Coinbase CEO Advocates for Development of These 10 Crypto Concepts

In an insightful revelation, Brian Armstrong, the CEO of Coinbase, has offered a glimpse into the future of cryptocurrency. Embracing the recent market dip, Armstrong shared a collection of visionary ideas via a company blog post and presentation on August 30. These concepts hold the potential to revolutionize the digital asset industry, and Armstrong’s goal is to inspire developers to transform these concepts into reality.

Prefacing his discourse with humility, Armstrong mentioned, “I decided to share my 10 top ideas with the hope that someone goes out and builds them,” reminding us that ideas are the starting point of innovation.

Among these forward-looking ideas, the concept of a “flatcoin” caught attention—a decentralized stablecoin designed to preserve purchasing power by monitoring inflation. This intriguing notion could be backed by a diversified asset basket or employ an algorithmic approach. Armstrong drew attention to platforms like Ampleforth and Truflation, which presently offer mechanisms to track inflation on-chain. The aim of this concept is to mitigate the hesitancy in spending Bitcoin and address the inflation and vulnerability issues associated with fiat-backed stablecoins.

Another idea that Armstrong explored is “on-chain reputation.” Drawing parallels with Google’s PageRank, this system would assign reputation scores to wallet addresses or ENS names based on on-chain activities. This could serve applications like lending, ratings, and fraud prevention, ushering a new era of trust and accountability.

“Web3 on-chain ads” emerged as a fascinating alternative to traditional advertising models. Instead of being based on views or clicks, these adverts would reward users for on-chain interactions. Smart contracts could govern payouts, and users could curate the ads they wish to engage with.

Armstrong also envisioned “onchain capital formation,” a concept aimed at democratizing fundraising. This approach seeks to revitalize ICOs and startup funding through secure and compliant on-chain mechanisms. This resonates with the ICO boom’s historical context, highlighting the global need for streamlined capital formation.

The CEO’s optimism extended to the creation of a “crypto job and task marketplace.” This platform would bridge the global talent gap by facilitating crypto-centric job discovery and payment. Coinbase’s collaboration with X (formerly Twitter) on a job posting feature emphasizes this need.

Armstrong’s sixth concept, “privacy for layer 2,” envisions private transactions integrated into Layer 2 solutions. By bringing privacy features to Layer 2, this concept addresses concerns about transaction transparency, offering a solution for cases where public transactions may not be desirable.

The visionary ideas further spanned areas like a fully on-chain peer-to-peer exchange, the integration of asset ownership into on-chain games, and the tokenization of real-world assets. The latter, in particular, is gaining traction as demonstrated by a Boston Consulting Group report projecting substantial growth in the tokenization of illiquid assets.

Finally, Armstrong presented the notion of “Software for Network States.” This concept revolves around creating tools to facilitate governance, voting, taxes, and services within startup cities and communities on the blockchain. Enabling this level of on-chain governance could shape the future of self-sustaining communities.

Armstrong’s parting words reflected his belief in the potential of the crypto landscape, stating, “In five years, many entrepreneurs will be looking back wishing they had started a crypto company in 2023.” With his rallying cry that “Bear markets are for building,” Armstrong’s presentation might also serve as a precursor to Coinbase’s upcoming Coinbase Ventures Builder Summit, scheduled for October in California.

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