Since last week as per Mark Cuban, when a significant cryptocurrency exchange platform called FTX collapsed, the cryptocurrency industry has been experiencing its worst year in a decade. Despite this significant problem in the bitcoin sector, billionaire Mark Cuban is still of the opinion that the industry is alive and well, has great potential, and will survive the test of time.
In which sectors Mark Cuban has invested?
Cuban has made investments in a number of smart contracts, which are thought of as the technology that makes using the blockchain for these transactions safer. On the 13th of this week, Cuban highlighted these investments on Twitter.
With the aid of a blockchain network, which functions by tracking the flow of commands from one execution to another, a computer programme that is in charge of all transactions is integrated in smart contracts.
A payment processing vending machine that allows users to choose items by inserting the appropriate money can be used to provide a thorough explanation of smart contacts. Once the user has entered the required amount, he will be able to collect the chosen item.
Similar to this, with a smart contract, the machine can provide the specified goods once the purchase has been paid for. According to Mark Cuban, smart contacts will be able to significantly influence the development of useful applications. In the future, everyone on the planet will utilise these applications for all practical monetary and commodities transactions.
According to Cuban, the value of smart tokens is derived from the applications that people use for those reasons, hence the usefulness of those programmes will be determined by the value of their rewards to those users.
This smart contact will be beneficial for all users who want to understand the steps involved in crypto transactions and the sequence in which these steps take place for all monetary or business transactions worldwide.
Cuban has been widely criticised for criticising the failure of the FTX platform and the FTX group’s operational practises, despite being viewed as enthusiastic about the future of cryptocurrencies.
The FTX platform is regarded as a seismic event in the cryptocurrency sector, but Cuban believes this to be a banking failure rather than a collapse of cryptocurrency companies that will allow the industry to start over again.
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