While blockchain technology is gaining adoption in many facets of the global economy, social media is one area that has yet to penetrate.
Sam Bankman-Fried, CEO of leading cryptocurrency exchange FTX, believes that applying blockchain technology to social media could create huge opportunities. Bankman-Fried made this statement during a speech at his Breakpoint in Lisbon.
FTX CEO said:
“I think social media on the blockchain — I keep thinking it could be a very big thing. think.”
He added that using blockchain technology will allow people to exchange messages in a secure and private way. He thinks there is.
Bankman-Fried has been a big supporter of the Solana project since its inception. He has repeatedly admitted to holding Solana as a personal investment. So it’s no surprise that he pointed out that the Solana blockchain is perfect for social media platforms.
According to Bankman-Fried, the Solana blockchain can handle high-volume transactions (over 2,300 transactions per second). Therefore, hosting social media platforms is excellent.
The FTX CEO also spoke about the decentralized finance (DeFi) space, which has seen significant growth over the past year. He said;
“One potential way to fully drive DeFi adoption is to build a great product first and then pair it with a large existing user base. It’s an order of magnitude larger than all DeFi to date, and while we’re seeing the adoption the industry has seen so far, it may pale in comparison to what a single giant platform brings.”
FTX has grown tremendously to become one of the world’s leading cryptocurrency exchanges. In October, FTX’s valuation reached $25 billion, a tenfold increase from the same period last year.
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