On the 27th of March, KryptoSeoul hosted BUIDL Asia 2024, a crucial tech conference highlighting cryptocurrency innovations and industry leaders.

Amongst various speakers from around the globe Vitalik Buterin, Ethereum’s [ETH] co-founder was also invited to participate. 

Speaking at the conference, Buterin highlighted, how the concept of the metaverse differs from what we imagine. He noted, 

“The Metaverse is poorly defined and often seen more as a brand name than a product. It’s envisioned as a virtual universe where everyone can participate and is not owned by anyone.” 

Buterin further added, 

“It’s frequently associated with virtual reality, where needs are simpler, akin to wanting a laptop without the laptop.” 

This highlights the divergence of the Metaverse from its original concept, which talked about a decentralized virtual realm with immersive social environments and experiences.

The current state of Metaverse 

Moreover, Buterin emphasized that the current Metaverse focuses mainly on virtual reality (VR), neglecting other technologies like avatars and augmented reality (AR) within the blockchain framework.

“It’s super useful but not really a-verse.”

By this he underscored the need for a comprehensive integration of various elements, including cryptocurrency, virtual reality, and artificial intelligence, to create a truly functional Metaverse. 

According to him, the key lies in combining these diverse components together to unlock the full potential of the Metaverse.

Striking the right balance 

In conclusion, Buterin’s remarks at BUIDL Asia brought up the importance of achieving a balance between security and convenience for the mainstream adoption of account abstraction. 

While Ethereum has yet to implement this balance, his insights highlight the ongoing efforts and challenges being faced by blockchain technology. 

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