Brian Armstrong, co-founder and CEO of Coinbase, is enjoying an outstanding week. The value of his company’s stock increased as anticipation for a Bitcoin spot ETF grew. In the spirit of generosity, Armstrong shared new cryptocurrency-related ideas that, he claimed, fascinate him.
Armstrong wrote that Coinbase is currently engaged in building multiple projects and doesn’t “have time to tackle everything.” Let’s discover which are they.
Interesting Crypto Ideas
Armstrong urged developers to focus on his list of Web3 ideas to revolutionize the sector. He believes that the bear market presents entrepreneurs with a special chance to create ground-breaking crypto businesses. They will have a lasting influence on the industry.
1/ I'm sharing the 10 ideas I'm most excited about in crypto right now. If you're building something in crypto or thinking about doing so – check it out.
We’re building lots at Coinbase, but we don't have time to tackle everything. So I figured I'd share these. Bear markets are… pic.twitter.com/XKzCkMaOOT
— Brian Armstrong 🛡️ (@brian_armstrong) August 30, 2023
Here’s Armstrong’s list of ten ideas.
1) Flatcoin
Armstrong called for the development of a flatcoin as a way to curb the limitations of using Bitcoin. He noted that “a flat coin that tracks CPI could be a huge opportunity for the crypto economy to really leapfrog in many ways.”
Unlike volatile cryptocurrencies like Bitcoin and fiat-backed stablecoins, Armstrong explained that the industry needs a “decentralized coin that tracks the CPI (consumer pricing index)” to guarantee stability and inflation resistance. The Coinbase CEO wrote that a CPI-inked Flatcoin might allow smart contracts to preserve buying power and provide a hedge against inflation.
Hey @brian_armstrong a few of those points will soon receive the right Foundation to actually become reality through @lukso_io 🕓🕑
2. Onchain Reputation
This is soon possible to by anyone to invent any reputation protocol that you simply reference/attach to your… pic.twitter.com/x7wcEG7ukA— Fabian Vogelsteller (@feindura) August 31, 2023
2) On-Chain Reputation
Armstrong recommended utilizing the blockchain to track entity reputations in order to prevent fraud. He remarked, “We don’t yet have a reputation system associated with ENS.” So, to guarantee trusted identification and minimize fraud, Armstrong developed a system similar to Google’s PageRank that scores blockchain addresses and ENS names by transactions. This will improve trust.
Nice #civkit is 7
Also doing 2 because we must— Ray Youssef (@raycivkit) August 30, 2023
3) Structure for On-chain Ads
Web2 companies like Facebook and Google have created successful advertising models. But Web3 hasn’t yet offered the same service.
Armstrong noted that Web3 necessitates an ad economy where smart contracts reveal payment-related metadata for user interactions. It will fundamentally alter how entrepreneurs and developers market their offerings to customers.
We can help by making assets superfluid: tokens move entirely on-chain without the need for transactions, via formula-based smart contracts. This enables scalable payroll, subscriptions, airdrops and vesting on EVM networks. We'd like to work with @coinbase on any of your ideas.
— Superfluid (@Superfluid_HQ) August 31, 2023
Armstrong proposed that rather than just displaying an advertisement, “on-chain ads” could only charge advertisers after an activity is finished. So, smart contracts will enable payment upon the completion of an action.
4) On-Chain Capital
Armstrong proposed redefining how Web3 companies raise capital. Armstrong suggested a concept that democratizes fundraising and helps the next wave of ICOs and startups access funding in a trusted way. He wrote that “democratizing fundraising could unlock tremendous latent entrepreneurial energy across the world.”
5) Crypto Job Marketplace
Armstrong suggested developing a “global marketplace for labor” that would employ cryptocurrency to compensate those abroad. According to him, cryptocurrency’s cheap cross-border payments might help people earn money easily.
6) Layer-2 Privacy
According to Armstrong, layer two solutions that help with scalability, such as Arbitrum (ARB), Optimism (OP), and Polygon (MATIC), clearly need privacy. Armstrong wrote that “there are many cases where transparency is a feature, but people do not want most transactions in the economy to be public.”
I fully agree with you Brian that on-chain reputation matters
Started building such a score using #Ordinals on #Bitcoin
It's called the 🟧.frens protocol
Free to use (still in private beta)
Please have a look at my pinned tweet
— Doggfather (@DoggfatherCrew) August 31, 2023
He noted that users need to maintain their privacy while using L2s for their transactions. As a result, developers should consider bringing privacy to L2s like Polygon and Aztec.
7) P2P exchange fully on-chain
Several prominent exchanges Binance and KuCoin already have P2P marketplaces, and the number of users relying on this service shows their growing relevance to the industry. However, Armstrong believes a decentralized P2P marketplace built on an auditable smart contract will be a good fit. This decentralized P2P will be complete with escrow, reputation, and dispute resolution features.
8) On-Chain Games
Armstrong proposed on-chain games that allow players to really own in-game NFT assets. This creates a world with real economies. Brian claimed that the gaming sector has not yet reached its full potential. Creating a gaming economy where players truly own their assets will be a game-changer for the industry.
9) Tokenizing real-world assets
The Coinbase CEO noted that tokenizing physical assets could increase market liquidity by incorporating standardized metadata. He added that adding debt to the blockchain could support decentralized ratings and exchanges.
Most of the ideas already in execution & some in the market, yet to gain substantial traction but already evolving past POCs. I'd also add equal access to investment opportunities & wealth distribution, bending over investor accreditation and protection to allow broader adoption
— Maxim Galash 🛡️| Coinchange.io (@maxgalash) August 31, 2023
Interestingly, Boston Consulting Group recently predicted that the tokenization of illiquid assets would become a multi-trillion-dollar industry in the coming years.
10) Software for Network States
Brian suggests software to help with handling voting, governance, fundraising, and services for developing communities. This concept is already being promoted by the former CTO of Coinbase, Balaji Srinivasan.
2/ We’ll be hosting our inaugural @cbventures summit in Malibu, CA this October where we’ll bring together a small group of builders to discuss these ideas and others. If you already have a startup, or would like to create one, you can apply here: https://t.co/zWlHoqufgV
— Brian Armstrong 🛡️ (@brian_armstrong) August 30, 2023
Armstrong concluded that “in five years, many entrepreneurs will be looking back and wishing they had started a crypto company in 2023.” Armstrong’s generous list comes ahead of the first-ever Coinbase Ventures Summit taking place in Malibu, Calif., in October.
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