Gavin Wood believes that investors need to be mindful of the supports supporting their crypto holdings in order to avoid being caught in a crash.
Ethereum co-founder Gavin Wood urged cryptocurrency investors to “pay more attentionto the underlying support structure of their investments amid the recent cryptocurrency crash. Wood’s warning comes after the recent UST and Luna plunge wiped out more than $800 billion. During a press conference with Reuters at the ongoing World Economic Forum in Davos, Gavin Wood said:
“I hope people pay more attention to what’s behind the currency name when engaging with a community, an ecosystem, an economy.”
Wood addresses the recent cryptocurrency crash against the backdrop of high cryptocurrency visibility at the WEF.
Wood’s comments regarding the cryptocurrency crash were made at this year’s World Economic Forum. The event notably saw a strong representation of crypto-focused businesses. The popular Ride leading to the Swiss alpine resort is adorned with cryptocurrency companies displaying their products and services to passers-by. Fernando Verboonen, co-founder of RollApp, said that of all the companies on the boardwalk, cryptocurrency companies constitute a 60% majority.
Interest in the presence of cryptocurrencies this year also comes as digital assets have plunged over the past few weeks. In addition to Luna, which is now worth zero, bitcoin and altcoins all traded lower.
Gavin Wood is attending the World Economic Forum for the first time to preview a new business partnership. The partnership sees one of its blockchain projects, Polkadot (DOT), enter into a collaboration scheme with OM owner Frank McCourt’s Project Liberty. According to Wood, this partnership aims to decentralize control of the web and give users greater control over their data. Speaking about this Web3-inspired initiative, Gavin Wood said:
“Technology cannot prevent people from making mistakes but can help those who want to better understand the facts of the world, what they buy.”
“The internet has no real concept of legality, as legality is something that is determined by sovereign nations“, he added.
Gavin Wood and Web3
Wood is no stranger to Web3, having coined the term himself. The Ethereum co-creator also founded the Web3 Foundation, an organization that facilitates reform by moving away from companies like Alphabet, Google’s parent company. By doing so, individual users have more control over their web footprint and can decide what they want to do with it. Furthermore, this increased personal control also largely negates endemic threats such as privacy breaches, phishing, and spamming.
The technology behind the Web3 initiative is based on blockchain, which also powers cryptocurrencies, decentralized financial applications (DeFi), and non-fungible tokens (NFTs). These networks remain largely unregulated and include popular protocols like Ethereum and Solana.
Solana has recently been integrated with the Brave Privacy Browser to improve Web3 access. This development follows a similar approach performed by Oracle in Marchwhich saw the integration of Solana and other blockchain ecosystems.
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Ethereum Co-Founder Gavin Wood Urges Investors to Be More Vigilant After Latest Cryptocurrency Crash | Gavin Wood, web3 | Cryptocurrency
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