The 5th annual Korea Blockchain Week began on Sunday, using more than 7,000 guests in Asia’s largest blockchain event of 2022.
The Seoul-based event is placed to operate its primary-stage sessions on August. 8 and 9, while side occasions for example music festivals and nonfungible token (NFT) art galleries goes through until August. 12.
This season Korea Blockchain Week features presentations from greater than 120 figures within the blockchain space, including prominent names for example Ethereum co-founder Vitalik Buterin, Binance Chief executive officer Changpeng Zhao, Animoca Brands chair Yat Siu and Polygon co-founder Sandeep Nailwal.
The big event is located by FactBlock and Hashed (co-host) and it is backed by Solana, Klaytn and Wemade. Key focus topics includes decentralized finance, NFTs, gaming, the Metaverse, Web3 technology and crypto.
Should you missed the experience, here’s a literary highlight reel of all of the most significant moments from the very first day from the event, introduced for you through the Cointelegraph team presently on the floor in Seoul.
Vitalik: Layer-2 scaling can make crypto payments ‘make sense’ again
Ethereum co-founder Vitalik Buterin has contended that crypto payments will once more “make sense” as transaction costs will quickly fall to fractions of the cent because of layer-2 rollups.
He pointed to “solid work happening” with rollups right now, for example Optimism’s layer-2 scaling solution for Ethereum, that has labored to obtain the size and price of information in blockchain transactions lower by presenting zero byte compression:
“So today with roll-ups, transaction charges are usually approximately $.25, sometimes $.10, and later on with roll-ups with all the enhancements to efficiency which i spoken about. The transaction costs may go lower to $.05, or perhaps maybe as little as $.02. A lot cheaper, a lot more affordable, along with a complete game-changer.”
Related: 60 million NFTs might be minted in one transaction: StarkWare founder
Web2 adoption answer to Metaverse success, states Klaytn Foundation direct
Mike Search engine optimization, the director from the metaverse and blockchain ecosystem Klaytn Foundation, thinks the prevalent adoption from the Metaverse is going to be “easier” if Web2 companies integrate the tech using their services and products.
Related: Major crypto exchange announces its arrival within the metaverse
Talking to Cointelegraph throughout the Korea Blockchain Week (KBW), Search engine optimization recommended that Web3 Mmetaverse projects have issues attracting a mainstream audience, as people frequently possess a hesitancy to make use of new technology from companies they have never heard about:
“If new ideas are coupled with Web2 platforms like [local social networking application] Kakao, particularly in Columbia, I am talking about, there’s ease of access to those new suggestions for new releases that could not be simpler than simply beginning on your own.”
DeFi market has room for development in Korea: 1inch co-founder
Decentralized finance (DeFi) aggregator 1inch Network has revealed intends to expand inside the Asian market, based on its co-founder Sergej Kunz.
Talking with Cointelegraph, Kunz stated that regardless of the DeFi market being relatively small in Korea and Asia, there are a variety of Asia-based Web3 firms that 1inch is searching to work with.
Related: Wirex partners with 1inch to allow wallet-based token swaps
However, Kunz also added the greatest barrier to entry seems to become a lack of knowledge about DeFi and the way to use crypto wallets:
“As soon as people understand that they’ll [yield] farm, they are able to swap, they are able to exchange and obtain quick access to cryptocurrencies on Ethereum having a couple of simple EVM-compatible systems, the marketplace will grow a great deal.”
Crypto.com hits key regulatory milestone in Columbia
Crypto exchange Crypto.com has announced a key regulatory milestone in Columbia after obtaining two local companies, passing on use of crypto and payments registration in the united states.
The announcement came during Korea Blockchain Week 2022 after the organization acquired payment company PnLink Co. Limited. and virtual asset company OK-BIT Co. Limited.
Related: Crypto.com scores regulatory approval from Cyprus SEC
The move ensures they have finally guaranteed the Electronic Financial Transaction Act and virtual asset company registration in Columbia. However, the organization didn’t disclose whether what this means is it may offer its full-suite of crypto buying and selling services in the united states.
