KOREA BLOCKCHAIN WEEK 2022 - WHAT IS IT ABOUT?
Vitalik says that transaction fees are ridiculous. Polygon CEO thinks that bear market is the best period. Bitcoin close another week above 200-SMA. Something weird is going on with Celsius.
Coo! It’s your buddy Crypto Owl! How was your weekend?
Today is International Cat day. If you're a cat person, that’s a really great way to start Monday celebrating with your cat. I would do that too, however, I think it’s a little bit dangerous for me to own a cat…
On Today’s Menu:
🍜 SPICY NOODLES: Korea Blockchain Week 2022
🥣 RAMEN: Magnetic Monday facts
🍛 KIMCHI: More Crypto News around the Web
KOREA BLOCKCHAIN WEEK (KBW) 2022
This week is special for the crypto community. Why?
Currently, the largest Asia blockchain event - Korea Blockchain Week - is happening right in the heart of South Korea - Seoul. And it gathered more than 7,000 people from the crypto community from all over the world.
This massive event is for those who want to get inspired and dive deep into cryptocurrencies, and blockchain technology, and who want to get more knowledge about Web3, DeFi, Metaverse, gaming, and more crypto-related topics.
KBW has started yesterday, and it’s going to end on the 14th of August, so if you’re interested, you still have time to go there and see the variety of events: speeches from well-known crypto and finance masters:
Binance CEO Changpeng Zhao,
Ethereum founder Vitalik Buterin,
Avalanche COO Kevin Sekniqiand,
and many others + discussions, workshops, and so on….
At the end of KBW2022, there’s even going to be an after-party with “the world’s best DJs”! Sounds really fun, isn’t it?
But, not every one of us can attend this massive event, so that’s why I’m here: let me do a quick review of the first KBW2022 for you:
First - Vitalik's speech. Ethereum founder talked about “Post Merge: Next Step for Ethereum”. So, the main takeouts are:
Transactions fees don’t make sense right now, but soon it should change - after the Layer-2 update (or, Ethereum Merge), costs might reach less than a fraction of a cent;
Buterin has reminded us about the “peer-to-peer electronic cash system” that was meant to be cheaper than the regular payment methods - it was described in Bitcoin’s white paper from 2008. Buterin said that the main idea was forgotten, because of increased crypto adoption; “it got priced out of the market,” Vitalik said. But scaling solutions like Lightening Network should solve this problem;
Low transaction fees will become inevitable in the near future. Especially it will be important in lower-income countries or countries with ineffective economies;
Cheap fees will also be significant for adopting non-financial applications (Web3 accounts, etc.).
So, as you can see, Vitalik really focuses on transaction fees and sees a lot of matter in it. For us, this is really good news.
Next, we have crypto exchange Crypto.com, which:
announced important personal achievement - it secured two companies: payment service provider PnLink Co. Ltd., and virtual asset service provider OK-BIT Co. Ltd.;
From now, this collaboration will give access to crypto and payments registration in South Korea; all the transactions information will be safely registered in coinsurance with the law; so, security is guaranteed.
Crypto.com co-founder and CEO Kris Marszalek said that “this is an exciting next step for Crypto.com in an important market.”
Polygon co-founder Sandeep Nailwal talked about this bear market and emphasized that this is the best time for developers to focus on blockchain building. Why? Because “the bear market is cheapest to hire”, also that “it’s very good to do marketing”; and the reason for that is - “nobody else is spending that much money” for that.
NEAR protocol co-founder Illia Polosukhin also attended the KWB2022. This is what he pointed out:
NEAR Protocol has a goal to reach 1 Billion users and secure them all;
We should focus not on competing among different blockchains and protocols, but rather move together to create a better and more convenient environment for the users (to create easier movement among blockchains);
Polosukhin expects that in 10 years most traditional finance sectors will use blockchains.
1inch Network co-founder Sergej Kunz announced plans to expand in the Asian market. He also said that the main struggle the company faces when entering new markets - is too little understanding of DeFi, crypto wallets, and how it works;
Klaytn Foundation director of the blockchain and metaverse ecosystem, Sam Seo, brought the idea that adoption of the Metaverse will be more successful if Web2 companies would integrate their services and products into it.
So, this is just the start of Korea Blockchain Week. But, you already can find really interesting topics and opinions at this conference, so stay tuned for more.
MAGNETIC MONDAY FACTS
Great news from Bitcoin horizon! Bitcoin closed above 200-SMA (200 days simple moving average) AGAIN! Even though the first August week was a little bit down, it still managed to close up above the 200-MA line. Currently, Bitcoin’s price is more than $24k. So, this is definitely a positive sign! Hooray!
Madness is going on with Celsius Network right now. Lots of people thought that Celsius is dead from previous events, so they decided to short CEL. However, now it is terrible news for shorters because someone withdrew 1,5 million CEL from the FTX exchange:
Even more interesting is that this wallet address is still fresh - created only 43 days ago - and made only 20 transactions in total. And guess what - all of them were made to Celsius Network! So who is actually hiding behind this wallet? Someone from Celsius? Someone from FTX? What is really going on here?
Because of this shorting, now a wave of CEL shortening squeeze is going on strong. The price of the Celsius Network is already grown by 14% and keeps rising. It’s going to be interesting.
MORE CRYPTO NEWS AROUND THE WEB
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A slice of the punk: Cryptopunk NFT to be split into 56,000 pieces
Crypto lending platform Hodlnaut suspends services due to liquidity crisis
FTX, Bybit rise in web traffic despite overall traffic drop on CEXs
Nigeria becomes the most crypto-obsessed nation after April crash: Report
CHILSUNG CIDER
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Disclaimer: This newsletter is strictly educational. None of this information is intended to be financial advice. Always do your research and act responsibly with your profits.