Crypto News

FTX’s SBF outlines key steps to advance the crypto industry into 2022

                                                            Der CEO von FTX – Sam Bankman-Fried (SBF) – hat einen langen Twitter-Thread veröffentlicht, um einige der Hürden vor der Cryptowährungsbranche zu skizzieren und wie man sie in den folgenden Jahren möglicherweise bewältigen kann.

Before going into some of the challenges, SBF outlined what the industry has already achieved. This includes a solid user base, smart contracts, numerous potential use cases, the start of scaling solutions and “a lot of attention”.

However, there are also many hurdles to be overcome.

The elephant in the room

SBF believes that the most obvious thing the crypto market is “missing” is regulation.

There has been a lot of tension between industry and regulators, and in many cases both sides have been frustrated.

One of the things that is making it difficult for the industry to move forward while limiting institutional participation is the lack of a clear process for token issuance, regulation of platform registration and stablecoins in many jurisdictions.
FTX CEO Sam Bankman-Fried. Bloomberg
Additionally, “a lot of regulators have found it very difficult to work with crypto companies: instead of working collaboratively, we’ve seen a lot of examples of high-voltage tensions.”

So how do you fix the above? Well, Bankman-Fried believes it is important to “work together on ways to address current regulatory loopholes,” but also to allow liquidity to flow into the US and Europe and other jurisdictions. He also talked about the issues related StablecoinRegulations.

Stablecoins are perhaps the simplest: create a reporting / transparency / audit based framework to ensure they are as secured as they say they are.

This would solve 80% of the problems while also allowing stablecoins to thrive on land.

SBF also said that there should be standardized market supervision in a unified regime “that creates similar standards for spots, futures and so on.”

The scales of the future

One of the things with which Blockchain-based networks have had tough times is scaling. There are examples across the board – Ethereum sky high fees, Solana’s power outages, Avalanche’s problems under heavy loads, and so on.

So the most important thing is to have a concrete roadmap for scaling to millions of TPS and to implement it well. – SBF said.

He believes that there is no network yet, and he does not consider a network to be “fast” either. In terms of use cases, he seems to believe that gaming is a very successful potential avenue, acknowledging that “the expansion of the existing video game user base could be enormous – billions of users and hundreds of billions of dollars each year”.

However, the UX and user interface of existing gaming projects don’t seem close to what is required for a seamless, complementary experience.

In conclusion, SBF said:

If you want to build confidence in the industry, regulation is important. But UI / UX does it too and any fraud is detrimental. Every time we as an industry can do something great, beautiful and useful, we move everyone forward. Every time we mess with each other, we all take a step back.

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Source: Crypto News Deutsch

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