Coinbase<\/a> co-founder and CEO Brian Armstrong is basking in the glow of a successful week as the value of his company\u2019s stocks soared, riding on the rising hopes for a Bitcoin spot Exchange-Traded Fund (ETF).<\/p>\n Armstrong kept the good vibes going by sharing the 10 ideas he\u2019s \u201cmost excited about\u201d in the Web3 space.<\/p>\n \u201cWe\u2019re actively developing numerous projects at Coinbase, but considering the vast landscape, it\u2019s not possible to tackle everything. Therefore, I thought I\u2019d share these ideas,\u201d Armstrong said during a Twitter Spaces session.<\/p>\n Shortly after Armstrong disseminated his thoughts, Messari<\/a> co-founder Ryan Selkis responded<\/a> to each idea with his views. We\u2019ve added some of his most valuable insights to the relevant ideas below.<\/p>\n Flatcoin<\/strong><\/p>\n Armstrong proposed the notion of a \u201cflatcoin\u201d that tracks the Consumer Price Index (CPI), presenting a substantial opportunity for the crypto economy to evolve. He envisioned a decentralised coin that pegs its value to the CPI, offering stability and resistance to inflation\u2014unlike the volatile nature of cryptocurrencies or fiat-backed stablecoins.<\/p>\n This novel concept could empower smart contracts to maintain purchasing power and mitigate inflation risks across international borders.<\/p>\n On-chain reputation:<\/strong><\/p>\n The Coinbase CEO suggested the application of blockchain technology to track entity reputation, combating fraudulent activities. He referred to Ethereum Name Service (ENS) and the absence of a reputation system in connection with it.<\/p>\n Drawing a parallel with Google\u2019s PageRank algorithm, Armstrong visualised a scoring mechanism for blockchain addresses and ENS names, centred around transactions. This would establish trusted identities and thwart fraudulent behaviours.<\/p>\n On-chain advertising:<\/strong><\/p>\n Armstrong contemplated the potential of \u201con-chain ads,\u201d proposing a unique approach where advertisers are billed only upon the completion of specific actions, in contrast to traditional display ads. He surmised that the distinct properties of Web3 might enable this model.<\/p>\n The implementation of smart contracts could facilitate pay-per-action advertising, particularly if transactions encompass optional referral data.<\/p>\n Selkis comments, \u201cI\u2019ve invested in Antonio Garc\u00eda Mart\u00ednez\u2019s crypto adtech company Spindl<\/a> (focused on attribution), but haven\u2019t seen many onchain ad plays yet.\u201d<\/p>\n On-chain capital:<\/strong><\/p>\n Armstrong endorsed the notion of \u201con-chain capital formation,\u201d tracking the net accumulation of capital goods\u2014from equipment to transportation assets, thereby enhancing access to fundraising.<\/p>\n He advocated for tools to assist projects in forming entities, registering securities, and connecting with investors, ultimately fostering innovation on a global scale.<\/p>\n Selkis adds, \u201cScaled, legal DAOs like Tribute Labs<\/a> and Syndicate<\/a> are two good starts.\u201d<\/p>\n Decentralised labour market:<\/strong><\/p>\n The high-profile CEO proposed the creation of a \u201cglobal marketplace for labor,\u201d harnessing cryptocurrencies for cross-border payments. Capitalising on the efficiency of cryptocurrency-enabled low-cost cross-border transactions, this concept could streamline income generation worldwide.<\/p>\n Selkis comments, \u201cThis is related to my personal number one, onchain payroll. Multis<\/a> and Superfluid<\/a> are hanging out in this area.<\/p>\n \u201cIf I had known this STILL wouldn\u2019t be a solved problem, I would have started this company and not Messari in 2017. I am shocked it hasn\u2019t been built yet.<\/p>\n Layer-2 privacy:<\/strong><\/p>\n Armstrong pinpointed the need to introduce privacy measures to layer two transactions, paralleling the transition from HTTP to encrypted HTTPS online. He recommended optional, premium-priced private transactions, which could attain mass appeal without misuse concerns.<\/p>\n Selkis simply adds, \u201cearly and obvious needs here.\u201d<\/p>\n True peer-to-peer:<\/strong><\/p>\n Armstrong\u2019s concept of a fully decentralised peer-to-peer exchange, underpinned by auditable smart contracts, could revolutionise solutions for escrow, reputation, and dispute resolution. This model could circumvent the frequent shutdowns experienced by centralised counterparts.<\/p>\n Selkis adds, \u201cThey always get shut down when centralised. We\u2019ve had some false starts here, but it feels like the infra[structure] can support this now.\u201d<\/p>\n Web3 game economies:<\/strong><\/p>\n Armstrong envisions on-chain games<\/a> that confer genuine ownership of in-game NFT assets, nurturing persistent virtual worlds with tangible economies.<\/p>\n Selkis expressed reservations on this one, saying: \u201cI know this is big, but I just can\u2019t get excited for GameFi. You can\u2019t torture me into getting excited about it, but I\u2019m open to change my mind if there\u2019s something that is fun first, then financialised.\u201d<\/p>\n Tokenise everything:<\/strong><\/p>\n Armstrong explored the idea of tokenising real-world assets and enhancing market liquidity through encoded metadata. He noted that blockchain-based debt could facilitate decentralised ratings and exchanges, revolutionising the financial landscape.<\/p>\n Network states:<\/strong><\/p>\n Drawing inspiration from Bitcoin entrepreneur Balaji Srinivasan, Armstrong posited the concept of \u201cnetwork states\u201d as successors to contemporary \u201cnation-states,\u201d structured as decentralised autonomous organisations (DAOs).<\/p>\n Armstrong advocated for the creation of tools to support governance, fundraising, access control, and services in this new paradigm.<\/p>\n To conclude his thoughts, Armstrong extended an invitation to the inaugural Coinbase Ventures Summit<\/a> scheduled for October in Malibu, California. The event aims to unite a select group of innovators to discuss these groundbreaking ideas and explore further possibilities.<\/p>\n (Image Credit: TechCrunch<\/a> under CC BY 2.0<\/a> license)<\/em><\/p>\n See also: <\/strong>SK Telecom and Polygon Labs partner to build Web3 ecosystem<\/strong><\/a><\/p>\n![\"\"](\"https:\/\/www.blockchaintechnology-news.com\/wp-content\/uploads\/sites\/10\/2022\/12\/blockchain-expo-world-728-x-90-01.png\")
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