Coinbase’s CEO, Brian Armstrong, has revealed his top ten favored crypto concepts. He’s urging developers to enhance these ideas amid the ongoing bear market. In a recent blog post and presentation, Armstrong elaborated on his vision for the cryptocurrency future. He highlighted concepts that he thinks are brimming with potential in the realm of digital assets.
Armstrong stressed the importance of creative exploration. He stated, “I’m sharing these ten ideas, hoping someone will make them a reality.” Additionally, He highlighted that ideas are plentiful.
Among the concepts he explored was the notion of a “flatcoin.” This decentralized stablecoin would track inflation to safeguard purchasing power, possibly through asset baskets or algorithmic methods. Armstrong pointed to existing services like Ampleforth and Truflation as steps towards on-chain inflation tracking.
He pointed to the need for this concept, citing hesitance to use Bitcoin and issues with stablecoins linked to fiat currency.
More Insights from Brian Armstrong
Another idea, “on-chain reputation,” involves assigning reputation scores to wallet addresses based on on-chain activities. This system, akin to Google’s PageRank, could facilitate lending, ratings, and fraud prevention.
Armstrong also supported “on-chain ads.” A Web3 versions of ads that reward users for on-chain actions, not just views or clicks like Web2. These ads might use smart contracts for defined payouts and personalized ad choices.
“On-chain capital formation” surfaced as a separate idea. It aims to democratize fundraising, aiding ICOs and startup funding with compliant on-chain methods. Armstrong recognized the reasoning behind the ICO trend and observed challenges in global capital formation. He commented, “Opening up fundraising could unleash untapped entrepreneurial opportunities globally.”
Brian Armstrong’s Forward-Thinking Concepts
Armstrong also included a global crypto job marketplace. It envisions linking people with crypto-related tasks, allowing cross-border payments and crypto pay. This idea aligns with Coinbase’s partnership with X (formerly Twitter) for a job posting feature.
Armstrong’s sixth idea addressed “privacy for layer 2,” extending private transactions to Layer 2 rather than confining them to public blockchains. While transparency is vital in many cases, Armstrong acknowledged the demand for privacy in a substantial portion of transactions.
Additional ideas encompassed a fully on-chain peer-to-peer exchange, on-chain games with asset ownership, and the tokenization of real-world assets. On-chain games, which enable players to truly own in-game assets as NFTs, and real-world asset tokenization are existing concepts in the crypto realm.
A recent report from the Boston Consulting Group predicts significant growth in the multi-trillion-dollar tokenization of illiquid assets over the next few years.
Pioneering the Future
Armstrong’s final proposal was “Software for Network States,” designed to assist startup cities and communities in managing governance, voting, taxes, and services through on-chain tools.
He concluded by stating, “In five years, many entrepreneurs will look back and wish they had initiated a crypto venture in 2023.” Armstrong stressed that bear markets are an opportune time for innovation and development.
The forthcoming Coinbase Ventures Builder Summit in California might be one reason behind Armstrong’s public disclosure, as he seeks to generate interest in the event.
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