economy,” Wood told Reuters.
This year’s annual gathering of economic and political leaders also saw cryptocurrency and blockchain companies actively participating in the forum despite the market crash in the weeks leading up to the event.
Wood attended the event for the first time, where he discussed a new partnership between his blockchain project Polkadot and American billionaire Frank McCourt’s Liberty project.
Blockchains are public ledgers that store records of transactions across computer networks, and like cryptocurrencies, they are largely unregulated.
“There is no real concept of legality on the internet because legality is what sovereign states define,” Wood said in an interview.
The new partnership aims to decentralize control over the network and give users more control over their data, Wood said.
Gavin Wood, 42-year-old computer scientist who coined the term Web3 and founded the Web3 Foundation, which is supporting the reorganization of the web from large companies like Alphabet to everyday users.
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