The CEO of Coinbase, Brian Armstrong, has expressed his enthusiasm for the potential of cryptocurrencies in a bear market by proposing ten ground-breaking ideas that he thinks might revolutionise the sector. On August 30, Armstrong published his brilliant concepts in a blog post and a presentation, each of which has the potential to revolutionise the field of digital assets and take advantage of the current market downturn for explosive growth.
Armstrong modestly recognised, “Ideas are cheap” as he announced his top ten predictions for the future of cryptocurrency, hoping that these thoughts would spur action.
The idea of a “flatcoin”—a decentralised stablecoin intended to preserve purchasing power by tracking inflation—was one of the first concepts to be proposed. Armstrong imagines this cutting-edge asset being supported by a group of assets or managed by computational rules. He cited initiatives like Ampleforth and Truflation as advances in decentralising this procedure because they investigate ways to track inflation on-chain.
Regarding the drawbacks of current choices, Armstrong pointed out that, like traditional fiat currencies, Bitcoin and fiat-backed stablecoins suffer from inflation and are susceptible to seizure.
“On-chain reputation” is a different idea that has attracted notice. This system awards reputation scores to wallet addresses or Ethereum Name Service (ENS) names based on their on-chain activity, similar to Google’s PageRank. This method could add a fresh perspective to determining reliability in the cryptocurrency industry, with applications spanning financing, ratings, and fraud prevention.
Armstrong’s suggestion for “on-chain ads” marked his entry into the advertising world. These Web3 ads would compensate users based on on-chain behaviours, as opposed to typical Web2 adverts that depended on views or clicks. This paradigm change could lead to customised rewards and user-selected adverts thanks to smart contracts.
The CEO also saw an era of “on-chain capital formation,” a democratic style of fund-raising that would revive the ICO model for the subsequent wave of businesses. Armstrong acknowledged the initial excitement surrounding initial coin offerings (ICOs). However, he also noted that because global capital formation is still too laborious, this innovation offers a way to unleash global entrepreneurship.
A wide range of additional concepts were also raised, such as a marketplace for cryptocurrency jobs, privacy for Layer 2 transactions, fully on-chain peer-to-peer exchanges, on-chain games with actual asset ownership, and tokenising physical assets.
In his final statement, Armstrong introduced the idea of “Software for Network States.” To help startup cities and communities manage government, voting, taxation, and services on-chain, this toolset is envisioned as potentially altering how communities are set up and run.
Armstrong’s disclosure of these forward-thinking concepts may lead to Coinbase’s first Coinbase Ventures Builder Summit, which will be held in California. Without a doubt, his statement that “Bear markets are for building” has a powerful resonance and suggests a setting where invention flourishes even in trying circumstances.
