Coinbase CEO Brain Armstrong Shares 10 Crypto Start Up Ideas
Brian Armstrong, the founder and CEO of Coinbase, has yet again captured the crypto community’s attention with his insightful vision for the future of crypto space. Armstrong unveiled 10 crypto startup ideas, each with the potential to transform the landscape of cryptocurrencies.
Armstrong also talked about an upcoming event organized by Coinbase later this year in Malibu, designed to ignite the passion of builders within the crypto ecosystem in his Tweet. The post is a homing light for builders to create new start-up ideas and inspires hungry entrepreneurs looking to leave a mark in the crypto industry.
Armstrong starts his ideas with Flatcoin, a groundbreaking digital currency designed to address the volatility and inherent risks of fiat-backed stablecoins. He recognizes the limitations of current stablecoins, which are pegged to traditional currencies and vulnerable to inflation and abrupt price shifts. Flatcoin proposes a decentralized solution, pegging its value to the Consumer Price Index (CPI), a basket of essential goods. Flatcoin holds the potential to mitigate inflation risks and offer a more reliable medium of exchange.
Building trust in the Web3 economy is paramount, and Armstrong’s idea of an onchain reputation system could be a game-changer and prevent squatting. Squatting is a process where scammers change a few digits in wallet addresses to scam users making onchain transactions. Drawing inspiration from Google’s PageRank algorithm, he envisions a reputation system that operates on a blockchain.
The Reputation system would enhance trust by assigning reputation scores to entities, fostering a decentralized trust network akin to the traditional finance FICO score. The idea lays the foundation for builders to develop a decentralized trust ecosystem that grants credibility to the merchants, users, and other players in the crypto space.
Brian Armstrong’s “Onchain Ads” concept revolutionizes advertising in Web 3. Departing from traditional models, it integrates blockchain’s transparency to ensure payment only upon successful product purchases, enhancing accountability and efficiency. The creation of onchain ads has the potential to reshape the entire ads industry with high profits for product owners and increased earnings for marketers all in a process governed by smart contracts.
Onchain Capital Formation
Recognizing the unequal distribution of capital worldwide, Armstrong proposes leveraging blockchain technology to democratize access to funding. He envisions a platform akin to Stripe Atlas or AngelList for the crypto world. This platform would empower entrepreneurs globally to register entities as DAOs (Decentralized Autonomous Organizations), creating a more open, fair, and efficient ecosystem. Tokenized accreditation could add an extra layer of trust, leading to a better way for innovative ventures to raise capital.
Job / Task Marketplace
Armstrong’s insight extends to addressing the income disparity prevalent in crypto. Not everyone can be an investor, yet everyone has skills to offer. He envisions a global job marketplace where organizations and laborers can find tasks, full-time jobs, and contractual work, all paid in cryptocurrency. The concept mirrors Amazon’s innovative approach of compensating with Amazon credits but in a much simpler form to circumvent cross-border payment challenges.
Privacy for Layer 2
Layer 2 scaling has been a boon for blockchain scalability, but privacy remains an essential concern. Armstrong proposes introducing privacy features to Layer 2 transactions, balancing confidentiality with transactional efficiency. The idea compares the internet’s shift toward privacy shift from HTTP to HTTPS that could also propel crypto into mainstream relevance.
P2P Exchange fully onchain
Armstrong acknowledges the significance of P2P exchanges, especially in regions with limited access to traditional financial services. His next start-up idea is a fully onchain P2P exchange that integrates escrow, reputation management, dispute resolution, and mediation through smart contracts to further this concept. The product proposed by Armstrong extends financial freedom and empowers individuals in challenging economies.
Armstrong talks about the potential of tokenizing in-game assets and making virtual ownership a reality. He highlights the untapped potential of simple yet engaging games that are powered by digital collectibles that have both virtual and real-world applications. He highlights the idea of creating metaverses that offer true digital ownership, transforming gaming into a rewarding endeavor that creates value in the industry.
Tokenizing Real-World Assets
Tokenizing real-world assets is another facet of Armstrong’s vision. Beyond art and real estate, he introduces the idea of tokenizing diverse assets such as debt, commodities, and other financial instruments. Tokenization of debt could introduce liquidity to previously illiquid markets, enabling broader access and standardized trading.
Tools for Network State
The idea takes inspiration from Balaji Srinivasan’s “The Network State,” Armstrong envisions a software ecosystem for managing these emerging economic zones and communities. This software would facilitate governance, voting, fundraising, and essential services, enabling the creation of new types of governing structures.
Brian Armstrong’s forward-thinking vision paints a vivid picture of a Web3 landscape shaped by innovation, decentralization, and inclusivity. As his ideas take shape, they inspire builders to revolutionize the crypto industry and drive the realization of a decentralized, more accessible, and transparent global economy.