Coinbase CEO Brian Armstrong shared his vision on the next suite of applications that developers should focus on in the 2023 bear market. He said the next generation of builders could develop coins that resist inflation, decentralized reputation systems similar to Google’s PageRank system, and explore methods to improve financial inclusion.
He argued that developers can monetize their work by paying for ads that lead to meaningful engagement with their products. Smart contracts could expose metadata about what they would pay for a referral.
Web3 Could Improve Inclusion Through PageRank Reputation Scores
Additionally, Armstrong envisions a future bringing greater decentralization to services relying on some aspect of Web2. While Ethereum Name Service offers a decentralized identity, it has no way of proving the reputation of ENS owners.
One solution could be to create a reputation score that ranks crypto users based on honest on-chain activity. Like Google’s PageRank algorithm, the project could help flag risky addresses before a user hits send.
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While it’s easy for companies located in Silicon Valley to secure funding, startups and individuals from outside often face onerous hurdles. Armstrong proposes a system where reputable on-chain participants could register a decentralized autonomous organization (DAO) to raise funds whose flows are visible on-chain.
Other areas for improvement include inventing a crypto asset that preserves purchasing power by tracking inflation. With respect to recruitment, skilled workers can sign up for international jobs that pay in crypto.
Future is Already Here, Several Respondents Claim
Armstrong’s proposals have largely been met with positivity, as several products already use his ideas in some form.
One user argued that Cardano non-fungible tokens (NFTs) can be a “good use case for ads.”
The co-CEO of Fairmint said his company was already looking into on-chain capital formation. Seekr.io is a Web3 job placement company responsible for “over 300 successful” applicants.
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Alkimi Exchange improves the transparency of the advertising supply chain by recording transactions related to advertising engagement on a ledger called Constellation Hypergraph. Not only does the solution record transactions immutably, but it can potentially speed up load times for Web2 sites jammed with social widgets and nonessential advertising scripts.
Despite attracting significant investment on its first day, the value in Coinbase’s Base blockchain is about one-fifth of competitor Arbitrum. One detractor argued that the fact that Coinbase chooses not to exert control over Base doesn’t change the blockchain’s centralized nature.
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