Coinbase is one of the few crypto companies that has all the resources to actually build something meaningful for the #Web3 space. Today, the US-based crypto exchange announced they will host a Builder Summit in October, where more than 30 top builders from the industry will meet to discuss innovations within the space.
On this occasion, Coinbase’s Brian Armstrong shared some of his ideas on how the crypto world can be improved. Here are some of the most promising of them.
💲Flatcoin: Bitcoin is like the gold standard of the internet, a cool idea for money. But because it could grow a lot, many people don't want to spend it as money. Stablecoins backed by regular money are a helpful middle step, but they have problems the same problems as regular money.
What if we could create an even better kind of money using blockchain tech? We can, and it’s called a Flatcoin.
By using various financial data (inflation, money supply, CPI…), it could maintain its purchasing power. This would be a decentralized, CPI-bound type of money – changing the whole financial landscape that we’re so used to.
💥On-chain Reputation: We've got this thing called decentralized identity using the $ETH Naming System (ENS), but here's the deal: how can we know who's trustworthy?
Picture a plan where there's a decentralized rulebook. This rulebook gives a score to each address or ENS name based on the info in the network.
This could be super handy for stuff like saying if you're good to lend money (like a decentralized FICO score), checking out how well sellers do (kind of like Yelp), stopping scams (so wallets can tell you if an address looks risky), giving cool stuff to VIPs, and more.
🎺On-chain Ads: In #Web2 , ads have been the top way to do business. Likely, some kinds of ads will still be necessary in Web 3. Developers and startups in Web3 will be more and more willing to spend money to get noticed. But can we find a better way than the usual ads?
Think about it: What if any smart contract could share details about what it's willing to pay to get users to use a certain function? This function could also give a set reward to whoever refers someone. If all these smart contracts following this ad plan were listed, it would make many ads available.
Then, wallets and apps with lots of users could pick which ads or referral links to use, and they'd get a reward when they bring in users. A live auction system would help figure out the best prices.
💰On-chain Capital Formation: If you're starting a business in Budapest or Bangalore, getting money is tougher compared to places like Silicon Valley or Cleveland.
Now, how can we change that? Imagine mixing Stripe Atlas and AngelList in Web 3. It wouldn't just help you officially make your company or idea known, but it would also help you get money for your idea.
Each idea could have a talk or video, open chats, and ratings, info about how trustworthy the people are, and a clear way to see the money on the digital chain. Making it easy for everyone to get money could let a lot of unused business energy come out all over the world.
🏦Tokenized RWA: Fiat stablecoins like $USDC , which are backed one-to-one, are some of the earliest real-world things that have been proven to work well and be used more widely on the blockchain. We think that in the future, lots of different things could be shown on open, open-to-all blockchain networks.
This would make new pieces for money systems that can do amazing things like being set up in special ways, put together in creative ways, used by everyone around the world all the time, and settled without needing a lot of trust.
These ideas are just the tip of the iceberg. Think of Web3 as a planet on which a highly developed civilization just landed. It's empty! It’s time to fill it with all kinds of different ideas…
