Coinbase chief executive portrayed optimism in showcasing the critical innovations exciting across the digital assets ecosystem. The executive spoke hours after Coinbase stock surged, fuelled by Grayscale Investments’ victory and the crypto community’s anticipation for a Bitcoin spot exchange-traded fund (ETF).
Armstrong indicated that outlining the critical innovations likely to spark activity within the digital asset ecosystem is crucial in the hope of their adoption. The outline captured in the twenty-minute monologue saw Ryan Selkis, who established the crypto market intelligence firm Messari, respond.
The Coinbase executive admitted in the Wednesday, August 30 monologue that bear markets are suitable for building new ideas. He indicated that while Coinbase is pursuing various projects, it becomes impossible to exhaust all ideas.
Establishing Flatcoin Linked to Consumer Price Index
Armstrong considered the pursuit of flatcoin capable of tracking the consumer price index (CPI). He indicates that the creation of the decentralized coin has the potential to sustain stability and inflation resistance better than the fiat-backed stablecoins and volatile crypto tokens. The executive added that CPI-liked flatcoin could optimize smart contracts by safeguarding their purchasing power and hedging capabilities against cross-border inflation.
Coinbase CEO decried the absence of on-chain reputation linked with Ethereum Name Service (ENS). It presents an opportunity to establish a blockchain-based system that tracks entity reputation to avert fraud.
Armstrong suggested establishing an algorithm similar to Google’s PageRank capable of scoring blockchain addresses. He proposed that such tracking should track ENS names by transactions to instill trusted identity, thereby averting fraud. Selkis responded by admitting investing in such projects, including The Rabbit Hole and Curious Addys.
Creating On-Chain Advertising Supported by Web3 and Smart Contracts
The Coinbase CEO suggested that the creation of on-chain advertising harbors vast opportunities. He indicated that the on-chain ads should charge the parties upon completing a specific action.
Armstrong confessed that on-chain advertising is possible considering the unique nature of Web3. Smart contracts could ease pay-per-action advertising, particularly when the optional referral data is enabled.
Selkis confirmed investing in the crypto ad tech firm Spindl, run by Antonio Martinez. He confessed that he has yet to experience on-chain advertisement play.
Armstrong emphasized the need for on-chain capital to track the net accumulation realized on various capital goods. It would ease fundraising as investors connect with projects and register regardless of location.
Armstrong suggested establishing a global marketplace for labor utilizing crypto payment across borders. He projected that the low fees charged for cross-border payments would boost efficient earnings. Selkis replied by indicating that the idea links to his on-chain payroll. He regrets not starting the company in 2017 and not Messari since the problem remains unsolved.
Instil Layer 2 Privacy and Censorship Resistant P2P
The Coinbase boss admired layer 2 privacy amid the emergence of critical projects, including Arbitrum, Polygon, and Optimism. He supports that the transition to privacy-based transactions would mirror the forthcoming transition from HTTP to encrypted HTTPS online. Although pricier, privacy in Layer 2 transactions would gain mainstream appeal and adoption.
Coinbase CEO supports the creation of a fully decentralized peer-to-peer (P2P) exchange running on auditable smart contracts. However, such should offer censorship-resistant solutions without compromising dispute resolution and reputation.
Selkis laments that the idea of censorship-resistant P2P is often shut down whenever it becomes centralized. However, he admitted supporting infrastructure capable of eliminating false starts.
Establishing Web3 Game Economies
Armstrong supported creating Web3 game economies, allowing users to reap in-game NFT assets. Doing so would create alignment with the real economies. Although admitting the potential of GameFi, Selkis doubted the sustainability of financializing elements initially perceived as fun.
Armstrong illustrated that tokenizing digital assets would instill more liquidity into the market, particularly by encoding the standardized metadata. Its accomplishment would involve placing debt within the blockchain to facilitate decentralized ratings and exchange.
Network States Supported by Governance and Access Control Tools
Armstrong emphasized the creation of network states proposed by proBitcoin entrepreneur Balaji Srinivasan. He considers that network states would embrace decentralized autonomous organizations (DAOs). Its achievement would involve creating governance, services, and access control tools.
In October, the coinbase chief executive concluded the monologue by inviting the community to the pioneer Coinbase Ventures Summit in Malibu, California. He considers the event an assembly of builders to evaluate the ideas, particularly those with startups or intending to establish.
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