South Korea, home to hundreds of blockchain startups, is preparing to host the evolving blockchain industry as it seeks to ramp up its efforts to attract innovation to its borders. Korea Blockchain Week 2022 is just around the corner, promising a full week of events for Asia's largest blockchain confab from August 7-14, right in the heart of Seoul.
The main event of Korea Blockchain Week 2022, KWB 2022 IMPACT, will bring together leading industry figures and pioneers to discuss emerging blockchain technologies, such as NFTs, the metaverse, Web3, DeFi 2.0, and the new wave of cryptocurrencies.
South Korea is betting big on emerging technologies, especially Web3 and the metaverse. Earlier this year, the South Korean government invested around $177.1 million in its Digital New Deal program to drive the country's economy by backing new technologies.
The South Korean Ministry of Science and Information and Communication Technologies has earmarked these funds to kickstart the metaverse industry by supporting startups and creating new jobs across South Korea.
With the country already embracing the metaverse and many potential projects lining up for their share of the metaverse pie, South Korea's internet conglomerate, Kakao, with its Klaytn blockchain, is vying to expand its own footprint. Kakao's blockchain subsidiary, Ground X, launched its public blockchain Klaytn in 2019 to bring blockchain to a large market through an easy-to-use interface.
As a fully EVM-compatible blockchain, Klaytn is solidifying its position in the flourishing Korean Web3 market, gradually expanding and optimizing its infrastructure to facilitate long-term user adoption. Per the Klaytn Foundation, the Klaytn blockchain is "well-equipped to provide the necessary infrastructure for Web3, blockchain gaming, NFTs, and the metaverse."
Klaytn's ambition of bringing blockchain to the masses echoes the South Korean government's core goal of improving the country's economy using the metaverse. For metaverse-centric projects to enter Korea, a strong foundational infrastructure is required, and Klaytn has already emerged as a springboard for the metaverse economy in Korea.
Multi-Feature Infrastructure for Emerging Technologies
From a high-level technical point of view, Klaytn addresses the critical barriers that most Web3 and metaverse projects face: slow throughput, unnecessary costs, and weak user experience. In the live production environment, Klaytn's mainnet has demonstrated capable performance.
The blockchain can manage up to 4,000 TPS (transactions per second) - exceeding comparable figures offered by legacy chains like bitcoin (BTC-USD), Ethereum (ETH-USD), and several other Layer-1 blockchains.
Through its multifaceted blockchain infrastructure, Klaytn offers end-to-end integration, including a built-in layer-2 solution. Therefore, the Klaytn mainnet can seamlessly integrate game chains, metaverse chains, Web3 chains, DeFi chains, and much more into its ecosystem without compromising its core features.
This balance of speed, scalability, and affordability alongside an intuitive interface matches the rising demands of metaverse and Web3 applications and protocols.
On top of that, Klaytn also offers immediate transaction settlement, paired with a one-second block time and more than 50 consensus nodes participating in its validation process. The Klaytn ecosystem also features a diverse range of built-in tools from the community developers and the Klaytn Foundation.
A recent study by the Klaytn Foundation on the average latency across various leading blockchains shows that Klaytn offers immediate finality for all transactions processed via its infrastructure. Based on the study's results, Klaytn had the lowest transaction latency, averaging ~2.1 seconds.
The Klaytn team is also working to implement network updates and Layer-2 scaling solutions to expand its scalability, cost-efficiency, and throughput. By doing so, Klaytn can handle a much larger volume of transactions at any given time, positioning itself as a potent scaling solution for verticals like blockchain gaming, Web3, metaverse, DeFi, and NFTs.
Additionally, KLAP (Klaytn Lending Application), a DeFi protocol operating on the Klaytn blockchain, has launched its native token. The KLAP token has been available for trading on decentralized exchange ClaimSwap as of yesterday.
The KLAP token will power a range of use cases within the protocol's growing ecosystem. A portion of the total supply will be awarded to liquidity providers and early adopters. Since its introduction in May, the total value locked (TVL) on KLAP has risen past $100 million, making it the second most popular Klaytn dApp by this metric.
The Klaytn Foundation is also expanding its presence internationally. Besides securing the central bank digital currency (CBDC) project for the Bank of Korea, Klaytn has also integrated its leading messaging application, KakaoTalk, with its crypto wallet, Klip, enabling more than 45 million KakaoTalk users to enter the cryptocurrency universe.
Following Klaytn's international launch in August 2021, the Klaytn Foundation has signed five strategic partnerships. These include Japan's GMO Internet Group for a JPY-pegged stablecoin project, Indonesia's Innovation Factory, U.S.-based Animal Concerts for minting NFTs for A-list celebrities, the F10 fintech accelerator to cultivate an incubation program for Singaporean blockchain startups, and Asian NFT marketplace East NFT to empower the global LGBTQ crypto economy.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.