The fifth annual Korea Blockchain Week kicked off on Sunday, with more than 7,000 people attending Asia’s largest blockchain event of 2022.
The Seoul-based event is set to run its main-stage sessions on Aug. 8 and 9, while side events such as music festivals and nonfungible token (NFT) art galleries will go through until Aug. 12.
This year Korea Blockchain Week features presentations from more than 120 figures in the blockchain space, including prominent names such as Ethereum co-founder Vitalik Buterin, Binance CEO Changpeng Zhao, Animoca Brands chair Yat Siu and Polygon co-founder Sandeep Nailwal.
The event is hosted by FactBlock and Hashed (co-host) and is sponsored by Solana, Klaytn and Wemade. Key focus topics will include decentralized finance, NFTs, gaming, the Metaverse, Web3 technology and crypto.
If you missed the action, here’s a literary highlight reel of all the most important moments from the first day of the event, brought to you by the Cointelegraph team currently on the ground in Seoul.
Vitalik: Layer-2 scaling will make crypto payments ‘make sense’ again
Ethereum co-founder Vitalik Buterin has argued that crypto payments will once again “make sense” as transaction costs will soon fall to fractions of a cent due to layer-2 rollups.
He pointed to “solid work happening” with rollups at the moment, such as Optimism’s layer-2 scaling solution for Ethereum, which has worked to get the size and cost of data in blockchain transactions down by introducing zero byte compression:
“So today with roll-ups, transaction fees are generally somewhere between $0.25, sometimes $0.10, and in the future with roll-ups with all of the improvements to efficiency that I talked about. The transaction costs could go down to $0.05, or even maybe as low as $0.02. So much cheaper, much more affordable, and a complete game changer.”
Related: 60 million NFTs could be minted in a single transaction: StarkWare founder
Web2 adoption key to Metaverse success, says Klaytn Foundation director
Sam Seo, the director of the metaverse and blockchain ecosystem Klaytn Foundation, thinks that the widespread adoption of the Metaverse will be “easier” if Web2 companies integrate the tech with their products and services.
Related: Major crypto exchange announces its arrival in the metaverse
Speaking with Cointelegraph during the Korea Blockchain Week (KBW), Seo suggested that Web3 Mmetaverse projects generally have issues attracting a mainstream audience, as…
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