FTX founder and CEO Sam Bankman-Fried, also known as “SBF”, ended 2021 with an optimistic tone. SBF has been so concerned about the state of the crypto market in 2021 that it revealed the FTX roadmap for 2022 during the Twitter flood.
In his opinion, there are three cornerstones in the industry’s progress in 2022: regulation, expansion and transaction speed. He offers solutions to each piece in the puzzle, and points to the stock exchange’s participation.
When it comes to regulation, SBF says that stack coins can be better accounted for and audited. He said that in line with FTX’s stablecoin policy, more transparency will solve “80% of the problems, so that stablecoins can thrive on the ground.” Meanwhile, better market surveillance and an anti-fraud system for issuing tokens could close other legal loopholes.
Second, while there are around 200 million users of cryptocurrency, which is “far beyond their weight”, additional blockchain network influence is needed to achieve wider use.
Fortunately, FTX is in the lead. The user base doubled in the fourth quarter, consolidating its position as one of the largest cryptocurrency exchanges with a value of 25 billion dollars. SBF explained that while smart contracts paved the way for decentralized and decentralized economic development and Web 3.0, video games can be the way to a large scale:
“The connection to today’s video game user base can be huge – billions of users and hundreds of billions of dollars every year.”
However, he said: “It just makes sense to make virtual worlds more attractive, not less.” Including blockchains in games, such as non-fungible tokens, only works if they enhance a really great game or virtual experience.
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Finally, cryptocurrency transactions need to change. Levels of 50,000 transactions per second are not sufficient to meet the needs of industrial applications. Without high speeds, the other two problems can not be implemented properly. said jokingly:
“I always laugh when blockchain says it’s really fast. No! […] Speed means millions of TPS. No one is there yet.”
As the richest person in crypto, according to Forbes magazine, SBF’s net worth of 26.5 billion dollars puts the 29-year-old off the world’s top 100 list. He is no stranger to the spotlight and is a highly respected person who shared on Twitter with Tom Brady and became the third most visible person on the Cointelegraph on the blockchain in 2021.