FTX CEO Sam Bankman-Fried reveals the next Bitcoin
FTX CEO Sam Bankman-Fried reveals the next Bitcoin
- SBF believes that the next Bitcoin will be a scalable cryptocurrency that offers very low fees, and this is Solana.
- The cryptocurrency billionaire also spoke about how to choose the next 100x token, how he started on the market, the rise of meme coins and more.
The question of which token is the next Bitcoin was one that every other cryptocurrency fan seems to have a different answer. For some like Mark Cuban Altcoin on the market. For others, It is cardano and even for a few could be dogecoin. For Sam Bankman-Fried, the CEO and founder of FTX Exchange, the next king of cryptocurrencies will be solana.
In a recently guided interview, SBF spoke about why he puts on Solana, why Ethereum 2.0 Solana will not put an end to how to select the next coin and how he got into the world of digital assets.
Why Solana is the next Bitcoin
To select the next market leader, you have to see what it takes to bring the next billion people in cryptocurrencies, SBF . to process ten million transactions per second.
One thing that I thought about was: "Which blockchains can be scaled on this level that could scale in a merged native to millions of transactions per second?
relatives: New report says that every Solana network transaction consumes less energy than two Google searches
Before Solana can concentrate on becoming the next Bitcoin, it must first displace Ethereum. The two compete in essentially the same market, with Solana being one of the many so-called "Ethereum killers".
In this context, SBF tried to distinguish between the introduction of a blockchain network and the value of its native token. Bitcoin, for example, is the most valuable token, but its blockchain is rarely used for an application. Ethereum, on the other hand, is one of the most popular blockchains, but her token is not even worth a tenth of Bitcoin.This makes it difficult to predict which cryptocurrency will see its value skyrocketing.
"You could see an institutional mass adoption of ETH, the token, regardless of whether you see an institutional mass adoption of Ethereum, Blockchain, or not. It is difficult to make a specific prediction of pricing," he noted.
According to SBF,defi is one of the most important factors in determining the next major project. Solana has a significant advantage over his competitors in this regard, SBF continued.
This is one of the most convincing parts [Solana]. It has the potential to scale to the place where things have to be scaled when the blockchain becomes huge, and it has the potential to host defi applications for hundreds from millions to billions of people.
But despite the potential of Solana, the start of Ethereum 2.0 is imminent. As a proof-of-stake protocol, Ethereum could potentially solve all of its major challenges and put an end to the "Ethereum killers" before even taking off.
relatives: Ethereum 2.0 is almost there: Is that the end for polygon, Solana and Cardano? (Part 1)
The jury is still open whether Ethereum 2.0 means the end for Solana and Co. Raj Gokal, one of the founders of Solana, believes that there is enough space for everyone to grow.
However,SBF is not so optimistic about Ethereum 2.0. One of the aspects he attacked is the Sharding, one of the possibilities of scaling Ethereum 2.0. This includes the distribution of the Ethereum infrastructure into smaller parts (or Shards), which enables easier and faster processing of transactions.
According to SBF, one of the disadvantages of Sharding is that "there is no native composition between transactions on different Shards". He believes that the competition between participants in various Shards automatically disadvantages all users, which may lead to chaos for Ethereum.
and while he has convincing reasons why Solana has the best future, it is worth noting that SBF is an enthusiastic investor in the project and will benefit from his rise. On the one hand, he builds a Dex on Solana, which is known as a serum. In addition to Andreessen Horowitz, his other company, Alameda Research, was also one of the main investors in Sales of Solana-token which brought in 314 million US dollars in June.
Select the next big thing
While he supports Solana, SBF pointed out that there are several other digital currencies that can go "to the moon". However, looking for them can be difficult. In contrast to traditional stocks in which several factors have to be analyzed before an investment is made, cryptocurrencies can fluctuate for a little reason.
This is one of the main reasons why meme coins were opened and even dominated.
One of the crucial things you should remember is never to invest more than you can afford to lose, he noticed. The team behind a project is just as important. It is known that frauds like Squid Game have anonymous teams, which makes it much more risky to invest in them. You also have to look at the distribution of offer - if a person has the overwhelming majority of a tokens, they will very likely throw it away and take with investor allowance.
Source: Crypto-news-flash.com
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