Coinbase CEO’s Top 10 Crypto Ideas to Build On

Brian Armstrong, co-founder and CEO of Coinbase, is enjoying an outstanding week. The value of his company’s stock increased as anticipation for a Bitcoin spot ETF grew. In the spirit of generosity, Armstrong shared new cryptocurrency-related ideas that, he claimed, fascinate him.

Armstrong wrote that Coinbase is currently engaged in building multiple projects and doesn’t “have time to tackle everything.” Let’s discover which are they.

Interesting Crypto Ideas 

Armstrong urged developers to focus on his list of Web3 ideas to revolutionize the sector. He believes that the bear market presents entrepreneurs with a special chance to create ground-breaking crypto businesses. They will have a lasting influence on the industry.

Here’s Armstrong’s list of ten ideas.

1) Flatcoin

Armstrong called for the development of a flatcoin as a way to curb the limitations of using Bitcoin. He noted that “a flat coin that tracks CPI could be a huge opportunity for the crypto economy to really leapfrog in many ways.”

Unlike volatile cryptocurrencies like Bitcoin and fiat-backed stablecoins, Armstrong explained that the industry needs a “decentralized coin that tracks the CPI (consumer pricing index)” to guarantee stability and inflation resistance. The Coinbase CEO wrote that a CPI-inked Flatcoin might allow smart contracts to preserve buying power and provide a hedge against inflation. 

2) On-Chain Reputation

Armstrong recommended utilizing the blockchain to track entity reputations in order to prevent fraud. He remarked, “We don’t yet have a reputation system associated with ENS.” So, to guarantee trusted identification and minimize fraud, Armstrong developed a system similar to Google’s PageRank that scores blockchain addresses and ENS names by transactions. This will improve trust.

3) Structure for On-chain Ads

Web2 companies like Facebook and Google have created successful advertising models. But Web3 hasn’t yet offered the same service.

Armstrong noted that Web3 necessitates an ad economy where smart contracts reveal payment-related metadata for user interactions. It will fundamentally alter how entrepreneurs and developers market their offerings to customers.

Armstrong proposed that rather than just displaying an advertisement, “on-chain ads” could only charge advertisers after an activity is finished. So, smart contracts will enable payment upon the completion of an action. 

4) On-Chain Capital

Armstrong proposed redefining how Web3 companies raise capital. Armstrong suggested a concept that democratizes fundraising and helps the next wave of ICOs and startups access funding in a trusted way. He wrote that “democratizing fundraising could unlock tremendous latent entrepreneurial energy across the world.”

5) Crypto Job Marketplace

Armstrong suggested developing a “global marketplace for labor” that would employ cryptocurrency to compensate those abroad. According to him, cryptocurrency’s cheap cross-border payments might help people earn money easily.

6) Layer-2 Privacy

According to Armstrong, layer two solutions that help with scalability, such as Arbitrum (ARB), Optimism (OP), and Polygon (MATIC), clearly need privacy. Armstrong wrote that “there are many cases where transparency is a feature, but people do not want most transactions in the economy to be public.”

He noted that users need to maintain their privacy while using L2s for their transactions. As a result, developers should consider bringing privacy to L2s like Polygon and Aztec.

7) P2P exchange fully on-chain

Several prominent exchanges Binance and KuCoin already have P2P marketplaces, and the number of users relying on this service shows their growing relevance to the industry. However, Armstrong believes a decentralized P2P marketplace built on an auditable smart contract will be a good fit. This decentralized P2P will be complete with escrow, reputation, and dispute resolution features. 

8) On-Chain Games

Armstrong proposed on-chain games that allow players to really own in-game NFT assets. This creates a world with real economies. Brian claimed that the gaming sector has not yet reached its full potential. Creating a gaming economy where players truly own their assets will be a game-changer for the industry. 

9) Tokenizing real-world assets

The Coinbase CEO noted that tokenizing physical assets could increase market liquidity by incorporating standardized metadata. He added that adding debt to the blockchain could support decentralized ratings and exchanges.

Interestingly, Boston Consulting Group recently predicted that the tokenization of illiquid assets would become a multi-trillion-dollar industry in the coming years. 

10) Software for Network States

Brian suggests software to help with handling voting, governance, fundraising, and services for developing communities. This concept is already being promoted by the former CTO of Coinbase, Balaji Srinivasan.

Armstrong concluded that “in five years, many entrepreneurs will be looking back and wishing they had started a crypto company in 2023.” Armstrong’s generous list comes ahead of the first-ever Coinbase Ventures Summit taking place in Malibu, Calif., in October. 

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The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment, and informational purposes only. Any information or strategies are thoughts and opinions relevant to the accepted levels of risk tolerance of the writer/reviewers, and their risk tolerance may be different from yours.

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