Home Technology Crypto payment is going mainstream with the benefits of digital technology efficiency and security, says Ethereum co-founder

Crypto payment is going mainstream with the benefits of digital technology efficiency and security, says Ethereum co-founder

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Crypto payment is going mainstream with the benefits of digital technology efficiency and security, says Ethereum co-founder

As the world continues to witness another edition of the premier crypto and blockchain event – Blockchain Week, bringing together the brightest minds in the industry to discuss, redefine and celebrate the future of finance. This year’s edition was held from August 7 to 14 in Korea and marked Korea Blockchain Week 2022.

Vitalik Buterin, co-founder of Ethereum and one of the keynote speakers at the conference said that with the rapidly growing blockchain industry, payment in cryptocurrency will become mainstream after Ethereum becomes cheaper and more accessible to a wider user base.

Buterin revealed this during a session at Korea Blockchain Week 2022 in Gangnam-gu, Seoul on Monday. In his words: “The Ethereum upgrade (which is scheduled for September) will significantly reduce the current cost of transaction fees which hover around $1-$20, improving the efficiency and accessibility of the cryptography.”

He further pointed out that stacking which combines multiple trades into one is one of the other strategies used to drive down the price of the trade. “Even after the rollups, cryptocurrency transaction costs generally range from $0 to 25 cents” (per transaction). However, with more progress, it could drop to five hundred or even below,” he explained.

However, according to him, making blockchain more widely available means reducing the cost of transactions. He noted that Zambian consumers currently have to pay $20, equivalent to five hours of income, to make a single transaction. Meanwhile, Buterin went on to say that low-income countries experience high inflation because their financial systems are inefficient and they are not well connected to the economies of richer countries.

“Many people around the world are already quietly using crypto for international payments. For low-income countries, there are also many opportunities for crypto payments that present the advantages of digital technology – efficiency and security.

Factblock, a South Korean blockchain company, has hosted Korea Blockchain Week since its inception in 2018. Gaming giants Wemade, Com2Us, Nexon, and Kakao Games participated in the event, which shared their points of view. view on their blockchain services and business plans. . Other well-known speakers include Sandeep Nailwal, CEO of Polygon, Changpeng Zhao, CEO of Binance, Animoca, Yat Siu, and Kevin Sekniqi, co-founder of Ava Labs.

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