Coinbase, the largest crypto exchange by daily trading volume in the US, has issued a report outlining the future of the crypto sector. A statement by the chief executive of Coinbase, Brian Armstrong, highlighted the strategies the developers can utilize during the bear market to attain the future of crypto.
In his report, Armstrong explained ten creative ideas that hold the future of crypto. The CEO published a blog post on the Coinbase website stating his vision for crypto. He backed his vision with ten practical concepts that will steer the crypto industry to attract success.
10 Ideas for Attaining Crypto Success
The executive remains optimistic that after sharing the top ten ideas, someone might work on them to support the future of crypto. He described the concept as a cheap idea.
Firstly, the executive explained the flatcoin concept, which involves monitoring inflation through a decentralized stablecoin. Usually, the flatcoin has been used to maintain consumer purchasing power.
The said stablecoin is pegged to multiple assets or supported by the algorithmic approach. Referring to the operation of Ampleforth and Truflaction, which are used to track inflation on on-chain platforms, Armstrong believes that such services can be decentralized.
The executive stated that some crypto assets, including Bitcoin and stablecoin pegged to fiat currency, suffer from inflation and seizure, a similar challenge experienced by fiat currencies. He blamed the investors for being reluctant to trade their crypto assets.
Redefining Future of Crypto
The executive stated the second fundamental concept was the chain reputation and its benefits. The second concept comprises a system that generates a reputation score for wallet addresses on the on-chain platforms. The official mentioned that on-chain reputation would operate similarly to Google’s PageRank, commonly used for lending, fraud prevention and ratings.
The executive explained the benefits of investing in on-chain ads, a Web3 platform that supports adverts, and the reward system. He stated that the on-chain ads differ from the Web2 ads, which reward the users after every click. The on-chain ads are attached to smart contracts that examine the payouts and wallets that will be featured in the advert.
In addition, Armstrong mentioned the need to develop on-chain capital formation to democratize fundraising. The CEO opined that the on-chain capital formation has massive potential to democratize fundraising, enabling startups to raise funds more compliantly.
In his address, the CEO lauded the remarkable move made by the ICO frenzy to introduce capital formation. Armstrong remains optimistic that democratizing fundraising creates more entrepreneurial spirit across the world.
Beyond this, the CEO explained the need to develop a marketplace to offer crypto employment opportunities. The proposed marketplace will enable professionals to join crypto firms across the globe.
Armstrong underlined that securing crypto-related opportunities will provide placements to new talents compensated through digital assets at zero cross-border transactions. The proposed employment creation aligns with Coinbase’s recent development, where the crypto exchange partnered with Twitter (currently X) to develop job posting features.
Impact of Bear Market
Besides the proposed idea, Armstrong saw the need to improve privacy for layer 2 networks to support safe and secure transactions. The CEO observed that despite the importance of having transparency in the transfer of funds, most people are against the idea that transactions are made public.
The executive also mentioned the significance of creating on-chain games and peer-to-peer exchanges to support the tokenization of assets and improve ownership. Armstrong was pleased to state that on-chain games exist in the crypto sector.
He confirmed that the on-chain games have ultimately enabled players to own non-fungible assets (NFTs), metaverse worlds, and others. Despite the benefits of on-chain games, the CEO explained the significance of tokenizing real assets, including stocks, real estate, commodities and other assets.
The final idea that Armstrong shared was “Software for Network States,” which comprises infrastructures that support governance tools. The executive concludes by stating that in the next five years, investors will live to regret not starting a crypto company.
Armstrong explained that the bear markets have enabled crypto firms to invest in building their entities. He added that bear markets are essential tools for building the crypto industry.