FTX founder and CEO Sam Bankman-Fried, also known as SBF, ended 2021 with an optimistic tone. SBF has spoken feverishly about the state of the cryptocurrency market in 2021, while revealing the FTX roadmap for 2022 after a Twitter flood.
According to him, there are three main drivers for the industry’s progress in 2022: regulation, expansion and transaction speed. He suggests solutions for each piece in the puzzle, with reference to the stock exchange’s participation.
Regarding regulation, SBF says that stack coins can be reported and verified better. In line with FTX’s stablecoin policy, he said that increased transparency would solve “80% of the problems, so that stablecoins can thrive on the ground.” Meanwhile, better market surveillance and a system for issuing anti-fraud symbols can fill other regulatory loopholes.
Second, while the number of cryptocurrency users is around 200 million, which is “much more than their weight”, more blockchain network impacts are needed to achieve broader mass adoption.
Fortunately, FTX is leading the way. It doubled its user base in the fourth quarter, cementing itself as one of the leading $ 25 billion cryptocurrency exchanges. SBF explained that while smart contracts pave the way for decentralized and decentralized finance and Web 3.0 development, video games can be the way to a large scale:
“The use of the existing video game user base can be enormous – billions of users and hundreds of billions of dollars annually.”
However, he continued, “It just makes sense to make virtual worlds more fun, not less.” Integrating the blockchain into games, such as non-fungible tokens, only works if it enhances an already great game or virtual experience.
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Finally, cryptocurrency transactions need to change. 50,000 transactions per second is not enough to meet the requirements of industrial applications. Without high speeds, the other two tasks will not work properly. said jokingly:
“I always laugh when blockchain says it’s really fast. No! […] Speed means millions of TPS. No one is there yet.”
According to Forbes, the richest man in cryptocurrency SBF owns 26.5 billion dollars, so the 29-year-old is not among the top 100 in the world. No stranger to the spotlight and respectable personality, he shares Twitter pages with Tom Brady and will be the third most important person on the Cointelegraph blockchain in 2021.