Crypto billionaire Sam Bankman-Fried reveals the most influential use cases for crypto and blockchain technology.
in New interview In his Point Forward podcast with NBA star Andre Iguodala, the CEO of FTX outlines the use cases he believes give the cryptocurrency “the bulk of its power.”
“In essence, one of the things that underpins cryptography is that it is a way to encrypt assets. And that’s obviously what happened with Bitcoin, you had an original digital asset that could be accessed by anyone and anyone could easily transfer it to each other. And you could think about it. A bit like gold, but you don’t have to deal with gold bullion, with much easier and cleaner access and with a complete and auditable transaction history.
This is one side of it. Another aspect of it is the blockchain, which is the underlying networks, which are really cool, and what is, among other things, a way to have a complete network where anyone can go in and open an account, and anyone can send assets to anyone else instantly, cheaply, Fully online, at the click of a button. The full ledger history of all of this. It’s kind of a pretty perfect payment network.”
Bankman-Fried argues that blockchain is a “significantly cleaner and easier way” to make international money transfers, which he says currently suffers from huge fees and the risk of theft.
The CEO of FTX also notes that blockchain technology brings digitization, transparency, portability, and clear ownership of assets such as currencies, real estate, stocks, and personal items.
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