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Translated by: OX News Team – MaiTian

Ethereum co-founder Gavin Wood said cryptocurrency investors need to be more aware of what is backing their holdings after the market fell sharply and evaporated more than $800 billion in value.

Image: Reuters

“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. 

Cryptocurrency and blockchain firms have attracted a lot of attention this year at business and political leaders’ gatherings, despite a slump in market value a few weeks leading up to the event, leaving the eighth-largest coin Luna to almost worthless. 

British computer scientist Wood attended the event for the first time to talk about the new partnership between his blockchain project Polkadot with the American billionaire Frank McCourt’s Project Liberty.

Blockchains are public ledgers that keep transaction records on computer networks, like cryptocurrency, 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 aim of the new partnership is to decentralize control of the web, allowing users more control of their own 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 proposed the word Web3, also founded the Web3 Foundation which supports reorganization of the web away from big firms such as Google owned Alphabet (GOOGL.O) to individual users. 


Proofread/Edited by: James L
Posted by: James L

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