On March 27, KryptoSeoul hosted BUIDL Asia 2024a pivotal technology conference highlighting cryptocurrency innovations and industry leaders.
Among several speakers from around the world Vitalik Buterin, Ethereum’s [ETH] co-founder was also invited to participate.
During his speech at the conference, Buterin emphasized 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 is presented as a virtual universe that everyone can participate in and that no one owns.”
Buterin further added:
“It’s often associated with virtual reality, where the needs are simpler, similar to wanting a laptop without the laptop.”
This highlights the difference between the Metaverse and the original concept, which spoke of a decentralized virtual realm with immersive social environments and experiences.
The current state of Metaverse
Moreover, Buterin emphasized that the current Metaverse mainly focuses on virtual reality (VR), neglecting other technologies such as avatars and augmented reality (AR) within the blockchain framework.
“It’s super handy, but not really dirty.”
In doing so, he underlined 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 to unlock the full potential of the Metaverse.
Finding the right balance
In conclusion, Buterin’s comments at BUIDL Asia highlighted 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, its insights highlight the ongoing efforts and challenges facing blockchain technology.