Speed, scaling, regulation to play key role for crypto in 2022: FTX CEO
Speed, scaling, regulation to play central role for crypto in 2022: FTX CEO
FTX CEO Sam Bankman-Fried says stablecoins could be the most straightforward route to crypto industry regulation in revealing tweets.
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FTX founder and CEO Sam Bankman-Fried, also known as "SBF," rounded off 2022 on an optimistic note. SBF waxed lyrical nearly the crypto market place's state in 2022 while revealing the roadmap for FTX in 2022 in a Twitter flood.
In his view, there are three keystones to manufacture progress in 2022: regulation, scaling and transaction speeds. He proposes solutions to each puzzle piece, referencing his exchange'southward involvement.
On regulation, SBF states stablecoins could be better reported and audited. In line with FTX stablecoin policies, he said more than transparency would solve "80% of the problems while assuasive stablecoins to thrive onshore." Meanwhile, better markets oversight and an anti-fraud-based authorities for token issuances could address other regulatory gaps.
Secondly, while crypto users number somewhere around 200 million, "punching style above their weight," more blockchain network effects are needed to achieve wider mainstream adoption.
Fortunately, FTX is leading the charge. Information technology doubled its user count in the fourth quarter, cementing itself as one of the tiptop exchanges in crypto at a $25-billion valuation. SBF explained that while smart contracts have paved the style for metaverses, decentralized finance and Web three.0 developments, video games could be the path to massive scaling:
"Tapping into the existing userbase of video games could be huge–billions of users and hundreds of billions of dollars each year."
However, he went on to say, "This only makes sense if it makes the virtual worlds more than engaging, not less." Blockchain integrations in games, such as nonfungible tokens, only piece of work if they better an already great game or virtual experience.
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Finally, cryptocurrency transactions must change gears. Levels of 50,000 transactions per second are not enough to satisfy industrial-scale applications. Without high speeds, the other 2 bug cannot execute well. He joked:
"I ever express mirth when a blockchain says they're already fast. None are! [...] Fast ways millions of TPS. No one is at that place nevertheless."
As the wealthiest person in crypto according to Forbes, SBF'south cyberspace worth of $26.5 billion puts the 29-year-old just outside of the world'southward elevation 100 people. He'due south no stranger to the limelight and existence a highly regarded figure, sharing Twitter spaces with Tom Brady and reaching Cointelegraph's 3rd most notable person in blockchain in 2022.
Source: https://cointelegraph.com/news/speed-scaling-regulation-to-play-key-role-for-crypto-in-2022-ftx-ceo
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