Is the ideal of crypto dead? Gavin Wood: No, it's time for a new generation!

Has the crypto industry failed? 🤔

Ethereum co-founder and Polkadot creator Gavin Wood doesn't give simple answers. His take feels more like a winding road than a straight line. From early crypto dreams to today's messy reality - it's complicated.

"Has it failed? Probably too early to say that," Wood mused.

He sees the industry drifting toward what it once fought against. Getting swallowed by mainstream systems bit by bit. "That's happening for sure!" 🚀

Ideals corrupted, but innovation lives on

"Bad decisions by influential people? Absolutely! The original 'crypto punk' spirit crushed by selfishness? Yeah, many times!" Wood admitted.

His decade-plus in crypto hasn't delivered what they once dreamed of. Not even close. But don't write the obituary yet. "Calling it a 'failure' puts a period where there should be a comma - this story isn't finished."

Wood, the brain behind Ethereum's Yellow Paper and later Polkadot, gets practical. Society needs to actually want crypto stuff. "People get why they need stablecoins - they beat traditional banks in some ways," he noted. Still, the truly useful innovations? Kind of sparse over ten years.

Fresh blood needed 🌱

Veterans leaving? Wood sees opportunity. "We desperately need 'fresh blood' right now - new eyes, new ideas, the imagination only new generations bring."

His latest project JAM shows his thinking - what he calls a "magical internet supercomputer" with massive computing power boosts.

"We need newcomers not stuck in blockchain thinking patterns," Wood said. "They'll see JAM and think: 'Cool, I can write normal C++ code and run it directly on this internet supercomputer thing.'"

At Berlin's 2025 Web3 Summit, Wood dropped major Polkadot upgrades, including a hard cap on DOT and pushing JAM forward. Still innovating.

Wealth: double-edged sword 💰

On life's priorities, Wood keeps it simple: health, family, freedom, happiness - all connected. But he gets philosophical about money.

"'Chasing wealth' is fool's gold, but once you have it? Complicated beast," he reflected.

Money opens doors. Not all good ones. "Some doors just don't lead anywhere happy," Wood noted. The rich lifestyle can become its own prison.

Inner fire and darkness 🔥

What drives Wood? "Anger against injustice," especially when it hits people he connects with. This selective fury fuels his work, though he's learned limits.

"World's injustices make me sad, angry, sometimes responsible. Then I calm down and realize I can't fix everything. Maybe just do what I'm doing now."

Finding happiness 🌕

His secret? Stay curious. Find joy exploring. "Don't take things so seriously," he suggested. Playfulness matters.

For crypto's future? "We need younger folks not contaminated by the last decade!" Wood seems hopeful about renewal.

In this weird space where idealism crashes into reality, Wood keeps the faith in crypto's potential. He sees the flaws clearly but isn't ready to quit.