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Updates From Korea Blockchain Week and Buidl Asia Week 2022

The first half of August was action-packed as far as the blockchain space is concerned. So far, there have been several blockchain-related events around the world, with the one in Asia this week getting a lot of attention.

The three-part Buildl Asia Week launched by the KryptoSeoul blockchain community late last month is one of the closely followed experiences. The final event of Buildl Asia Week, ETH Seoul 2022, kicked off last Friday, right after the Buildl Asia 2022 Conference. His two-day event brought together builders from diverse backgrounds and ended on Saturday, August 13th.

Asian All Eyes

The Buildl Asia 2022 conference focused on the merger of decentralized finance and Ethereum. ETH Seoul, on the other hand, has focused on more specific developments on Ethereum, such as ZK rollup, layer 2 solutions, and DAOs. The event featured several influential cryptocurrency figures, including his Ethereum co-founder Vitalik Buterin, who delivered the keynote, and his Polygon co-founder Sandeep Nailwal.

This week also marked the start of the 5th edition of Korea Blockchain Week, also held in Seoul. Main stage sessions were held on Monday and Tuesday, and he had over 7,000 people in attendance. Key figures who made presentations included Yat Siu, Chairman of Animoca Brand and CZ, CEO of Binance. Buterin and Nailwal also gave presentations, and Solana attended the event as one of her sponsors.

Here are the key takeaways in case you missed the live presentation of either event.

Buterin welcomes shrinking roles in increasingly decentralized networks

speak at a press conference TechCrunch At the KBW 2022 event, Buterin said he foresaw a gradual transition to the background, with his role becoming more and more faded. The Ethereum Foundation chief scientist explained that the network is becoming more decentralized by the day, and his work is greatly reduced. Buterin noted that his work assignments that he has to complete are decreasing every six months.

This is a very different situation than in the early days after the network launched in 2015.Ethereum co-founder says: TechCrunch He believes his creations have evolved to the point where they can continue to float without his input. Years of task delegation also mean that R&D work that would otherwise have been responsible is now left to other teams.

Ethereum co-founder: Layer 2 helps achieve ‘truly acceptable’ transaction fees

In 2017, Ethereum co-founder Buterin said that the average transaction cost should not exceed $0.05 in order to make the idea of ​​the “Internet of Money” conceivable. This long-term belief in lowering transaction fees to his 5 cents was one of the factors driving his quest for scalability. Tweet.

“We need to go below $0.05 to be truly acceptable. Hmm!”

The Ethereum co-founder reiterated this assertion at Korea Blockchain Week, emphasizing the importance of a layer 2 scaling solution for achieving the goals outlined in Ethereum’s roadmap. Buterin specifically emphasized massive scaling and the ability to cut costs on a portion of what is billed on an underlying basis. He also noted that there is a lot of work being done around Layer 2 and that these solutions have so far reduced charges to the $0.25-$0.10 range he said.

According to his prediction, the range could drop to $0.02 in the future, which he called a “complete game changer.”

Buterin argued that scaling (Lightning Network) is essential to reduce transaction costs to pennies even for major cryptocurrencies. He explained that while Bitcoin is the primary store of value, it is designed to be a peer-to-peer electronic cash system that is cheaper than existing payment methods. This continued to be a focus for his first five years, but fell out of “priority” as recruitment increased significantly in the late 2010s.

War of the “scalers”

The Ethereum chief also gave his opinion on scaling warfare, including Ethereum’s Layer 2 solution, at the ETH Seoul event that launched on August 5. Said he expects it to be better than the popular rollup. Optimistic rollup. Buterin pointed out that this is the case because ZK Rollup achieves faster speeds and maintains reservations.

However, he acknowledged that the technology is in its infancy and difficult to develop compared to alternative technologies. This may change quickly depending on the zk-EVM implementation you are working on. Once these computing environments become a reality, ZK Rollup will gain smart contract functionality.

Buterin wants more work on ZK proofs

Further from the Ethereum-focused event, Buterin argued for the essence of user privacy without sacrificing scalability and security. We have listed what we have and have said that zk technology is perfect for achieving this.

In particular, Buterin singled out a zero-knowledge succinct non-interactive knowledge argument (zk-SNARK) that allows proofs by confirming ownership of specific knowledge without necessarily disclosing it. He praised his ZKSNARK, adding that it could become as important as blockchain.

zk-SNARK fits a profile that complements blockchains as it effectively recognizes blockchain networks seeking to achieve privacy and scalability without sacrificing security. He used this as a rationale to encourage participants to take the development path in terms of privacy rather than scalability.

Soulbound Token (SBT) for trust relationships

Canadian programmers have also proposed Soulbound Tokens (SBT). Frank Recently. He explained that because Soulbound tokens are non-transferable, dumps and improper token allocations are completely avoided, resulting in better governance and a fairer distribution of tokens.

Representing commitment, entitlement, and affiliation, Soulbound tokens encode social relationships of trust to achieve provenance and reputation. In addition, it will allow exploration of increasingly ambitious projects such as community he wallet recovery and sybil-resistant governance. SBTs are also inseparable from their owners, making them ideal for exclusive drops to allow communities to airdrop specific members.

For more information on Ethereum visit us Investing in Ethereum guide.

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