Recapping the Korean Blockchain Week

This year’s Korean Blockchain Week reunited dozens of industry CEOs, cryptocurrency experts, and market analysts, to discuss the latest trends, developments, and challenges faced by the worldwide blockchain market. Companies like Binance, Samsung, AWS, Tokamak Network, IBM, and Algorand shared valuable insights through their representatives. 

This write-up will provide readers with an overview of the most interesting discussions and presentations. 

• Samsung’s view regarding the core value of blockchain technology

Samsung’s Woong Ah Yoon gave a brief presentation regarding the values of blockchain tech. According to him, blockchain’s core value entails systematically solving the issue of trust within the digital ecosystem. By creating trustless systems, users no longer need to know or trust other network participants. Blockchain implementations assure system-wide security, ensuring that no centralized entity has complete control over the system. Over the long-term, Samsung’s representative believes that blockchain tech will create a trustless online ecosystem where parties can freely transact without worries. 

• Tokamak Network discusses Ethereum scalability

At this point in time, Ethereum lacks the scalability required for the mass adoption of decentralized apps. With billions of dollars locked in DeFi contracts, such platforms require a secure, decentralized, and scalable infrastructure that can assure a high transaction throughput. Layer-2 solutions hold a significant value proposition, as they allow transactions to be settled on separate chains and later verified on the mainnet. The Tokamak Network is a Turing Complete Plasma layer-2 platform which can be used to build Ethereum-based scalable dApps that retain the benefits provided by the Ethereum infrastructure. 

The Tokamak Network improves current layer-2 solutions by also offering an aggregator service. Project managers can essentially rely on multiple layer-2 solutions to fulfil their dApp development goals, while attaining improved versatility, composability, and overall flexibility. Innovation is therefore fostered through a large catalogue of advanced tools that can be effectively leveraged to build the future’s decentralized apps. 

The key takeaway here is that Tokamak Network has built a system that facilitates cross-layer collaboration. Instead of competing with other layer-2 solutions, Tokamak aggregates them within a singular next-gen infrastructure. As expected, the potential use cases are virtually infinite. 

• Algorand presents blockchain-based business models

According to Algorand’s Seon Lee, enterprises worldwide are showcasing increased demand for blockchain technology. Such business entities require scalable solutions with support for multiple advanced capabilities that fit their business models. Alogarand facilitates blockchain adoption and frictionless finance through its open, permissionless, and pure proof-of-stake blockchain protocol. As such, the blockchain’s main selling point is its security, decentralization, and scalability, without needing to fork for specific use case scenarios. With support for smart contracts, layer-1 assets with customizable options (ASA), and atomic transfers, Algorand is rapidly paving the way for enterprise blockchain adoption. 

• Binance’s CZ speaks about the future of centralized exchanges

According to this well-known blockchain pioneer, centralized exchanges (CEX) are well suited to users who are either unable or unwilling to store their own private keys. CEX platforms are also built for crypto beginners who lack an in-depth understanding of crypto technicalities. As mass adoption grows, centralized exchanges will cater to new customers by providing them with an easy-to-use digital assets exchange infrastructure. 

On the other hand, CZ has stated that decentralized exchanges (DEX) have multiple competitive advantages over centralized platforms. These include, but are not limited to lower transaction fees, no KYC requirements, and support for additional payment methods or trading pairs. CZ’s belief is that CEX and DEX platforms will continue existing side-by-side, at least in the near future. 

• Other notable events of the Korean Blockchain Week

Blockchain leaders have also discussed the need for high-performance protocols, the dawn of central bank-backed digital currencies (CBDCs), the growing need to bring real world assets on to the blockchain ecosystem, DeFI risks, programmable blockchains, and the future of digital banking. 

Bottom Line

A quick recap of the Korea Blockchain Week is enough to understand that blockchain adoption will continue growing at an exponential rate. With projects like Tokamak Network paving the way for mass adoption, it’s only a matter of time before we’ll use blockchain in everything we do.