Blockchain technology is gaining option in various aspects of the global economy, but social media is one area it is yet to penetrate.

The CEO of leing cryptocurrency exchange FTX, Sam Bankman-Fried, believes that applying blockchain technology to social media could le to some huge opportunities. Bankman-Fried me 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 ded 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 mitted 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 option is to first build a great product but then combine it with an alrey 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 option 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 leing cryptocurrency exchanges in the world. In October, FTX reached a $25 billion valuation, ten times its value in the same period last year.

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ARTICLE: FTX CEO believes social media on a blockchain would be huge
PUBLISHED: 2021-11-09 12:44:40 
SOURCE: https://cointext.com/news/social-media-on-the-blockchain-could-be-huge-says-ftx-ceo/