Coinbase CEO Brian Armstrong listed ten concepts that have the potential to shape the future of the cryptocurrency industry.
“I decided to share ten of the best ideas in the hope that someone will take them up and bring them to life,” he shared.
The top manager expressed hope that his initiative would inspire developers in a bear market.
One of the concepts mentioned was flatcoins, decentralized stablecoins that “track inflation” to maintain purchasing power. The coin can be backed by a basket of assets or use an algorithmic approach.
Armstrong cited the Ampleforth and Truflation projects as examples.
Something like this is needed, he says, as people are reluctant to spend bitcoin, and fiat-backed stablecoins “suffer from inflation and confiscation just like national money.”
Another concept that deserves attention is on-chain reputation. This term refers to a system that assigns points to addresses or ENS based on network activity.
Armstrong cited lending, ratings, and fraud prevention as an application. He compared on-chain reputation to Google’s PageRank.
The CEO of Coinbase also pointed to the potential of Web3 ads to be paid based on in-network activity. This will differ from the Web2 version based on views or clicks. On-chain advertising can run on smart contracts that determine payouts and wallets. The latter will be able to choose which videos to show, he explained.
On-chain capital formation also featured on Armstrong’s list of ideas. This concept democratizes fundraising by helping the next iteration of ICOs and startups raise money on the blockchain in a trustworthy and regulatory manner.
Armstrong also expressed hope for the emergence of crypto job marketplaces and on-chain tasks. The platform could help people find jobs around the world with payment in digital assets without problems with cross-border payments.
Other suggestions include:
- privacy solutions for L2 networks like Aztec, Polygon and zkSync;
- a fully decentralized P2P platform for exchanging cryptocurrencies for fiat and vice versa;
- on-chain games;
- real-world asset tokenization solutions like Goldfinch and Centrifuge.
Armstrong concluded by inviting developers to the Coinbase Ventures Summit. The top manager admitted that some teams will be able to receive funding from the venture division.
Recall that in March, Coinbase named priority areas for the development of the Base ecosystem, among which flatcoins were mentioned.
In December 2022, Ethereum co-founder Vitalik Buterin presented five exciting vectors for the development of the ecosystem of the second largest cryptocurrency by capitalization.
Found a mistake in the text? Select it and press CTRL+ENTER
ForkLog Newsletters: Keep your finger on the pulse of the bitcoin industry!