First-day takeaways from the Cointelegraph team

The fifth annual Korea Blockchain Week kicked off on Aug. 8, 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 periods on Aug. Eight and 9, whereas aspect occasions equivalent to music festivals and nonfungible token (NFT) artwork galleries will undergo till Friday, Aug. 12.

This 12 months Korea Blockchain Week options shows 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 embody decentralized finance, NFTs, gaming, the Metaverse, Web3 know-how and crypto.

In the event you missed the motion, right here’s a literary spotlight reel of all a very powerful moments from the primary day of the occasion, delivered to you by the Cointelegraph workforce at present on the bottom in Seoul.

Vitalik: Layer-2 scaling will make crypto funds ‘make sense’ once more

Ethereum (ETH) 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 as a consequence of layer-2 rollups.

He pointed to “strong work taking place” with roll-ups at the moment, equivalent to Optimism’s layer-2 scaling solution for Ethereum, which has labored to get the dimensions and price of knowledge in blockchain transactions down by introducing zero byte compression.

Associated: 60 million NFTs could be minted in a single transaction: StarkWare founder

“So right this moment with roll-ups, transaction charges are typically 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 may go right down to $0.05, and even possibly as little as $0.02. A lot cheaper, way more inexpensive, and an entire sport changer.”

Web2 adoption key to Metaverse success, says Klaytn Basis direct

Sam Web optimization, 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 and products.

Associated: Major crypto exchange announces its arrival in the metaverse

Talking with Cointelegraph in the course of the Korea Blockchain Week (KBW), Web optimization recommended that Web3 Metaverse tasks typically have points attracting a mainstream viewers, as folks usually 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 spanking new companies that could not be simpler than simply ranging from scratch.”

Pictured: Klaytn Basis director Sam Web optimization 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 expand inside the Asian market, in response to 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 variety of Asia-based Web3 firms that 1inch is seeking to associate with.

Associated: Wirex partners with 1inch to enable wallet-based token swaps

Nonetheless, Kunz additionally added that the most important barrier to entry seems to be a lack of know-how about DeFi and tips on how to use crypto wallets:

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

Crypto change 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  cost 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 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 actually supply its full-suite of crypto buying and selling companies within the nation.