FTX CEO: Blockchain Can Make Social Media Interoperable, Says
Sam Bankman-Fried explained how blockchain can change payments, tokenize shares and make social networks interoperable.
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As critics cast doubt on some of blockchain's use cases during the crypto winter, one of the most prominent figures in the community laid out some points that cement blockchain's position as a as disruptive technology.
Twittering, FTX Crypto Exchange CEO Sam Bankman-Fried highlighted blockchain use cases and how certain industries could benefit from integrating the technology. According to Bankman-Fried, blockchain technology can simplify payments, solve stock market failures and revolutionize social media.
Bankman-Fried said there are many problems with cross-border payments. The CEO of FTX presented several examples highlighting long delays and intermediaries that increase fees and often add uncertainty to transactions.
According to the executive, blockchain solves this long-standing financial problem by replacing the traditional lengthy process with a simple three-step process in which the sender creates a wallet, the receiver creates a wallet, and then sends the balance. Bankman-Fried argued that this eliminates the wait time, replaces the fee structure and solves the uncertainty factor.
Apart from that, the CEO of FTX also pointed out that blockchain can change the whole stock trading process, which has its fair share of flaws. Highlighting the issues with GameStop's infamous short squeeze where retailers shut down due to settlement risks, Bankman-Fried said inventory tokenization was the solution.
26) Suppose you symbolize the actions.
Instead of waiting 2 days to settle, you can simply trade the AAPL-token USD token on a blockchain. Which, remember, takes about 10 seconds and costs about $0.0002 in fees.
No remaining settlement uncertainty or risk.
— SBF (@SBF_FTX) July 16, 2022The executive has...
Sam Bankman-Fried explained how blockchain can change payments, tokenize shares and make social networks interoperable.
New
As critics cast doubt on some of blockchain's use cases during the crypto winter, one of the most prominent figures in the community laid out some points that cement blockchain's position as a as disruptive technology.
Twittering, FTX Crypto Exchange CEO Sam Bankman-Fried highlighted blockchain use cases and how certain industries could benefit from integrating the technology. According to Bankman-Fried, blockchain technology can simplify payments, solve stock market failures and revolutionize social media.
Bankman-Fried said there are many problems with cross-border payments. The CEO of FTX presented several examples highlighting long delays and intermediaries that increase fees and often add uncertainty to transactions.
According to the executive, blockchain solves this long-standing financial problem by replacing the traditional lengthy process with a simple three-step process in which the sender creates a wallet, the receiver creates a wallet, and then sends the balance. Bankman-Fried argued that this eliminates the wait time, replaces the fee structure and solves the uncertainty factor.
Apart from that, the CEO of FTX also pointed out that blockchain can change the whole stock trading process, which has its fair share of flaws. Highlighting the issues with GameStop's infamous short squeeze where retailers shut down due to settlement risks, Bankman-Fried said inventory tokenization was the solution.
26) Suppose you symbolize the actions.
Instead of waiting 2 days to settle, you can simply trade the AAPL-token USD token on a blockchain. Which, remember, takes about 10 seconds and costs about $0.0002 in fees.
No remaining settlement uncertainty or risk.
— SBF (@SBF_FTX) July 16, 2022The executive has...
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