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Want To Build a Crypto-Based Business? Here’s What Coinbase’s CEO Would Focus On...

Web3 Daily

TL;DR

  • When Brian Armstrong ​lists off​ a bunch of ​blockchain​ related startup ideas that he would pursue if he had the time - it’s worth listening to.

  • Our two favorites are: Crypto's version of Google PageRank; and ‘The crypto version of Upwork/Fiverr.’

Full Story

Crypto years are much like dog years.

For example:

Brian Armstrong has been working on Coinbase since 2012.

In crypto years, that's roughly 130 years (or 1561 months if you wanna get scientific about it).

The takeaway here, is this: Brian knows his stuff.

Which is why, when he ​lists off​ a bunch of ​blockchain​ related startup ideas that he would pursue if he had the time - it’s worth listening to.

Here’re our two favorites:

  1. Crypto's version of Google PageRank.

    Google’s PageRank system pretty much says: if a site has been around for a while, and a bunch of other sites link to it - it must be trustworthy. Blockchain has a similar structure, but instead of websites, it uses ​wallet​ addresses.

    The only difference is, there’s no unified system that ranks someone’s trustworthiness based on their past interactions. That’s important stuff when it comes to borrowing/lending/trading! (And building the 'Google of Web3' feels like a big opportunity).

  2. ‘The crypto version of Upwork/Fiverr.’

    I.e. let big companies post a task to a global marketplace and pay folks in crypto for their work.

    This ain’t a new idea. In fact, Amazon tried it! They saw an opportunity to tap into a vast global talent pool, and they went for it. …only problem was, they couldn’t send US dollars to many of the most popular locales - which led to them paying folks in Amazon Gift Cards (!) in many situations. (So much so that ‘Amazon Gift Card to cash’ exchanges ​started​ to pop up in some places).

    Crypto solves this. As long as companies and workers each have crypto wallets (which are fast and free to set up), payments can be sent and received within seconds for a couple of cents in fees.

...brb, starting a few more crypto-focused businesses real quick.