TL;DR
The Buidl Asia 2023 conference in Seoul, Korea primarily focused on technological advancements for mainstream blockchain adoption and notable success stories.
Near Protocol's co-founder, Illia Polosukhin, introduced the BOS, a common layer solution designed for enhancing user experience. Alongside him, Brian McKenna, who leads the Mina Protocol, emphasized the importance and benefits of Zero-Knowledge proofs (ZK).
Despite the increasing interest in ZK compared to last year, the fervor for NFTs appears to have significantly declined. It was also evident that the Near Protocol expressed a strong interest in the Korean market.
Asian Blockchain Market at a Glance: Buidl Asia 2023
Buidl Asia 2023, a conference devoted to establishing connections and exchanging knowledge about blockchain technology and its associated ventures, took place from June 6th to 7th. Organized by CryptoSeoul, the gathering primarily appealed to projects with a focus on the Asian market, offering attendees a chance to understand different strategies for market expansion. This year's conference also featured an official side event called Bridge the Hurdle. This event brought together a broad range of participants, from student clubs to leaders in the Korean Web3 market.
Buidl Asia 2023 Summary
Distinguished speakers at Buidl Asia 2023 included Illia Polosukhin, co-founder of the Near Protocol; Mudit Gupta, CISO of Polygon; and Kim Hoon, CTO of Astar Network. Conversations revolved around expanding network infrastructure for enabling mass adoption of Web3, and haring successful use cases in the Asian market.
The Future of Web3 is the Blockchain Operating System
Illia Polosukhin presented the future outlook of Web3 and introduced BOS (Blockchain Operating System), a solution from Near Protocol. BOS serves as a blockchain-based operating system, acting as a common layer compatible with all blockchain platforms. This functionality paves the way for connections across various layers, facilitating a "seamless operating environment" that can deliver a smooth user experience. Polosukhin suggested that BOS could solve the issue of fragmented user experiences caused by multiple mainnets.
ZK: Innovation Trigger or Peak Expectations?
Brian McKenna, head of the Mina Protocol, emphasized the essential role of ZK technology. He explained how it would help resolve the various pain points of blockchain technology such as scalability, privacy, and interoperability. This was a key point that would drive the technology's mass adoption. Jordi Baylina, co-founder of Polygon's zkEVM, echoed the sentiment despite ZK technology still in its early stages of development.
What changed from 2022?
Double or Nothing: Near’s Enthusiasm for the Korean Market
This isn’t Illia’s first rodeo in Korea. In the previous year’s event, he participated as a panel member during Vitalk Buterin’s announcement of the Ethereum Merge update. Recent news around Near Protocol reflects his enthusiasm. It has actively set up partnerships with companies such as Mirae Asset and Netmarble. Near Korea has also announced its partnership with 12 university blockchain clubs to develop Web3 talent.
Continued interest in ZK technology
Conversations around ZK started with last year's discussion centered around Alex Pruden, COO of ALEO. This year it continued with talks from Brian McKenna of Mina Protocol and Jordi Baylina, co-founder of Polygon zkEVM. Both agreed that despite being in its infancy, ZK proof technology holds “significant value".
Cooldown of NFT hype
Last year, there were two sessions discussing NFTs (Non-Fungible Tokens) in Buidl Asia along with a NFT-themed side event hosted by Nouns DAO. However, there were none to be found this year. Although there was the occasional booth decorated with blue-chip NFTs, it was apparent that the fervor around them had cooled compared to the previous year.
Conclusion
Overall, while it felt like there was a slightly smaller crowd compared to last year, the energy and enthusiasm among the participants seemed hotter than ever. There were increased efforts to create products with improved utility than before. There was also a growing attempt to find common ground with regulatory authorities. We expect this global interest in the Asian blockchain market will continue to show in the Buidl Vietnam event this coming week.
