August 16, 2022

Home Blockchain FTX CEO: Blockchain could make social media interoperable, says – Cointelegraph

FTX CEO: Blockchain could make social media interoperable, says – Cointelegraph

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Sam Bankman-Fried defined how blockchain can change funds, tokenize shares and make social media interoperable.


Whereas the critics solid doubts on some of blockchain’s use cases through the crypto winter, probably the most outstanding group figures laid out some factors that cement blockchain’s place as a disruptive expertise. 

On Twitter, FTX crypto alternate CEO Sam Bankman-Fried highlighted use circumstances for blockchain and explained how some industries may benefit from integrating the tech. In keeping with Bankman-Fried, blockchain expertise can simplify funds, clear up inventory market flaws and revolutionize social media.

Bankman-Fried stated that there are numerous points surrounding cross-border funds. The FTX CEO laid out a number of examples that highlighted lengthy ready occasions and intermediaries that make the charges greater and infrequently add uncertainty to transactions.

In keeping with the manager, blockchain solves this long-standing subject in finance by changing the prolonged conventional course of with a easy three-step strategy of the sender making a pockets, the receiver making a pockets after which sending the stability via. Bankman-Fried argued that this eliminates the ready time, replaces the payment construction and solves the uncertainty issue.

Other than this, the FTX CEO additionally identified that blockchain can change all the inventory buying and selling course of which has its fair proportion of flaws. Highlighting points met with the notorious GameStop short-squeeze the place retailers shut down due to settlement dangers, Bankman-Fried stated that tokenizing shares is the reply.

The manager argued that just like the options to funds, tokenized stock trading executed on a blockchain can full the transactions in a matter of seconds, and scale back settlement uncertainty with a lot decrease payment buildings.

Associated: Nifty News: GameStop NFT’s first day, Limewire trends and game dev attacks

Lastly, the FTX CEO stated that social media is remoted and never interoperable. The manager introduced up how a single person has to undergo many apps to handle varied platform-specific purposes.

Bankman-Fried argued that blockchain can probably make social media extra interoperable, permitting messaging throughout varied platforms. By the usage of public chains, the relaying of messages from one social platform to a different is feasible based on the manager.

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