By Jessica DiNapoli

DAVOS. Switzerland (Reuters).’s Co-Founder Gavin Wood says cryptocurrency investors must be more conscious of who is backing them after a market rout, which wiped off more than $800 billion.

Wood stated that he hoped more people will pay attention to how the currency name is being used when involved in a community. This was Wood’s opinion at the World Economic Forum, which took place in Davos in Switzerland.

This year, crypto and blockchain businesses were prominent at this gathering of political and business leaders. Although the market has plummeted in value during the weeks prior to the event with Luna, the eighth largest coin, becoming almost worthless,

Wood, British computer scientist and author was there to speak about the new partnership between his blockchain project and American billionaire Frank McCourt’s Project Liberty.

Blockchains (also known as cryptocurrency) are public ledgers that record transactions over networks of computers. They are not regulated and are often unregulated.

Wood explained in an interview, “The internet doesn’t have any real idea of law because it is something that sovereign nations determine.”

Wood stated that the new partnership aims to decentralize control over web sites and give users greater control over their data.

Wood stated that technology can’t prevent mistakes, but it can aid those who wish to better understand the world and what they are buying.

Web3 Foundation is the brainchild of 42-year-old Web3 founder, Web3 Foundation. It works to reorganize the web from Alphabet, the owner of Google, to users, rather than large corporations like Google.