SINGAPORE, August 9, 2022 /PRNewswire/ — The global Web3 community came together in Seoul for Korea Blockchain Week (KBW), which runs from August 7-14, 2022. The sold-out event brought together top players from the Web3 community to discuss current and future blockchain trends and technologies. Doctor Sangmin Seo, director of the Klaytn Foundation, is one of the speakers featured at KBW. Speaking on the main stage on August 8, Dr. Sangmin Seo discussed the subject of “The technology layer for the metaverse of tomorrow”. During his presentation, Dr. Seo shared his insights on the challenges of building the technology layer and how Klaytn is working towards blockchain metaverse for all.
So what exactly is the Metaverse? From augmented to simulated, external (environmental) to intimate (personal), metaverses can involve an individual’s virtual identity, digital realities, intertwined with the real world. Some imagine the metaverse as an aggregation of our digital lives, while others see it as diverse worlds serving different purposes.
Where the metaverse intersects with blockchain technology, it will allow individuals to own assets in the metaverse, including their own data and digital identity. The blockchain will enable a robust virtual economy and act as a layer of trust to facilitate exchanges and connect different worlds.
This is where Klaytn comes in, a public blockchain focused on the metaverse, gamefi, and creator economy. The dominant blockchain platform in South Korea Backed by internet giant, Kakao Corp, Klaytn is experiencing a global expansion led by the Klaytn Foundation, a non-profit organization created to accelerate global adoption and ecosystem maturity on Klaytn.
For blockchain to support mass adoption in metaverse use cases, it must optimize transactions, build the necessary infrastructure, and make the technology more accessible to everyone. With these goals in mind, the Klaytn Foundation had announced the Klaytn 2.0 Roadmap in early 2022, to turn the blockchain metaverse into reality.
During the presentation, Dr. Seo presented the main requirements of the metaverse blockchain, the progress of Klaytn 2.0 and the future blockchain roadmap.
1. Low transaction fees, high performance and stable blockchain
“Klaytn will eliminate the perception that blockchain is slow. We will positively impact user experience on the metaverse and blockchain-based games.” – Doctor Sangmin Seodirector of the Klaytn Foundation.
One of the main challenges facing blockchain technology is the speed and cost of transaction processing, as each transaction must be validated on a large number of nodes to be secure. Greater adoption and complex processes, which are likely to be commonplace in a thriving metaverse ecosystem, will create a heavy load blocking traffic and driving up gas costs.
With low latency, high throughput (TPS), and one-second deterministic finality, Klaytn sits above other Layer 1 blockchains in speed and agility, to bring immutability and instantaneous finality to transactions. Beyond speed, Klaytn is also able to keep gas fees low, at a fraction of Ethereum gas fees.
2. Support builders to create their own blockchain-based platform
Klaytn has turned much of its attention to developers, to make it easier for them to develop on the Klaytn channel. Ethereum equivalence allowed tools developed on the Ethereum blockchain to be able to be used on Klaytn, and vice versa. Work with technology providers such as Tatumwhich provides a unified framework to quickly build on Klaytn, helps developers by streamlining the entire web3 development process.
Besides development tools, Klaytn is also working on interoperability and accessibility development to support ecosystem growth. During his presentation, Dr. Seo revealed that Klaytn will soon be integrated on the Wormhole Networkwhich will enable cross-chain connectivity with other high value chains integrated with Wormhole, as well as the 1 inch networka decentralized finance (DeFi) and decentralized exchange (DEX) aggregator that allows users to optimize trades across hundreds of DEXs across multiple blockchains.
To make the Metaverse more accessible to everyone, the Foundation is working on a Metaverse-as-a-Service model that will make it easy for anyone who wants to participate in the Metaverse to plug in without a steep learning curve. Therefore, they also integrate solution providers such as matrix portone of the largest digital asset financial services ecosystems in the world, to integrate Cacti GuardMTfirst institutional-grade custodian to provide custodial and escrow services via Warm & Cold Non-Fungible Token (NFT) storage solutions for Klaytn-based NFTs.
To cement Klaytn’s position as a metaverse blockchain, Dr. Seo revealed that the Klaytn Foundation will further pursue usability and technology improvements, such as launching the Open Source Metaverse Package, applying a new governance and reward and the achievement of 10,000 TPS by the end of this year.
3. The game as a strategic axis of the metaverse
The gaming industry has often been an early adopter and precursor to new technologies, and blockchain is no different. Play-to-Earn games had gained early dominance and attracted large crowds in the blockchain industry. When we talk about metaverse, we necessarily think of gaming.
Therefore, Klaytn aims to be the platform to facilitate the flow of assets between games and connect them to the public world, supporting the development of the gaming ecosystem on Klaytn.
Dr. Seo said, “As Klaytn already has a technological edge to popularize blockchain, we will try to solidify our position as a high-performance-based global layer-1 platform. We are currently focusing on blockchain games. to create an environment that can integrate blockchain into the metaverse.”
Klaytn is a public blockchain focused on the metaverse, gamefi, and creator economy. Officially launched in June 2019it is the dominant blockchain platform in South Korea and is currently experiencing global business expansion from its international base in Singaporeled by the Klaytn Foundation.
Since unveiling its metaverse roadmap in early 2022, the Ethereum-equivalent L1 chain has seen many well-known companies join its metaverse, including game developers and publishing houses such as Netmarble and Neowiz. It has recently ramped up its efforts to lay the foundation for the metaverse and expand use cases.
About the Klaytn Foundation
The Klaytn Foundation is a non-profit organization that was created to accelerate global adoption and ecosystem maturity on Klaytn. The foundation manages $500 million Klaytn Growth Fund and operates alongside Krust, a subsidiary of internet giant Kakao Corp which invests in projects built on Klaytn.
Learn more about https://klaytn.foundation/
For media inquiries, please contact:
Corporate Communications, Klaytn Foundation
Email: [email protected]
SOURCE Klaytn Foundation