Choose your language:
Blockchain technology is gaining adoption in various aspects of the global economy, but social media is one area it is yet to penetrate.
The CEO of leading cryptocurrency exchange FTX, Sam Bankman-Fried, believes that applying blockchain technology to social media could lead to some huge opportunities. Bankman-Fried made this statement while speaking at Breakpoint in Lisbon.
The FTX CEO said;
“I think social media on the blockchain — I continue to think this could be absolutely huge. I think it solves a lot of existing pain points, which are really coming to the forefront of society right now.”
He added that using blockchain technology would make it possible for people to exchange messages in a secure and private way. However, he believes social media on the blockchain would need to be composable and cross-platform.
Bankman-Fried has been a big supporter of the Solana project since its inception. He admitted numerous times that he holds Solana as his personal investment. Hence, it is not a surprise that he pointed out that the Solana blockchain would be perfect for a social media platform.
According to Bankman-Fried, the Solana blockchain can process a significant amount of transactions (more than 2,300 transactions per second). Hence, making it excellent to host a social media platform.
The FTX CEO also discussed the decentralised finance (DeFi) space, which has recorded massive growth over the past year. He said;
“One potential way to absolutely supercharge DeFi adoption is to first build a great product but then combine it with an already existing massive user base. And many of these user bases are order of magnitude bigger than all of DeFi so far, and you talk about the adoption so far that we’ve seen in the industry, but that might just pale in comparison to what a single gigantic platform can bring forward.”
FTX has experienced massive growth to become one of the leading cryptocurrency exchanges in the world. In October, FTX reached a $25 billion valuation, ten times its value in the same period last year.
Keep updated with our round the clock and in-depth cryptocurrency news.
No SPAM ever!
Please be aware that some of the links on this site will direct you to the websites of third parties, some of whom are marketing affiliates and/or business partners of this site and/or its owners, operators and affiliates. We may receive financial compensation from these third parties. Notwithstanding any such relationship, no responsibility is accepted for the conduct of any third party nor the content or functionality of their websites or applications. A hyperlink to or positive reference to or review of a broker or exchange should not be understood to be an endorsement of that broker or exchange’s products or services.
Risk Warning: Investing in digital currencies, stocks, shares and other securities, commodities, currencies and other derivative investment products (e.g. contracts for difference (“CFDs”) is speculative and carries a high level of risk. Each investment is unique and involves unique risks.
CFDs and other derivatives are complex instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how an investment works and whether you can afford to take the high risk of losing your money.
Cryptocurrencies can fluctuate widely in prices and are, therefore, not appropriate for all investors. Trading cryptocurrencies is not supervised by any EU regulatory framework. Past performance does not guarantee future results. Any trading history presented is less than 5 years old unless otherwise stated and may not suffice as a basis for investment decisions. Your capital is at risk.
When trading in stocks your capital is at risk.
Past performance is not an indication of future results. Trading history presented is less than 5 years old unless otherwise stated and may not suffice as a basis for investment decisions. Prices may go down as well as up, prices can fluctuate widely, you may be exposed to currency exchange rate fluctuations and you may lose all of or more than the amount you invest. Investing is not suitable for everyone; ensure that you have fully understood the risks and legalities involved. If you are unsure, seek independent financial, legal, tax and/or accounting advice. This website does not provide investment, financial, legal, tax or accounting advice. Some links are affiliate links. For more information please read our full risk warning and disclaimer.
Choose your language: