The Coinbase CEO Reveals the Top Ten Crypto Ideas He Thinks Developers Should Focus On
Coinbase CEO Brian Armstrong revealed the ten ideas that excite him most about the future of crypto and expressed his hope that developers could use the bear markets to take it to the next level.
In a blog post and presentation published on Aug. 30, the Coinbase CEO shared his vision for a crypto future and highlighted the concepts he believes will thrive in the digital asset industry.
He said “I decided to share 10 of my top ideas in hopes someone will make them happen.” Before you add “Ideas can be cheap”.
One of his first concepts was the “Flatcoin”, a decentralized stablecoin that tracks inflation to gain purchasing power receive. It could be supported by either a basket or an algorithmic approach.
Armstrong mentioned services like Ampleforth or Truflation that “offer the potential to track inflation on-chain today to further decentralize it.”
He said that this is necessary because people are reluctant to buy Bitcoin to issue, and fiat-backed stablecoins “suffer from inflation and confiscation — just like fiat currency.”
A second concept was “on-chain” reputation — a system that based wallet addresses or ENS names on reputation scores to activities in the chain. The concept is similar to Google PageRank, but used for credit, rating, and fraud prevention.
Armstrong has also highlighted the possibility of “on-chain advertising” – the Web3 version that pays out based on on-chain actions, as opposed to Web2 advertising, which is view- or click-based. Smart contracts could set payouts and wallets could choose which ads to show.
Armstrong described “Onchain Capital Formation” as a concept that democratizes the fundraising process and allows startups and ICOs to raise money in a trusted and lawful manner.
Armstrong admitted that the ICO frenzy was the result of a reason, stating that “capital formation is still going too smoothly around the world,” before adding:
The democratization of fundraising could generate tremendous entrepreneurial energy around the world release.
Armstrong also hoped for a crypto-based marketplace that would allow people to find jobs in the crypto world, pay them in crypto, and remove all the friction associated with cross-border payments. Coinbase recently partnered with X (formerly Twitter) to launch a job posting feature.
Armstrong’s sixth concept was “privacy at layer 2”, which would bring private transactions to L2 instead of just to them have them on public blockchains.
He said that while transparency is a desirable feature in many cases, most people do not want their economic transactions to be made public.
Some other ideas include peer-to-peer on-chain exchanges, on-chain gaming with asset ownership, and more tokenization of real-world assets.
On-chain gaming is a concept that has been implemented in the crypto world. It allows players to own their in-game assets in NFTs and create economies in metaverses. Tokenization of real assets such as commodities, real estate and stocks is already being used around the world.
A recent report by the Boston Consulting Group predicts that the tokenization of illiquid assets will grow into a multi-trillion dollar sector over the next few years.
Armstrong’s latest idea was ”Software for Network States,” a suite of tools that can help new cities and communities grow Manage governance, reconciliation and control in the chain.
He ended by saying, “Bear markets are builders.”
Armstrong’s public appearance over the past few weeks may be an attempt to generate interest at Coinbase’s Coinbase Ventures Builder Summit in California, which will be held in October.
