Be More Careful, Ethereum Co-Founder Says About Crypto Crash, Money News

DAVOS, Switzerland — Ethereum co-founder Gavin Wood says cryptocurrency investors need to be more aware of what’s supporting their holdings after a market rout wiped out more than $800 billion (1 .1 billion Singapore dollars) of their value.

“I hope people pay more attention to what belies the name of currency when engaging with a community, an ecosystem, an economy,” Wood told Reuters on the sidelines of the World Economic Forum in the Swiss alpine resort of Davos.

Crypto and blockchain companies were highly visible at this year’s gathering of business and political leaders, despite the market’s value plummeting in the weeks leading up to the event, with the eighth-largest Luna coin becoming virtually untouched. value.

British computer scientist Wood was there for the first time to talk about a new partnership between his Polkadot blockchain project and American billionaire Frank McCourt’s Liberty project.

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 control of the web and give users more control over their data, Wood said.

“Technology can’t stop people from making mistakes, but 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 revamping the web away from big companies like Google owner Alphabet for individual users.

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