After a market crash which wiped off more than $800 billion off their value, cryptocurrency investors need to be more aware of what is backing their holdings, said Ethereum’s co-founder Gavin Wood said.
“I would hope that people pay more attention to what is belying the currency name when they get involved in a community, ecosystem, economy,” Wood said.
Despite the market declining in value in weeks leading up to the event with the eighth-largest coin Luna becoming virtually worthless, crypto and blockchain firms have been highly visible at this year’s gathering of business and political leaders.
British computer scientist Wood and American billionaire Frank McCourt attended for the first time to talk about a new partnership between his blockchain project Polkadot with Project Liberty.
Blockchains are public ledgers that keep records of transactions on networks of computers, and, along with largely unregulated, cryptocurrencies.
“The internet has no real concept of legality, because legality is something that is determined by sovereign nations,” Wood said in an interview.
According to Woods, the new partnership is aimed at decentralizing control of the web and giving users more control of their data.
“The technology cannot prevent people from making mistakes but can help those who want to understand better the facts of the world, what they’re buying,” said Wood.
The 42-year-old, who also coined the term Web3, also founded the Web3 Foundation. Web3 Foundation backs the reorganization of the web away from big companies such as Google owner Alphabet to individual users.