In this article, we dive into 10 crypto ideas that Coinbase’s Brian Armstrong suggests should be developed during a bear market. As the cryptocurrency market experiences a downturn, Armstrong believes that innovative ideas and projects can flourish, bringing new opportunities for investors and enthusiasts. From decentralized exchanges to blockchain-based identity systems, these ideas promise to shape the future of the crypto industry. Discover the potential hidden gems that can be developed during a bear market according to Coinbase’s CEO.
Opportunities for Innovation in the Crypto Space: Insights from Coinbase CEO
In a recent blog post, Brian Armstrong, the CEO of Coinbase, shared his thoughts on the current bear market and highlighted ten exciting ideas that he believes have the potential to shape the future of the cryptocurrency industry. Armstrong emphasized the importance of innovation during market downturns and encouraged developers to explore these concepts and turn them into reality.
Despite the increasing regulatory pressure faced by Coinbase, Armstrong expressed optimism and stated that the company is currently engaged in numerous projects and does not have sufficient resources to pursue all the ideas he envisions. He believes that the bear market presents an ideal opportunity for deep exploration and development.
The ten concepts outlined by Armstrong are as follows:
Title 1: Flatcoins – The Future of Decentralized Money
Flatcoins are described by Armstrong as a “better form of money enabled by crypto.” These digital currencies are designed to be decentralized, censorship-resistant, and track consumer prices. They can be backed by a basket of assets or use an algorithmic approach to maintain purchasing power.
Title 2: On-chain Reputation – Establishing Trust in the Crypto Space
On-chain Reputation is a decentralized protocol that assigns a reputation score to each address or ENS name based on on-chain data. This concept functions similarly to PageRank, which scores websites based on their relevance and popularity. On-chain Reputation can be utilized for lending, merchant ratings, fraud prevention, airdrops, and more.
Armstrong also proposed the following ideas:
- Onchain ads: Web3 advertisements that leverage on-chain actions for payouts.
- Onchain Capital Formation: Democratising fundraising by enabling ICOs and startups to raise funds on the blockchain.
- Job/Task Marketplace: A marketplace that addresses cross-border payment issues and aims to eliminate barriers in the global job market.
- Privacy for L2: Introducing confidential transactions to Layer 2 for improved privacy.
- P2P exchange on-chain: A decentralized peer-to-peer exchange that operates entirely on the blockchain.
- Onchain games: Exploring the intersection of cryptocurrency and gaming.
- RWA: Building real-world assets powered by programmability and global liquidity.
- Tools for network states: Developing tools to manage voting, fundraising, governance, and citizenship in network states.
Armstrong believes that these ideas have the potential to drive significant innovation in the crypto space and anticipates that entrepreneurs will look back in the future and wish they had started a crypto company in 2023. He views the challenging market conditions as an opportunity for builders to lay the foundation for the future.