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Classic Quotes from 2022 Korea Blockchain Week

On August 7, Asia’s largest blockchain event, the Korea Blockchain Week (KBW 2022), kicked off in Seoul, South Korea.

In its 5th year, Korea Blockchain Week is hosted by blockchain community builder FactBlock and co-organized by blockchain venture capital firm Hashed. Blockchain hedge fund ROK Capital participated as a partner. In addition, Klaytn, Solana and Wemade served as title sponsors of the event.

More than 100 blockchain industry practitioners, including Vitalik Buterin, founder of Ethereum, Yat Siu, co-founder of Animoca Brands, and Changpeng Zhao, CEO of Binance, attended the conference to discuss blockchain technology, cryptocurrency, and DeFi. , NFT, Metaverse, Web3, etc.

V God:

Cryptocurrency payments have become less popular after 2018, and it is clear that transaction fees are one of the reasons why it cannot be ignored. Ethereum is pushing for a cheaper, cheaper way to upgrade. Faster payments. If we can extend the scalability of Ethereum through upgrades, cryptocurrency payments will become a common phenomenon.

Over the past two years, the Ethereum development community has been continuously promoting the transition from the PoW consensus algorithm to the PoS consensus algorithm. In the case of PoW, virtual assets can be obtained by deciphering a large number of blocks, while PoS is a structure in which everyone can verify transaction details and receive rewards for virtual assets based on their stake. Therefore, PoS is considered as an alternative to solve the problems of slow transaction speed and high gas cost (fees), which have long been considered the shortcomings of Ethereum.

Anyone should be able to use the blockchain, but Ethereum transaction fees have always been expensive. (After the upgrade is completed) the energy consumption of obtaining Ethereum can be reduced by 99.9%. Through data compression, the current tps of the Ethereum chain at around 20 can be increased to 100,000.

Sam Seo, Director of the Klaytn Foundation:

The Metaverse is an important industrial field, and as a platform, it is the space…

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