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Sam Bankman-Fried: exchange FTX will fix "broken" social networks

Sam Bankman-Fried CEO of FTX Sam Bankman-Fried

One of the largest crypto exchanges in the world, FTX, plans to use the Blockchain to fix "broken social networks" and improve interaction between social platforms. CEO of FTX cryptocurrency exchange, Sam Bankman-Fried, spoke about the plans in an interview with Bloomberg. According to him, in social networks such as Facebook, there is no normal way to see a link to a tweet, and Whatsapp, in principle, cannot recognize links to tweets. Bankman-Fried said that cryptocurrency and blockchain projects do not have such problems, they easily work with each other even if the ecosystems are not directly connected.

The entrepreneur believes that with the help of the blockchain, the same interaction can be reproduced in Web2 projects. The head of FTX criticized the moderation policy on popular social media.


The three guys who run the digs decide what gets censored and what doesn't..

Sam Bankman-Fried CEO of FTX


FTX has a working model in place that allows different platforms to access the same pool of data to make independent censorship decisions, he says, and those decisions are the same for everyone. Such a model would help new platforms catch up with existing ones, instead of building their own policies from scratch. Bankman-Fried proposes to establish a single standard for Web2 projects using blockchain, which would significantly speed up the interaction of sites and social networks with each other, helping to focus on aspects that are more important for development. Recall that on Monday, the head of the American branch of FTX Brett Harrison (Brett Harrison) said that the cryptocurrency market will not reach the level of the stock market without the launch of spot derivatives.

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