Crypto Millionaire Lists 3 Most Promising Altcoins Of This Year!

Crypto billionaire Sam Bankman-Fried says two ethereum killers – Solana and Avalanche – are the most promising blockchains this year.

Speaking on a podcast, the CEO of FTX revealed the three blockchains he thinks are most promising in 2022.

Sam Bankman-Fried, one of the wealthiest, most influential people under the age of 30 in the crypto world and CEO of cryptocurrency exchange FTX, revealed in a recent podcast that he believes three blockchains will be the most promising.

In an interview with Decrypt, the CEO of FTX said that Solana, the seventh-largest cryptocurrency by market capitalization, has achieved the scaling that many blockchains thought but failed to achieve, noting that Solana offers industrial scale and wide-ranging use.

“If you want industrial-scale use, they’re one of the few chains that really has a reasonable way to scale up to the level you need to reach.

According to CoinMarketCap data, Solana’s total value of $43 billion pales in comparison to ethereum’s massive $375 billion. But despite this, as Bank of America also noted in a recent report, the blockchain’s “Proof-of-History” mechanism provides low transaction fees, ease of use, and scalability compared to others like Ethereum, which is known for its high gas fees.

Bankman-Fried’s second choice Avalanche (AVAX). Avalanche is a blockchain rival to Solana as well as Ethereum, referred to by some as the “Ethereum Killer”. It also supports smart contracts that allow two parties to automatically execute a transaction without the need for an intermediary when certain criteria are met. This capability is critical for emerging markets with non-fungible tokens (NFTs).

Founded by a Cornell University professor and his team, Avalanche attracted great attention in 2021 and managed to be among the top 10 cryptocurrencies. Stating that Avalanche has a particularly solid team and that the team has signed many projects, FTX CEO Fried said that Avalanche is not yet at the expected level in terms of scaling.

“It’s a real chain, it’s a cool chain, the team knows their business and they’re working extremely hard for it. This (on scaling) doesn’t mean that I know better than they do and they don’t. After all, they might be right about what they should prioritize… it’s a real chain, a great chain, and I believe there’s a world in it that I think has become absolutely huge.”

The third choice of the famous CEO is essentially a category rather than a cryptocurrency. In the concept called Wrapping, a synthetic version of popular tokens such as BTC and ETH is created and these synthetic tokens can be quickly transferred between different chains. According to Fried, Wrapped tokens will continue to grow over time, and Bitcoin, the first cryptocurrency and largest by market cap, will “remain at the center of the crypto ecosystem”:

“You have no choice but to dig deeper into Wrapped assets, as there is a difference between chains that are capable of performing the requested activity and chains that have value.

“Bitcoin, the ancestor of cryptocurrencies, is not going anywhere. Bitcoin will continue to be at the center of the crypto ecosystem, but Bitcoins will move on other chains instead of the Bitcoin blockchain (thanks to wrapped coins).”

Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.

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