Vitalik Buterin, the co-founder of Ethereum Network during the Korea Blockchain Week(KBW) 2022 shared the next growth strategy post the Merge. He believes Ethereum payments may become a reality for the common people in the next 2 to 3 years as the transaction cost and speed are expected to slash hard.
“Your accounts can be much smarter,” Vitalik Buterin said during the previous KBW event.
With the Ethereum Merge the co-founder believes that crypto payments with Ethereum will once again ‘make sense’ as the transaction fees could drop to a cent or less due to layer-2 rollups.
Ethereum Merge to Introduce Zero-Byte Compression
The co-founder of Ethereum, Vitalik Buterin delivered his speech during the Korea Blockchain week and said that Ethereum is in the final phase of an upgrade called the ‘Merger’. After the merge, the blockchain would transit into a more environmentally friendly Proof-of-Stake mechanism.
After the implementation of the PoS, the transactional commission is expected to drop by a huge margin. Therefore, making the platform compatible for everyday use to carry out payments. Ethereum, being used as a mode of payment that can become a reality with one of the major upgrades being introduced called Zero-Byte Compression.
Pointing out the significant work happening with the rollups currently, Vitalik said,
“So today with roll-ups, transaction fees are generally somewhere between $0.25 and sometimes $10, and in the future with roll-ups with all of the improvements to efficiency that I talked about. The transaction costs could go down to $0.05, or even maybe as low as $0.02. So much cheaper, much more affordable, and a complete game changer,”
This is expected to improve the expandability of Ethereum and enable more people to make payments in cryptos in their daily lives.
Read more on Ethereum Merge
Korea Blockchain Week 2022- Key Takeways
The Fifth Korea Blockchain which is Asia’s biggest and largest Blockchain Event kicked off on Sunday with more than 7000 attendees. The event is based in Seoul, which hosted Music festivals and displays Non-Fungible(NFT) Arts galleries.
The Korea Blockchain Week 2022 event featured prominent figures within the blockchain space including Ethereum co-founder Vitalik Buterin, Binance CEO Chagpang Zhao, Klaytn Foundation Director, Sam Seo, 1Inch Founder Sergej Kunz, etc and many more.
The 7-day-long event was hosted by FactBlock and Hashed and sponsored by Solana, Klaytn and Wemade. The Key topics for the event were Decentralized Finance(DeFi), NFTs, gaming, the Metaverse, Web3 technology & Crypto.
Other Highlights of the Event
Along with Vitalik Buterin, Klaytn Foundation Director, Sam Seo also delivered his speech and said that Web2 adoption is the key behind the Metaverse’s success. The Web3 Metaverse projects generally face issues with mainstream adoption as people hesitate to believe in the technology built by companies they have never heard of.
Therefore, he suggested that Web2 companies integrate with the tech companies and their services. While 1INCH co-founder Sergej Kunz revealed his plans to expand within the Asian Market. He believes that the DeFi market can thrive in Korea while the lack of understanding may be a huge barrier.
Cheerfully, Crypto.com smashed a regulatory milestone after acquiring 2 local companies and giving them access to crypto & payments which was announced during the event.