Bank of Korea Conducts Successful CBDC Pilot Test with Financial Institutions

Next Month’s Hackathon Event in Seoul Draws Attention from Ethereum DevelopersTickets for Ethcon Korea 2023, a conference dedicated to Ethereum developers and hackathon enthusiasts, are now available for purchase.Photo by DrawKit Illustrations on UnsplashTickets now availableThe Ethcon Korea organizing committee announced today that tickets are now on sale through the official event website. Participation in the hackathon is open to programmers who stake $79, while conference enthusiasts can buy their tickets at the price of $69.With the goal of expanding the Ethereum development ecosystem, Ethcon Korea is the only non-profit Ethereum developer conference in Korea, benefiting from the sponsorship of the Ethereum Foundation. This year’s event will take place in Seoul between September 1 and 3, consisting of four main parts: the conference, an educational workshop, a hackathon, and a demo day.Vitalik Buterin to deliver a keynote speechAt the conference, Ethereum co-founder Vitalik Buterin is set to deliver a keynote speech, which will be followed by presentations of prominent developers and researchers from both home and abroad. Industry experts will participate in the workshop to share valuable insights, bolster participants’ technical skills, and cultivate a collaborative environment, encouraging them to showcase their potential in hackathon projects.Hackathon backed by quadratic fundingThe three-day hackathon will be backed by the quadratic funding method, an idea initially proposed by Vitalik Buterin together with Harvard economist Zoë Hitzig and Microsoft researcher E. Glen Weyl. Quadratic funding is a democratic and inclusive funding mechanism that puts more emphasis on smaller contributions from a larger group of contributors.The organizing committee noted that Ethcon Korea 2023 will not only encourage developers to pursue learning but will also drive growth within the blockchain industry. The group also added that the event will play a role in increasing the global recognition and understanding of the Korean Ethereum community.Ethcon Korea 2023 is sponsored by many renowned organizations including Ethereum layer-2 projects Optimism and Polygon, decentralized oracle network Chainlink, and blockchain investment group Hashed. Contributions from these sponsors and proceeds from ticket sales will be allocated towards event operations and the establishment of a prize pool.The organizing committee is recruiting individuals who are interested in contributing as volunteers or offering their expertise as hackathon advisors. Those interested in participating in these roles can apply through the official event website. The application window for these roles will remain open until the end of this month.

Netmarble F&C, a subsidiary of South Korean game developer Netmarble, has taken action to lay off employees by notifying all 70 workers under its Metaverse World project to resign, according to industry sources on Friday (KST). Metaverse World, which had begun developing an IP-based metaverse platform, will be abandoned during an upcoming corporate reorganization process. Photo by julien Tromeur on UnsplashA brief journey from ambition to abandonmentMetaverse World was launched by Netmarble in 2022 by acquiring blockchain gaming platform ITAM Games and Web3 wallet developer Bono Technologies. It had been scheduled to hold a closed beta test last year, but no news of the development has resurfaced since then.  However, it was revealed today that the project will be abandoned during the corporate reorganization process. "We have been looking for a sustainable direction to take the project, but business conditions and market changes have pushed us to make the difficult decision to terminate the Metaverse World corporation, which was developing a metaverse platform,” a representative from the company disclosed. Fluctuating trendsThe metaverse first gained traction during the COVID-19 pandemic, when gatherings were limited to online spaces. Since then, the industry and other related technologies like Web3, blockchain and NFTs also garnered significant attention, with various companies snagging investments to fund their projects. However, as the attention of tech and investment firms has shifted to AI, these companies have increasingly found themselves in difficult positions. Last September, Com2Verse, the metaverse arm of content provider Com2uS Holdings', also began streamlining its workforce, organizing voluntary retirement and transition arrangements for its employees.

Rotonda holds blockchain hackathon at GBIC 2023Rotonda, the operator of the digital asset wallet platform Bithumb Buritto Wallet, hosted a hackathon on Monday (local time) at this year’s Global Blockchain Incheon Conference (GBIC), centered around the theme of addressing a variety of local issues, such as carbon reduction, industrial and urban issues and public services using Web3 technology. Contestants from across the country gathered to create blockchain-based prototypes aimed at addressing such issues.Photo by Marvin Meyer on UnsplashOther blockchain and Web3 companies like Roa Core, Ret Games and ReFi Korea also participated as sponsors for the competition, which was held at Songdo Convensia, an international conference complex located in Songdo International Business District.Innovative solutions recognizedThe ten teams that made it to the finals presented a range of ideas related to the theme, which were judged based on how applicable, feasible and influential they are, as well as their potential for development and social contribution.“Through this year’s hackathon, we were introduced to innovative ideas and high-quality technologies to address various local problems. Discovering and supporting passionate entrepreneurs is in line with the values that we uphold within our ecosystem at Bithumb Buritto Wallet,” said Lee Sang-ho, Vice President at Bithumb Burrito Wallet.The grand prize of KRW 5 million (approximately $3,600) was awarded to DIY, a team that developed a project to promote cultural resources, tourism experiences and sports industries in Incheon using dynamic non-fungible tokens (dNFTs). dNFTs can be adapted or changed based on external events and data. The hackathon judges praised the team for adding gamification elements to increase citizen participation and streamlining administrative procedures through smart contracts. The team also won additional benefits like office space in Incheon’s Jemulpo Smart Town.“We are delighted to be recognized for the in-depth discussions we had amongst our members to develop a highly usable and differentiated platform,” the team said in a statement. “We will strive to leverage blockchain technology to create various success stories.”Additional winnersTwo runner-up prizes went to the Caffeine Addiction team, which developed a platform for motivating coffee drinkers to dispose of used coffee grounds, and the Datayo team, which developed dBus, a smart mobility platform with token-based crowdfunding processes. They received KRW 3 million and KRW 2 million, respectively, in prize winnings.