Korea Blockchain Week, Aug. 8: First-day takeaways from the Cointelegraph team
The fifth annual Korea Blockchain Week kicked off on Sunday, with greater than 7,000 folks attending Asia’s largest blockchain occasion of 2022.
The Seoul-based occasion is about to run its main-stage classes on Aug. 8 and 9, whereas facet occasions equivalent to music festivals and nonfungible token (NFT) artwork galleries will undergo till Aug. 12.
This yr Korea Blockchain Week options displays from greater than 120 figures within the blockchain house, together with distinguished names equivalent to Ethereum co-founder Vitalik Buterin, Binance CEO Changpeng Zhao, Animoca Manufacturers chair Yat Siu and Polygon co-founder Sandeep Nailwal.
The occasion is hosted by FactBlock and Hashed (co-host) and is sponsored by Solana, Klaytn and Wemade. Key focus subjects will embrace decentralized finance, NFTs, gaming, the Metaverse, Web3 know-how and crypto.
When you missed the motion, right here’s a literary spotlight reel of all an important moments from the primary day of the occasion, delivered to you by the Cointelegraph staff at present on the bottom in Seoul.
Vitalik: Layer-2 scaling will make crypto funds ‘make sense’ once more
Ethereum co-founder Vitalik Buterin has argued that crypto funds will as soon as once more “make sense” as transaction prices will quickly fall to fractions of a cent because of layer-2 rollups.
He pointed to “stable work taking place” with rollups in the intervening time, equivalent to Optimism’s layer-2 scaling answer for Ethereum, which has labored to get the scale and price of information in blockchain transactions down by introducing zero byte compression:
“So at this time with roll-ups, transaction charges are usually someplace between $0.25, typically $0.10, and sooner or later with roll-ups with all the enhancements to effectivity that I talked about. The transaction prices might go all the way down to $0.05, and even possibly as little as $0.02. A lot cheaper, far more inexpensive, and a whole sport changer.”
Associated: 60 million NFTs might be minted in a single transaction: StarkWare founder
Web2 adoption key to Metaverse success, says Klaytn Basis director
Sam Search engine optimization, the director of the metaverse and blockchain ecosystem Klaytn Basis, thinks that the widespread adoption of the Metaverse might be “simpler” if Web2 firms combine the tech with their services and products.
Associated: Main crypto change proclaims its arrival within the metaverse
Talking with Cointelegraph in the course of the Korea Blockchain Week (KBW), Search engine optimization advised that Web3 Mmetaverse tasks usually have points attracting a mainstream viewers, as folks typically have a hesitancy to make use of new know-how from firms that they’ve by no means heard of:
“If new concepts are mixed with Web2 platforms like [local social media app] Kakao, particularly in South Korea, I imply, there’s accessibility to those new concepts for brand new providers that could not be simpler than simply ranging from scratch.”
DeFi market has room for progress in Korea: 1inch co-founder
Decentralized finance (DeFi) aggregator 1inch Community has revealed plans to increase inside the Asian market, in keeping with its co-founder Sergej Kunz.
Talking to Cointelegraph, Kunz stated that regardless of the DeFi market being comparatively small in Korea and Asia, there are a variety of Asia-based Web3 firms that 1inch is trying to associate with.
Associated: Wirex companions with 1inch to allow wallet-based token swaps
Nevertheless, Kunz additionally added that the most important barrier to entry seems to be a lack of information about DeFi and learn how to use crypto wallets:
“As quickly as folks perceive that they will [yield] farm, they will swap, they will change and get easy accessibility to cryptocurrencies on Ethereum with just a few easy EVM-compatible networks, the market will develop lots.”
Crypto.com hits key regulatory milestone in South Korea
Crypto change Crypto.com has introduced a key regulatory milestone in South Korea after buying two native firms, giving it entry to crypto and funds registration within the nation.
The announcement got here throughout Korea Blockchain Week 2022 after the corporate acquired fee service supplier PnLink Co. Ltd. and digital asset service supplier OK-BIT Co. Ltd.
Associated: Crypto.com scores regulatory approval from Cyprus SEC
The transfer means they’ve now secured the Digital Monetary Transaction Act and digital asset service supplier registration in South Korea. Nevertheless, the corporate didn’t disclose whether or not this implies it might supply its full-suite of crypto buying and selling providers within the nation.
