GAVIN WOOD ON WHERE CRYPTO WENT WRONG - PART 2 - 5
Crypto forgot its real mission – According to Gavin Wood (Ethereum co-founder, Polkadot founder), crypto left its original goals of decentralisation and freedom.
Trust in governance and systems is broken – Both in the real world and in crypto, powerful people control the system, so real freedom is missing.
Stablecoins = Digital Banks – Crypto has created old banking systems with new names, which are not truly decentralised.
Ethereum’s Layer 2 has challenges – Gavin thinks Layer 2 made decentralisation harder. His solution: JAM, a multi-core scaling model working in a single trust system.
Greed cannot be fully removed – But systems can be designed so that personal profit and community benefit go together.
Polkadot governance has mixed results – There is lack of transparency and communication, but new models are being tried.
He left the CEO role – Gavin didn’t like management, now he focuses on concepts and architecture.
Crypto culture has degraded – From the Cypherpunk movement to a meme-coin casino, hype often matters more than real utility.
Some good projects still exist – In the Polkadot ecosystem, some teams quietly build real products (e.g., FIFA Rivals game).
Bitcoin is valuable – A decentralised store of value, but limited in governance and adaptability.
Best tech does not always win – The technology that solves relatable problems wins, not necessarily the most advanced tech.
JAM = a fresh start – Learning from Ethereum and Polkadot, JAM is building a system without compromising trust.
Problem is ethical, not technical – Crypto forgot why it was created, but if it focuses on curiosity and transparency instead of hype, it has a strong future.
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