10 Cryptocurrency Concepts Recommended for Development During Bear Market by Coinbase’s Brian Armstrong

Brian Armstrong, the CEO of Coinbase, disclosed a list of ten concepts that he finds particularly intriguing and hopes developers will bring these ideas to fruition during the ongoing bear market.

In spite of increasing regulatory scrutiny in the U.S., Armstrong mentioned that Coinbase is occupied with various initiatives and “doesn’t have the capacity to address everything.” He indicated that the current subdued market prices present an ideal opportunity for focusing on the development of new projects.

In a recent blog entry, Armstrong outlined ten ideas that merit the attention of developers. These include projects related to flatcoins, on-chain reputation, advertising, job marketplaces, and more, all aimed at serving the Web3 community.

“I’m occasionally asked, if you were to launch another crypto venture today, what would it be? The crypto industry is still in its early stages. In five years, many entrepreneurs will look back wishing they had initiated a crypto business in 2023. Bear markets are for building, so why not begin today?”

• Flatcoins: Described by Armstrong as a “superior form of money enabled by crypto,” these would be decentralized (censorship-resistant), track consumer prices, and aim to maintain purchasing power. They could be supported by a collection of assets to monitor CPI or utilize an algorithmic method.
• On-chain Reputation: This refers to a decentralized protocol that assigns a reputation score to each address or ENS name based on on-chain data graphs. According to the executive, this concept will function similarly to how PageRank evaluates websites and can be applied in lending (a decentralized FICO score), merchant ratings (like Yelp), fraud prevention, and airdrops to VIPs, among other uses.
• Onchain ads: The Web3 version of advertising could be based on on-chain actions for compensation, differing from Web2 ads that depend on views or clicks. These advertisements might utilize smart contracts to establish payouts alongside wallets that can choose which ads to display.
• Onchain Capital Formation: Armstrong described “Onchain capital formation” as a concept that democratizes fundraising and supports the next generation of ICOs and startups in raising capital on the blockchain in a compliant and trustworthy manner. The Coinbase leader believes that “democratizing fundraising could unleash significant untapped entrepreneurial potential worldwide.”
• Job/Task Marketplace: This marketplace concept seeks to remove significant obstacles in the global job market by addressing challenges related to routing payments to individuals across borders.
• Privacy for L2: The sixth idea proposed by Armstrong was “layer 2 privacy,” which introduces confidential transactions to Layer 2.
• P2P exchange on-chain: Current P2P exchanges are operated by centralized entities that are vulnerable to external pressures that could lead to shutdowns, compromising personal freedoms. Armstrong suggested the creation of a decentralized P2P exchange – fully on-chain, featuring escrow, reputation, and mediation.
• Onchain games: Armstrong is convinced that the potential for cryptocurrency to intersect with gaming has only begun to be tapped, with much more to uncover beneath the surface.
• RWA: The CEO emphasized the necessity of developing more real-world assets driven by “programmability, composability, 24/7 global liquidity, and trust-minimized settlement.”
• Tools for network states: According to the Coinbase executive, this movement could facilitate the acceleration of start-up cities and network states, which, once established, will require tools for managing voting, fundraising, governance, citizenship, and more.

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