Coinbase CEO Brian Armstrong shared his vision for the future of cryptocurrency and outlined ten ideas he believes could shape the industry in the years to come. In a new blog post published Aug. 30, Armstrong expressed his excitement about these concepts and encouraged developers to make them a reality. Here are the details…
Coinbase CEO drew attention to these
One of his interesting ideas is the concept of “Flatcoin”. According to Coinbase CEO, Flatcoin is a decentralized stablecoin that aims to solve the inflation problem by tracking the Consumer Price Index (CPI) to maintain its purchasing power. Unlike traditional stablecoins, which are vulnerable to inflation, a flatcoin can provide a more stable medium of exchange while maintaining its value. To further explain this concept, Armstrong said that the stablecoin may need to be backed by a basket of assets to track the CPI or use an algorithmic approach to continually maintain its value.
Armstrong’s second proposal is to introduce an “on-chain reputation” system. Inspired by Google’s PageRank algorithm, the system will assign reputation scores to wallet addresses and Ethereum Name Service (ENS) names based on on-chain activity. The CEO of Coinbase believes that such a system can increase trust in the crypto space and prevent fraudulent activity. The Coinbase boss also proposed a new approach to advertising with “on-chain ads” as his third concept for the future of crypto. According to him, on-chain ads will serve as a version of Web3 ads, where advertisers pay based on actions on a particular chain.
On-chain capital matters
Addressing the unequal distribution of capital, Armstrong proposed the concept of “On-chain Capital Formation”. The idea envisions a platform that democratizes fundraising by enabling startups and innovative startups to raise funds on-chain in a transparent and compliant manner. This concept can unlock entrepreneurial potential on a global scale by removing barriers to entry. For income inequality, Armstrong proposed establishing a “job/task market” where individuals can find crypto-based jobs and assignments, offering an alternative to traditional employment models. The platform will facilitate cross-border payments and provide opportunities for people around the world to earn crypto assets.
Coinbase CEO acknowledged the importance of “privacy for Layer-2” in terms of privacy. This concept proposes bringing private transactions to Layer 2 solutions, increasing privacy while maintaining transaction efficiency. Armstrong’s vision also extends to peer-to-peer (P2P) exchanges and the tokenization of real-world assets. It envisions fully on-chain P2P exchanges that provide escrow services and dispute resolution through smart contracts and offer a censorship-proof alternative.
Real world use matters
Also, tokenization of real-world assets can unlock liquidity and accessibility in once illiquid markets. The Coinbase boss also proposed the concept of on-chain gaming, which gives users real ownership of in-game NFTs. Finally, he proposed the “Software for Network States” concept, which proposes tools to manage governance, voting, taxes and services within emerging economic regions and communities. This approach is in line with the broader trend of decentralized governance models.
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