Sam Bankman-Fried stressed that if the elections were on chain, you could have verifiable messages on social media.
The CEO of the FTX exchange, Sam Bankman-Fried, spoke in favor of the existence of on-chain social networks and even believes that they offer some benefits for users, such as verifying the authenticity of certain data, among other positive aspects.
Sam Bankman-Fried explained the following on his social networks:
“A cool on-chain social media app: On-message verification, if social media posts were on-chain, you could have the Blockchain operating inside a tweet. There would be ways to send messages like: The winner of the protocol governance vote is {xyz}, where {xyz} was a reference to an actual on-chain smart contract, _combined with its value.”
Bankman-Fried Further Explanation
In recent days, Sam Bankman-Fried explained that his recent investments in crypto companies have not been entirely positive, with some turning out profitable and others not, with Voyager Digital being the most obvious loss, as SBF fund Alameda Research, loaned Voyager $485 million and ultimately filed for bankruptcy.
“Mixed, is basically the answer. I think some are going to be profitable, others are not. With Voyager, there is 70 million dollars that we invested and I am not sure that we will see it again. We had to make quick decisions and we made them in such a way that if things went well, they would be good investments. If they turned out badly, they would be bad investments, but we kind of limited how much we could lose.”
SBF Considers that the Blockchain Would Improve Social Networks
For SBF, if the tweets were backed by a Blockchain, there would be ways to send messages, governance votes, with “xyz” protocols through real chain smart contracts, which would facilitate the verification and elimination of bots or incorrect information.
Bankman-Fried stressed that if the elections were on chain, you could have verifiable messages on social media. He even argues that if Amazon shares (AMZN) were tokenized, anything that can be calculated would be “embedded” in the messages and automatically verified.
On Twitter, SBF posted a number of statements, such as:
“6) And in general, anything that a Blockchain can compute, basically anything that a computer program that has access to all the other data on the Blockchain can compute, can be embedded in your message. It would be self-testing and automatically verified as accurate (or not!).”
In July, Sam Bankman-Fried identified other use cases for the crypto industry, aside from its use as a speculative financial investment tool. According to SBF, it will ignore the popular phrase from investors that “you can buy tokens and maybe they will go up” and focus on their potential use in payments, market structure, and social media.
On the structure of the market, SBF has said that traditional markets are at risk of being overwhelmed by transactions. He cited the example of January 28, 2021, when retail interest in Gamestop, AMC, and meme cryptocurrencies increased exponentially.
By Audy Castaneda
