FTX founder and CEO Sam Bankman-Fried, aka "SBF," closed 2021 on an upbeat note. SBF got lyrical about the state of the crypto market in 2021 while revealing the roadmap for FTX in 2022 on a Twitter flood.
In his opinion, there are three pillars for the progress of the industry in 2022: regulation, scaling and transaction speeds. Proposes solutions for each piece of the puzzle, referring to its exchange intervention.
Regarding regulation, SBF claims stablecoins could be better reported and audited. In keeping with FTX's stablecoin policies, he said greater transparency would solve "80% of the problems and allow stablecoins to thrive on land." Meanwhile, better supervision of markets and a fraud-based regime for token issues could address other regulatory gaps.
Second, while crypto users number around 200 million, "outweighing their weight," more blockchain network effects are needed to achieve wider mainstream adoption.
Fortunately, FTX is leading the charge. That duplicate its user account in the fourth quarter, consolidating itself as one of the main crypto exchanges with a valuation of $ 25 billion. SBF explained that while smart contracts have paved the way for metaverses, decentralized finance, and Web 3.0 developments, video games could be the way to massive scale:
"Leveraging the existing user base for 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 virtual worlds more attractive, not less." Blockchain integrations in games, such as non-fungible tokens, only work if they enhance 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 sufficient to satisfy industrial-scale applications. Without high speeds, the other two problems cannot be executed well. Joked:
โI always laugh when a chain of blocks says that they are already fast. None are! [...] Fast means millions of TPS. No one has arrived yet. "
As the richest person in crypto according to Forbes, SBF's net worth of $ 26.5 billion places the 29-year-old who is out of the top 100 people in the world. He is no stranger to the spotlight and is a highly respected figure, shares Twitter spaces with Tom Brady and reaches Cointelegraph's third most notable person on blockchain in 2021.
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