Korea Blockchain Week, August 8: First day to remember from the Cointelegraph team

Day one of the main stage event featured a keynote presentation by Vitalik Buterin of Ethereum, Sergej Kunz of 1inch Network and Sam Seo from the Klaytn Foundation.< /p> New

The fifth annual Korea Blockchain Week kicked off on Sunday, with over 7,000 people attending Asia's largest blockchain event in 2022.

The Seoul-based event is set to hold its main stage sessions on August 8-9, while side events such as music festivals and non-fungible token (NFT) art galleries will continue until to August 12.

This year, Korea Blockchain Week features presentations from over 120 prominent figures in the blockchain space, including prominent names such as Ethereum co-founder Vitalik Buterin, Binance CEO Changpeng Zhao, Chairman of Animoca Brands Yat Siu and Polygon co-founder Sandeep Nailwal.

The event is organized by FactBlock and Hashed (co-organizer) and is sponsored by Solana, Klaytn and Wemade. Key topics will include Decentralized Finance, NFTs, Gaming, Metaverse, Web3 Technology and Cryptography.

If you missed the action, here's a literal snippet of all the most important moments from day one of the event, brought to you by the Cointelegraph team currently on the ground in Seoul.

Ethereum co-founder Vitalik Buterin has argued that crypto payments will “make sense” again, as transaction costs will soon drop to fractions of a penny due to Layer 2 rollups.< /p>

He pointed to the "solid work in progress" with rollups right now, such as Optimism's layer 2 scaling solution for Ethereum, which has worked to reduce data size and cost in blockchain transactions by introducing zero byte compression:< /p>

"So today with roll-ups the transaction fee is usually between $0.25, sometimes $0.10, and in the future with roll-ups...