This week has been good for Brian Armstrong, the CEO and co-founder of US-based crypto exchange Coinbase. His firm shares (COIN) jumped by 15% to $79.69 as the probability of a Bitcoin spot ETF (exchange-traded fund) approval continued to increase, thanks to Grayscale’s win against the US SEC (Security and Exchange Commission). While still in good spirits, Armstrong decided to share his top ten crypto ideas in an X Spaces.
As he revealed his crypto ideas, the CEO hoped that Web3 developers would take them up and bring them to life before the next bull run, arguing that bear markets like the current one offer the best time to build. Here are Armstrong’s crypto ideas:
Armstrong proposed a Flat Coin that monitors the Consumer Pricing Index (CPI). He explained that such a decentralized coin would shield people from inflation and provide much-needed stability, unlike fiat-backed stablecoins or volatile crypto assets. Armstrong added that a Flat Coin could make it possible for smart contacts to retain purchasing power at times of inflation.
To reduce fraud cases, Armstrong proposed the development of an entity that tracks the reputation of blockchain addresses. He suggested that the entity should be able to rank these addresses from the most trusted to the least trusted so crypto users can avoid those with low scores.
Meanwhile, the co-founder of Messari, Ryan Selkis, told Armstrong there are several projects already looking to provide on-chain reputation services, including The Rabbit Hole and Curious Addys.
Armstrong said advertisements on the blockchain could be a game-changer. He said that instead of charging advertisers for displaying their ads, Web3 developers could use smart contracts to impose charges only when a certain action is executed.
While responding to the Coinbase boss’ idea, Selkis said he had already injected funds into Spindl, a crypto adtech firm. However, he disclosed that advertisers have yet to embrace on-chain ads, as there are only a few at the moment.
Armstrong suggested the creation of a protocol that can help investors track the performance of various companies. This will allow firms across the world to access funding on the blockchain from prominent investors.
Decentralized Labor Market
The Coinbase CEO talked about the development of a global job marketplace that pays using cryptocurrencies. He explained that the low-fee crypto payments will allow workers across the globe to earn income in a more efficient manner.
Selkis disclosed that he thought about this idea in 2017 before co-founding Messari.
Armstrong said privacy should be prioritized for layer-2 projects like Polygon, Optimism, and Arbitrum. This would allow users to conduct private transactions, although he acknowledged that such transactions could cost users extra pennies.
The Coinbase boss proposed the development of a peer-to-peer (P2P) exchange that is fully decentralized. He said the platform should be built on smart contracts that can be easily audited.
Selkis responded by saying there was a similar exchange, but it ended up being centralized because of the challenges of solving disputes. However, he believes there is a way to tackle this problem and have a working decentralized P2P platform.
Web3 Game Economies
The CEO proposes blockchain games that allow users to become true owners of in-game assets so they can transfer them to other games or even cash them out. Armstrong believes this idea can create an income stream for players.
Meanwhile, Selkis said Web3 developers should focus on creating exciting games before thinking about gamifying them.
Armstrong wants real-world assets to be tokenized, arguing that the move will add more liquid to the markets.
This idea involves creating new cities governed by decentralized autonomous organizations. For this to happen, Armstrong said there was a need to develop effective tools for governance.
After sharing his ideas, the Coinbase CEO invited everyone to the Coinbase Venture Summit set for October in Malibu, California. He said he would discuss the ideas with builders attending the summit.
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