First-day takeaways from the Cointelegraph team

The fifth annual Korea Blockchain Week kicked off on Sunday, with greater than 7,000 individuals attending Asia’s largest blockchain occasion of 2022. 

The Seoul-based occasion is ready to run its main-stage periods on Aug. 8 and 9, whereas aspect occasions reminiscent of music festivals and nonfungible token (NFT) artwork galleries will undergo till Aug. 12.

This yr Korea Blockchain Week options shows from greater than 120 figures within the blockchain house, together with distinguished names reminiscent of 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 expertise and crypto.

When you missed the motion, right here’s a literary spotlight reel of all crucial moments from the primary day of the occasion, dropped at you by the Cointelegraph workforce presently 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 on account of layer-2 rollups.

He pointed to “stable work occurring” with rollups in the intervening time, reminiscent of Optimism’s layer-2 scaling resolution for Ethereum, which has labored to get the dimensions and value of information in blockchain transactions down by introducing zero byte compression:

“So immediately 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 right down to $0.05, and even possibly as little as $0.02. A lot cheaper, rather more reasonably priced, and an entire recreation 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 optimisation, the director of the metaverse and blockchain ecosystem Klaytn Basis, thinks that the widespread adoption of the Metaverse will likely be “simpler” if Web2 firms combine the tech with their services.

Associated: Main crypto trade publicizes its arrival within the metaverse

Talking with Cointelegraph throughout the Korea Blockchain Week (KBW), Search engine optimisation recommended that Web3 Mmetaverse tasks usually have points attracting a mainstream viewers, as individuals typically have a hesitancy to make use of new expertise 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 spanking new providers that could not be simpler than simply ranging from scratch.”

Pictured: Klaytn Basis director Sam Search engine optimisation at Korea Blockchain Week 2022

DeFi market has room for progress in Korea: 1inch co-founder

Decentralized finance (DeFi) aggregator 1inch Community has revealed plans to broaden throughout the Asian market, in accordance with its co-founder Sergej Kunz.

Talking to Cointelegraph, Kunz mentioned that regardless of the DeFi market being comparatively small in Korea and Asia, there are a selection of Asia-based Web3 firms that 1inch is seeking to accomplice with.

Associated: Wirex companions with 1inch to allow wallet-based token swaps

Nonetheless, Kunz additionally added that the largest barrier to entry seems to be a lack of knowledge about DeFi and the way to use crypto wallets:

“As quickly as individuals perceive that they’ll [yield] farm, they’ll swap, they’ll trade and get quick access to cryptocurrencies on Ethereum with just a few easy EVM-compatible networks, the market will develop quite a bit.” hits key regulatory milestone in South Korea

Crypto trade 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: 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. Nonetheless, the corporate didn’t disclose whether or not this implies it could possibly provide its full-suite of crypto buying and selling providers within the nation.

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