Please try another search
© Reuters. FILE PHOTO: Souvenir tokens representing cryptocurrency networks Bitcoin, Ethereum, Dogecoin and Ripple plunge into water in this illustration taken May 17, 2022. REUTERS/Dado Ruvic/Illustration
By Jessica DiNapoli
DAVOS, Switzerland (Reuters) - Ethereum's co-founder Gavin Wood said cryptocurrency investors need to be more aware of what is backing their holdings after a market rout which wiped more than $800 billion off their value.
"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 told Reuters on the sidelines of the World Economic Forum in the Swiss Alpine resort of Davos.
Crypto and blockchain firms have been highly visible at this year's gathering of business and political leaders, despite the market plummeting in value in the weeks leading up to the event, with the eighth-largest coin Luna becoming virtually worthless.
British computer scientist Wood was attending for the first time to talk about a new partnership between his blockchain project Polkadot with American billionaire Frank McCourt's Project Liberty.
Blockchains are public ledgers that keep records of transactions on networks of computers, 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 is aimed at decentralizing control of the web and giving users more control of their data, Wood said.
"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, which backs the reorganization of the web away from big companies such as Google owner Alphabet (NASDAQ:GOOGL) to individual users.
In this week’s newsletter, read about Binance’s partnership with the most-followed TikToker Khaby Lame. Check out how Vincenzo Sospiri Racing will use NFTs to...
Bitcoin (BTC) is attempting to rise above the psychological level of $20,000 on July 6, a sign that bulls are trying to stall the brutal bear market. The retail traders are making...
Many officials responsible for regulating the United Kingdom’s financial system have resigned following allegations Prime Minister Boris Johnson exercised “poor...
Are you sure you want to block %USER_NAME%?
By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.
%USER_NAME% was successfully added to your Block List
Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.
I feel that this comment is:
Thank You!
Your report has been sent to our moderators for review
Add a Comment
We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:
Enrich the conversation, don’t trash it.
Stay focused and on track. Only post material that’s relevant to the topic being discussed.
Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.
Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.