With cryptocurrency adaptation on the horizon and 20% of Turkey's population already using cryptocurrency, Istanbul Blockchain Week 2022 panelists expressed hope about the adoption of the next generation of blockchain technology despite the current economic outlook and discussed the drivers of metaverse success.

David Chaum, CEO of Elixxir and a cryptography pioneer, stated that the ongoing issues in centralized finance could stimulate the adoption of these next-generation technologies that are not vulnerable.

Chaum explained that in modern times, the encryption algorithms used to establish very general properties and perform very general computations have become reasonably efficient and straightforward.

"The fact that they can be widely used without the need for a cryptographer will have a significant impact."

Sebastien Borget, COO of The Sandbox, evaluated the deployment of Meta's Metaverse and what he believes are the critical elements to metaverse's success, adding to the event's upbeat mood.

"What Meta did not do correctly was to announce the Metaverse far too soon. They took a risk by rebranding the firm without having a product ready."

"We are aware of our strengths and weaknesses. We are not the best gaming platform in the world, but we know that Sandbox can provide a fun place to socialize, interact, and easily create while we work on improving our weaknesses."

Borget debated allowing creators to be more creative and earn money from their work. "It's the realization that our mission becomes more concrete," he said.

Will blockchain eventually be adopted by more industries? Let us know your thoughts by sharing this article on social media.

Nov 17, 2022
Digital Lifestyle

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