Ampleforth

<p class="is-style-lead">Coinbase CEO Brian Armstrong has shared his top ten crypto ideas, urging developers to capitalize on the current bear market to advance these concepts.</p> 
<p>On Aug. 30, the Coinbase boss took to X (formerly known as Twitter) to spotlight ten key innovations in the cryptocurrency space, emphasizing that the current bear market presents an optimal period for development and progress.</p> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
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   https://twitter.com/brian_armstrong/status/1696923807855042601 
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</figure> 
<h2 class="wp-block-heading" id="flatcoin-a-stablecoin-with-inflation-tracking">Flatcoin: a stablecoin with inflation tracking</h2> 
<p>Armstrong started his discussion by introducing the concept of a “flatcoin,” a decentralized stablecoin designed to track inflation and maintain its purchasing power. Unlike traditional fiat-backed stablecoins, which are susceptible to inflation and seizure, a flatcoin could be backed by a diversified basket of assets or employ an algorithmic approach.</p> 
<p>Armstrong mentioned existing services like Ampleforth and Truflation as potential models for this concept.</p> 
<h2 class="wp-block-heading" id="on-chain-reputation-and-ads">On-chain reputation and ads</h2> 
<p>The CEO also delved into “on-chain reputation,” proposing a system that assigns reputation scores to wallet addresses or ENS names based on their on-chain activities. Such a system could be instrumental in lending, ratings, and fraud prevention.&nbsp;</p> 
<p>In addition, Armstrong spoke about “on-chain ads,” a Web3-based advertising model that would pay out based on on-chain actions rather than traditional view or click metrics. These ads could utilize smart contracts to specify payouts, allowing wallet owners to choose which ads they wish to see.</p> 
<p> You might also like: <a href="https://crypto.news/coinbase-extends-request-for-builders-to-expand-ecosystem-via-base-fund/"> Coinbase extends request for builders to expand ecosystem via Base Fund </a> </p> 
<h2 class="wp-block-heading" id="democratizing-fundraising-and-job-marketplaces">Democratizing fundraising and job marketplaces</h2> 
<p>Another concept Armstrong highlighted was “on-chain capital formation,” aimed at making fundraising more democratic and efficient. He acknowledged that the ICO boom had occurred for a reason, stating that global capital formation is still fraught with friction.&nbsp;</p> 
<blockquote class="wp-block-quote"> 
 <p>“Democratizing fundraising could unlock tremendous latent entrepreneurial energy across the world.”&nbsp;</p> <cite>Brian Armstrong, CEO of Coinbase.</cite>
</blockquote> 
<p>He also proposed the idea of a global job marketplace paid in cryptocurrency, allowing organizations and workers to find tasks, full-time jobs, and contractual work without the hassle of cross-border payments.</p> 
<h2 class="wp-block-heading" id="privacy-and-layer-2">Privacy and layer-2</h2> 
<p>Armstrong also discussed the importance of privacy in Layer 2 solutions, stating that while transparency is often a feature, not all transactions should be public. He suggested that bringing private transactions to Layer 2 could offer a balanced approach to transparency and privacy.</p> 
<p> You might also like: <a href="https://crypto.news/layer-2-projects-experiencing-a-boom-after-the-merge/"> Layer 2 projects experiencing a boom after The Merge </a> </p> 
<h2 class="wp-block-heading" id="peer-to-peer-exchanges-and-more">Peer-to-peer exchanges and more</h2> 
<p>Other ideas Armstrong floated included a fully on-chain peer-to-peer exchange with integrated escrow and reputation management and on-chain games that allow players to own in-game assets as NFTs.&nbsp;</p> 
<p>Armstrong also spoke about the potential for tokenizing real-world assets like stocks, commodities, and real estate.</p> 
<h2 class="wp-block-heading" id="software-for-network-states">Software for network states</h2> 
<p>Armstrong’s final idea was the development of “Software for Network States,” tools designed to assist startup cities and communities in managing governance, voting, taxes, and services, all on-chain.</p> 
<h2 class="wp-block-heading" id="looking-ahead">Looking ahead</h2> 
<p>Armstrong concluded his Twitter Spaces session by inviting attendees to the first-ever Coinbase Ventures Summit in Malibu, California, this October. The summit aims to bring together a small group of builders to discuss these ideas and more, targeting those who either already have a startup or are interested in creating one.</p> 
<p>“In five years, many entrepreneurs will be looking back wishing they had started a crypto company in 2023,” Armstrong said, reiterating that “bear markets are for building.”</p> 
<p> You might also like: <a href="https://crypto.news/coinbase-bitcoin-mining-stocks-soar-after-grayscales-win-over-sec/"> Coinbase, Bitcoin mining stocks soar after Grayscale’s win over SEC </a> </p>

Coinbase CEO outlines 10 key areas for crypto development

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