The founder and CEO of FTX, Sam Bankman-Fried, ended the year 2021 on an optimistic note. SBF elaborated on the state of the crypto market in 2021 and revealed the FTX roadmap for 2022 in a avalanche On twitter.
In your opinion, there are three cornerstones for industry progress in 2022: regulation, scaling and speed of transactions. It proposes solutions for each piece of the puzzle, referring to the participation of its exchange.
Regarding regulation, SBF claims that stablecoins could be better reported and audited. In line with FTX’s stablecoin policies, it says increased transparency would solve “80% of problems and allow stablecoins to thrive on land”. Meanwhile, better market oversight and a fraud-based regime for token issues could resolve other regulatory loopholes.
Second, while cryptocurrency users stand at around 200 million, “hitting well above their weight,” more blockchain network effects are needed to achieve wider popular adoption.
Fortunately, FTX is leading the charge. He has duplicate its number of users in the fourth quarter of the year, consolidating itself as one of the main cryptocurrency exchanges with a valuation of USD 25,000 million. SBF explains that while smart contracts have paved the way for the Metaverse, decentralized finance (DeFi), and Web3 developments, video games could be the way to massive escalation:
“Leveraging the existing user base for video games could be huge – millions of users and hundreds of billions of dollars each year.”
However, he goes on to say, “this only makes sense if it makes virtual worlds more attractive, not less.” Blockchain integrations in games, such as NFTs, only work if they enhance a game or an already great virtual experience.
By last, cryptocurrency transactions must change. Levels of 50,000 transactions per second are not enough to satisfy industrial-scale applications. Without high speeds, the other two issues cannot be executed well. Jokes:
“I always laugh when a blockchain says it is already fast. None is! (…) Fast means millions of TPS. No one is there yet. “
As the richest person in cryptocurrencies according to Forbes, SBF’s net worth of $ 26.5 billion ranks this 29-year-old just outside the top 100 most important people in the world. He is no stranger to attention and is a highly recognized figure, sharing spaces on Twitter with Tom Brady and becoming the third most notable person in the Cointelegraph blockchain space in 2021.
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