The fifth annual Korea Blockchain Week began on Sunday, with over 7,000 people attending Asia’s biggest blockchain event for 2022.
The Seoul-based event is set to run its main-stage sessions on August 8 and 9, while side events such as music festivals and non-fungible token (NFT) art galleries will run until August 12.
This year’s Korea Blockchain Week features presentations from over 120 figures in the blockchain space, including Ethereum co-founder Vitalik Buterin, Binance CEO Changpeng Zhao, Animoca Brands president Yat Siu and Polygon co-founder Sandeep Nelwal. Are included.
The event is hosted by FactBlock and Hashed (co-host) and sponsored by Solana, Clayton and Wemade. Key focus topics will include decentralized finance, NFTs, gaming, metaverse, web3 technology and crypto.
In case you missed the action, here’s a literary highlight reel of all the most important moments from day one of the event, brought to you by the Cointelegraph team currently on the ground in Seoul.
Vitalik: Layer-2 scaling will make crypto payments ‘sensible’ again
Ethereum co-founder Vitalik Buterin has argued that crypto payments will once again “make sense” as transaction costs will soon drop to a fraction of a cent due to the layer-2 rollup.
He pointed to “concrete work being done” at the moment with rollups, such as a layer-2 scaling solution of optimism for Ethereum, which aims to reduce the size and cost of data in blockchain transactions by introducing zero byte compression. work done:
“So with roll-ups today, transaction fees are typically between $0.25, sometimes $0.10, and with future roll-ups with all the improvements in efficiency that I talked about. Transactions The cost could drop to $0.05, or maybe as low as $0.02. So much cheaper, so much more affordable and a complete game changer.”
related: 60 million NFTs can be mined in a single transaction: Starkware founder
Web2 Adoption Key to Metaverse Success, Says Clayton Foundation Direct
Sam Seo, director of the Metaverse and blockchain ecosystem Clayton Foundation, believes that widespread adoption of the Metaverse will be “easier” if Web2 companies integrate the technology with their products and services.
related: Major Crypto Exchange Announces Coming to Metaverse
Speaking with Cointelegraph during Korea Blockchain Week (KBW), Seo suggested that the Web3 Mmetaverse project generally has issues attracting a mainstream audience, as people are often asked to use new technology from those companies. I have hesitations they’ve never heard of:
“If new ideas are integrated with Web2 platforms like [local social media app] Kakao, especially in South Korea, I mean, having access to these new ideas for new services couldn’t be easier than just starting from the beginning. ,
DeFi market in Korea has room for growth: 1Inch co-founder
Decentralized finance (DeFi) aggregator 1 Inch Network has revealed plans to expand into the Asian market, according to its co-founder Serges Kunj.
Speaking to Cointelegraph, Kunz said that despite the relatively small DeFi market in Korea and Asia, there are a number of Asia-based Web3 companies that 1Inch wants to partner with.
related: Wirex partners with 1Inch to enable wallet-based token swap
However, Kunz also said that the biggest barrier to entry appears to be a lack of understanding about how to use DeFi and crypto wallets:
“As soon as people understand that they can” [yield] Farms, they can swap, they can exchange and with some simple EVM-compatible networks have easy access to cryptocurrencies on Ethereum, the market will grow enormously. ,
Crypto.com hits major regulatory milestone in South Korea
Crypto exchange Crypto.com has announced a major regulatory milestone in South Korea after it acquired two local companies, giving it access to crypto and payment registration in the country.
Payment service provider PnLink Co. by the company. Ltd. and virtual asset service provider OK-BIT Co. The announcement was made during Korea Blockchain Week 2022 after acquiring Ltd.
related: Crypto.com Receives Regulatory Approval From Cyprus SEC
The move means they have now secured the Electronic Financial Transactions Act and virtual asset service provider registration in South Korea. However, the company did not disclose whether this means that it can offer its full suite of crypto trading services in the country.
