Important crypto news from the CEO of Coinbase, who recently presented ten promising ideas in the field of cryptocurrencies, urging developers to focus on them.
These concepts include flatcoins and on-chain advertising. Brian Armstrong hopes that during market downturns, emerging developers will be able to devote time to implementing such crypto projects. See below for all the details.
Summary
News and opportunities unveiled by Coinbase CEO for crypto developers
As anticipated, the CEO of Coinbase, Brian Armstrong, presented a selection of ten ideas that spark his enthusiasm for the future of cryptocurrencies. Specifically, he shared his hope that developers can take advantage of the market downturn to advance these concepts.
In his article published on 30 August on the company blog, Armstrong outlined his vision for the future of cryptocurrencies, sharing concepts that he believes could successfully emerge in the digital asset space.
Armstrong expressed a desire to share his top 10 ideas with the expectation that someone could make them a reality, stating that the creative process has a low cost.
One of the first ideas discussed was that of “flatcoin,” a decentralized stablecoin designed to monitor inflation in order to preserve purchasing power. This could be backed by a basket of assets or be based on an algorithmic approach.
In his talk, Armstrong mentioned services such as Ampleforth and Truflation, which offer a way to monitor the on-chain label in order to further decentralize it.
He further discussed that such a solution is necessary because people are reluctant to spend Bitcoin and fiat-backed stablecoins are subject to sale and confiscation risks, in the same way to fiat currencies.
Another concept from Armstrong involves “on-chain reputation,” a system that assigns reputation points to wallet addresses or ENS names based on their activities on the blockchain.
This system could resemble Google’s PageRank and be used for ratings, lending, and fraud prevention.
Innovative on-chain announcements: payments based on blockchain actions
Armstrong also highlighted the potential of “on-chain ads”: a Web3 version of ads that pays based on actions taken on the blockchain, as opposed to Web2 ads that are based on views or clicks.
These ads could involve smart contracts to define payments and wallets that select which ads to show. Thus, the idea of “onchain capital formation” was also mentioned.
Armstrong described it as a concept that democratizes the fundraising process, making it easier for the next ICO and startup to obtain funding in a compliant and reliable way on the blockchain.
Armstrong acknowledged that the ICO frenzy had a reason to exist, explaining that “global fundraising still faces significant obstacles.” He later added the following:
“Democratizing fundraising could unlock great entrepreneurial energy potential globally.”Â
Armstrong also expressed hope to see a market emerge for cryptocurrency-related jobs and activities, which would allow people to find job opportunities in the crypto industry on a global scale.
This market would allow workers to be paid in cryptocurrency, overcoming the challenges of international payments. In fact, Coinbase recently partnered with X (formerly Twitter) to launch a job posting feature.
New transparency concept for Coinbase: moving privacy to Layer 2
Armstrong’s sixth concept is about “privacy for layer 2 solutions,” which shifts private transactions to the L2 instead of containing them exclusively to public blockchains:
“There are many situations where transparency is a requirement, but most people don’t want the vast majority of transactions in the economy to be public.”
Other concepts include a fully on-chain peer-to-peer exchange system, on-chain games with resource ownership, and broader tokenization of real-world assets.
On-chain games are already an active concept in cryptocurrency, allowing players to authentically own game assets in the form of NFTs, creating metaverse economies and worlds.Â
The tokenization of real assets, such as stocks, commodities, real estate and other assets, is also already a global phenomenon. In fact, a recent report by the Boston Consulting Group predicts that tokenization of illiquid assets will become a multibillion-dollar industry in the coming years.
Armstrong’s latest brainchild was “Software for Network States,” which is the creation of tools to make it easier for cities and startup communities to manage governance, voting, taxes and services on the blockchain.
“Five years from now, many entrepreneurs will look back with regret for not starting cryptocurrency-related businesses in 2023. Bear market periods are opportunities to build.”Â
Finally, Coinbase is preparing its first Coinbase Ventures Builder Summit in California for October, and Armstrong’s public appearance may be an attempt to generate interest ahead of this event.
