Brian Armstrong, the CEO of Coinbase, has revealed the ten ideas that excite him the most when it comes to the future of cryptocurrency. He shared his hopes that developers can take the bear market to the next level. Among the other important ideas proposed by Armstrong are Layer-2 privacy, blockchain games built on asset ownership, and tokenization of real-world assets. These ideas can contribute to making the crypto world more innovative and diverse.
Coinbase CEO Armstrong shared his vision for the future of crypto by revealing the concepts he believes have the potential to succeed in the digital asset industry in a company blog post and presentation dated August 30.
One of the first concepts he shared was “flatcoin,” a decentralized stablecoin that can be supported by a basket of assets that track inflation or use an algorithmic approach to maintain purchasing power. Armstrong mentioned services like Ampleforth and Truflation, which aim to further decentralize inflation tracking on-chain today. He stated that such a thing is necessary because people are reluctant to spend Bitcoin and that fiat-backed stablecoins suffer from inflation just like fiat currency.
Another concept is a reputation scoring system that assigns reputation scores to wallet addresses or ENS names based on on-chain activity. This system will resemble Google’s PageRank and will be used for lending, rating, and preventing fraud. Armstrong also highlighted the potential of “on-chain ads,” which are ads that pay based on on-chain actions, as the Web3 version of display or click-based Web2 ads. They can have smart contracts that determine payments and wallets that can choose which ads to display.
Another idea known as “capital formation on-chain,” defined by Armstrong as a concept that democratizes fundraising by helping ICOs and ventures securely and reliably raise money on-chain for their next iteration. Acknowledging that the ICO frenzy happened for a reason, Armstrong stated that capital formation globally still has high friction and added:
Armstrong is also hopeful for a marketplace for crypto jobs and tasks that can help people globally find crypto-related jobs, allow jobs to be paid in crypto, and eliminate cross-border payment friction. Coinbase recently partnered to launch a job listings feature with X.
Armstrong’s sixth idea was “privacy for Layer-2,” which brings private transactions to the public blockchain ecosystem rather than making them exclusively on Layer-2.
Other ideas include a peer-to-peer exchange entirely on the blockchain network, blockchain games with asset ownership, and further tokenization of real-world assets. In the blockchain ecosystem, games are already a live concept that allows players to truly own in-game assets as NFTs and create economies and metaverse worlds. Tokenization of real-world assets such as stocks, commodities, real estate, and other assets is already being used worldwide.
Armstrong’s final idea was a software service for tools that would help newly established cities and communities govern, vote, pay taxes, and manage services on-chain.
Coinbase is preparing for the Coinbase Ventures Builder Summit, which will take place in California in October, and Armstrong’s recent public appearance may be an initiative to increase interest in this summit.