Brian Armstrong, CEO of Coinbase, has outlined his top ten ideas for the future of cryptocurrencies in a recent blog post and presentation. He encourages developers to leverage the bear market to advance these concepts, hoping someone will bring them to fruition.
One of Armstrong's ideas is the concept of a "flatcoin" – a decentralized stablecoin that preserves purchasing power by tracking inflation. It could be backed by a basket of assets or use algorithmic methods. This is seen as necessary because people are hesitant ant to spend Bitcoin , and fiat-backed stablecoins are susceptible to inflation.
Another concept he highlights is "on-chain reputation," a system assigning reputation scores to wallet addresses based on on-chain activities. It's akin to Google's PageRank and can be used for lending, ratings, and fraud prevention. Armstrong also explores "on -chain advertising," envisioning Web3 ads paid based on on-chain actions, rather than the Web2 model relying on views or clicks. These ads could use smart contracts to specify payouts and wallets could choose which ads to display.
Armstrong introduces "on-chain capital formation," aiming to democratize fundraising for ICOs and startups, allowing them to raise capital on-chain in a compliant and trusted manner. He emphasizes the need to reduce friction in global capital formation.
Additionally, he discusses a marketplace for cryptocurrency jobs and assignments to connect job seekers globally and streamline cross-border payments. Armstrong proposes "layer 2 privacy" to bring private transactions to Layer 2 solutions, enhancing privacy for users.
Other ideas include fully on-chain peer-to-peer exchanges, on-chain gaming with asset ownership, and more comprehensive asset tokenization. On-chain gaming allows players to truly own in-game assets, creating economies and metaverse worlds. Tokenization of real-world assets, such as stocks, commodities, and real estate, are already gaining traction.
Armstrong's final idea is "network state software" to assist startup cities and communities in managing on-chain governance, voting, taxation, and services.
In conclusion, Armstrong emphasizes that bear markets are ideal for building and suggests that entrepreneurs in 2023 will look back with envy at the opportunities available. Coinbase is actively preparing for its inaugural Coinbase Ventures Builder Summit in October, and Armstrong strong's recent public statements may serve as a call to action for developers and innovators in the crypto space.
