Image Credits: Bloomberg
Coinbase’s CEO, Brian Armstrong, recently shared his exciting ideas about the future of cryptocurrency. He unveiled ten innovative concepts during a presentation on August 30th. Armstrong believes that even during the current bear market, developers can use these ideas as stepping stones for progress.
Armstrong is just sharing these ideas for fun; he hopes they’ll spark the imagination of people who can turn them into reality. He’s quick to point out that while ideas are great, it’s the actual execution of these ideas that matters most.
One of the intriguing concepts he talked about is an “on-chain reputation” system. This system would assign reputation scores to wallet addresses or names registered with Ethereum Name Service (ENS) based on activities recorded on the blockchain.
He also got into the idea of “on-chain ads.” These are like advertisements, but instead of annoying pop-ups, they would reward users based on their interactions with the blockchain. This is quite different from the usual ads we see on the internet. These ads would use smart contracts to decide how much to pay users and allow digital wallets to choose which ads to show.
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Then there’s the concept of a “flatcoin.” This is a decentralized stablecoin designed to fight inflation and keep purchasing power steady. It could be backed by actual assets or rely on special algorithms to maintain its value.
Armstrong mentioned projects like Ampleforth and Truflation, which are already figuring out ways to track inflation on the blockchain. He believes a concept like flatcoin is needed because both Bitcoin and stablecoins tied to traditional currencies face problems like inflation and the risk of being seized, similar to regular money.
He also delved into the idea of “on-chain capital formation.” In simple terms, it’s a way for startups and projects to raise funds through Initial Coin Offerings (ICOs) on the blockchain in a secure and compliant manner. He recognized that past ICOs got a bit out of control, and he wants to make this fundraising process smoother and more trustworthy.
Armstrong’s vision stretched to a platform for crypto-related jobs and tasks. This platform would allow people from around the world to find work related to cryptocurrencies, and they would be paid in digital currencies. It would make things like international payments a lot simpler.
Privacy was another focus. Armstrong proposed adding privacy features to layer 2 solutions, which are systems built on top of the main blockchain. This way, not all transactions would be public, which is important for economic privacy.
He also brought up the idea of a decentralized exchange that runs entirely on the blockchain and a new way of playing video games using blockchain technology. This could give players true ownership of in-game items through something called NFTs.
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He even talked about tokenizing real-world things like stocks, commodities, and real estate. This means turning these things into digital tokens that can be bought, sold, and traded on the blockchain.
But perhaps the most ambitious idea was what he called “Software for Network States.” This concept involves creating tools on the blockchain for governing, voting, taxing, and managing services in startup cities and communities. Armstrong envisions a future where people will wish they had started exploring these crypto ideas back in 2023. He wrapped up his talk by saying that bear markets, like the one we’re in, can actually be fertile ground for positive development.
And in related news, according to Cointelegraph, Coinbase is getting ready for its first-ever event, the Coinbase Ventures Builder Summit, scheduled for October in California.
