Coinbase CEO Brian Armstrong is very excited about the future of cryptocurrencies and hopes that developers can use the bear market to take them to the next level.
The CEO of Coinbase shared his vision for the future of digital currencies in a company blog post.
One of the first concepts he discussed was flatcoin; A decentralized stablecoin that tracks inflation to maintain purchasing power that can be backed by a basket of assets or use an algorithmic approach.
Another concept was “reputation within the chain”; A system that assigns reputation points to wallet addresses or ENS names based on on-chain activity. It is similar to Google PageRank and can be used for lending, ranking and fraud prevention.
Armstrong also highlighted the potential of “in-chain advertising”. The Web3 version of advertising is paid based on on-chain actions; Similar to Web2 ads that are based on views or clicks.
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Armstrong also hoped for a marketplace for crypto jobs and tasks that could help people find crypto jobs globally. It will also allow businesses to pay in cryptocurrencies, eliminating the friction of international payments.
Another of Armstrong’s ideas was “Privacy for Layer 2”, which brings private transactions to Layer 2 instead of only on public blockchains.
He stated that there are many cases where transparency is a feature, but people do not want most of their economic transactions to be public.
Other ideas included fully on-chain peer-to-peer exchanges, on-chain games with asset ownership, and real-world asset tokenization.
Armstrong’s final idea was “Software for the Network of States,” a tool to help start-up cities and communities manage governance, voting, taxes, and service chains.
Before concluding that bear markets are in the works, he stated that, five years from now, many entrepreneurs will look back and wish they had started a crypto company in 2023.
Cointelegraph
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