Coinbase CEO Names The Top 10 Startups He Would Build Today

Updated: 31 August 2023

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Coinbase CEO Brian Armstrong shared his top 10 ideas for startups he would build today with his first choice a flatcoin that is decentralized and resistant to censorship.

The decentralized currency would track consumer prices to preserve purchasing power and be backed by a basket of assets that track the consumer price index, he said.

Armstrong’s remarks were in a blog ahead of the Coinbase Ventures Summit, which brings top builders together to discuss innovative ideas that will transform the industry. The summit takes place in Los Angeles in October.

Here are some of Armstrong’s other ideas:

The second-best idea is a feature that grants on-chain reputation, assigning a reputation score to every address or ENS name. Such an offering would be similar to PageRank scoring each website depending on the incoming links and metadata, he said. The on-chain scores can be used in lending, fraud prevention, or airdrop campaigns.

Armstrong also believes an on-chain ads platform in the Web3 industry could offer a better model than in Web2. The increasing number of developers and startups building in the Web3 industry will become open to pay for distribution, he said.

Ads in the Web3 industry could differ from the ones in the Web2 space by demanding payment only when someone makes a purchase or makes an onchain transaction, he said.

Ads in the Web3 industry are not a foreign concept, with companies such as Spindl and HypeLab launching offerings. There could also be other variations to how ads across the Web3 industry emerge.

Builders can also work on onchain capital formation, dealing with issues such as scams and unregistered securities offerings. Onchain capital formation will make ICOs legitimate and trusted. Moreover, democratizing fundraisers could unlock massive potential to unlock entrepreneurial energy globally.

Armstrong also believes Web3 can help create a global and free labor marketplace, allowing jobs and tasks that pay in crypto. Such platforms will enable employees and contractors to locate these jobs.

Coinbase CEO Says Existing Offerings Also Need Improvement

Besides focusing on new offerings in the Web3 space, the executive also noted that existing offerings need improvements. The growth of layer two networks has created a need for privacy because most people do not want transactions in the crypto economy to be public. he said. These offerings include ZkSync, which brings privacy to layer two networks.

Peer-to-peer transactions should also come fully onchain, according to Armstrong. Currently, the P2P market is driven by centralized exchanges. However, a decentralized P2P platform that runs entirely onchain with escrow, reputation, and mediation, such as Onboard, could deliver a unique solution.

While the Web3 gaming sector has grown rapidly, Armstrong believes it still presents an opportunity for growth. The CEO says Web3 games are just starting, and the sector still has more opportunities. Simple gaming projects could start integrating non-fungible tokens (NFTs) that a player will own within a virtual world, he said.

Tokenizing real-world assets is also an opportunity that Web3 builders can explore. According to the executive, many forms of assets could be manifested within a permissionless and open blockchain. These could create unique financial solutions, round-the-clock global liquidity, composability, and programmability, he said.

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