Coinbase CEO Brian Armstrong has penned a blog post outlining his top 10 startup ideas for the burgeoning crypto industry. Armstrong believes that the crypto space is still in its early stages and presents a golden opportunity for entrepreneurs. He emphasizes that while Coinbase has the resources to build various crypto projects, they can’t cover all the ground and are keen to foster the surrounding ecosystem.
Coinbase Ventures plans to host a Builder Summit in October, inviting a select group of founders and projects that align with Armstrong’s top ideas. The summit aims to bring together the brightest minds in crypto for collaborative discussions and potential investments.
According to Coinbase’s blog post, here are Armstrong’s top 10 ideas:
- Flatcoin: Armstrong suggests creating a decentralized currency that tracks consumer prices to preserve purchasing power. This could be backed by a basket of assets or use an algorithmic approach.
- Onchain Reputation: With decentralized identity systems like ENS in place, Armstrong proposes a protocol that assigns reputation scores to each address or ENS name based on onchain data.
- Onchain Ads: Armstrong envisions a new advertising model for Web 3.0, where smart contracts specify what they are willing to pay for user actions, creating a real-time auction mechanism for ad inventory.
- Onchain Capital Formation: Armstrong calls for a more streamlined and democratized approach to raising capital, especially for entrepreneurs outside major financial hubs.
- Job/Task Marketplace for Crypto: Armstrong suggests a global marketplace for jobs and tasks that pay in crypto, breaking down barriers in cross-border payments.
- Privacy for Layer 2: Armstrong highlights the need for privacy solutions in Layer 2 scaling options, as most transactions are still public.
- P2P Exchange Fully Onchain: Armstrong advocates for a decentralized P2P exchange that operates entirely onchain, complete with escrow, reputation, and mediation features.
- Onchain Games: Armstrong believes the gaming industry has just scratched the surface of what’s possible with crypto, from player-owned items to complex in-game economies.
- Tokenizing Real-World Assets: Armstrong sees potential in tokenizing various forms of real-world assets, from debt instruments to luxury goods.
- Software to Start and Manage Network States: Armstrong suggests developing software tools for managing startup cities and network states, covering everything from voting and governance to fundraising and citizenship.
The Coinbase CEO also leaves room for entrepreneurs to bring their unique ideas, encouraging them to apply for the upcoming Coinbase Ventures Summit.