Recently, Coinbase CEO-Brian Armstrong shared 10 ideas that have the potential to grow in the crypto industry. Those are interesting ideas and you can read them on his Twitter. The ideas Mr. Armstrong shared are quite related to the project I am supporting — SPACE ID, so today let’s analyze his ideas with me.
1. Flatcoin
Flatcoin is a concept that refers to a form of cryptocurrency stablecoin backed by a basket of assets, closely tracking the Consumer Price Index (CPI), so that it can be widely applied in payments. At the same time, it must also be inflation-resistant to serve the monetary function, as well as possess decentralized characteristics.
2. Onchain Reputation
Onchain Reputation. An ever-present problem that crypto has not yet solved is that because of the inherent anonymity of many products, it is very difficult to determine the reputation of the person you are dealing with on the blockchain. Not to mention it is very difficult to identify who is who just through a 20–45 character long wallet address such as 1PZVLptDoLHjm3KVMgBDTJJrgzh1eCcaeF something that if you don’t write it down, you can’t remember it.
Recently, a crypto scam that used fake wallet addresses to fool users was spotlighted by Binance CEO - Mr CZ. He shared about a crypto trader who was a scammer and lost $20 million, but Binance managed to stop trading and freeze that money. Phishing involves creating wallet addresses with the same start and end letters as legitimate addresses, but different in the middle. The scammers send dust transactions to these addresses so that they appear in the user’s wallet. If a user wants to send money to a real address, they can copy the wrong address from the previous transaction and fall victim to a scam.
Differences between CID and DID
let’s talk about Decentralized Identity (DID)
Decentralized identity is a brand new Web 3.0 concept, developed on top of a trust framework for managing personal identities. Decentralized identity management is a method that allows anyone to create, manage and control their personally identifiable information (PII) without the need for a centralized third party such as a registrar, vendor identity or certificate authority.
Considered private and sensitive data, PII refers to the content of information about specific individuals so that they can be identified. Typically, it combines name, age, address, biometrics, nationality, employment, credit card accounts, credit history, etc. In addition to PII, the information that forms a decentralized digital identity is also have data from online electronic devices, such as usernames and passwords, search history, purchase history, and other data.
With a decentralized identity, users can control their own PII and provide only the information necessary for verification. Decentralized identity management is highly reliable and can help owners interact with Dapps transparently and securely.
SPACE ID Domain Name service was build as a solution to solve all the inherent problems of crypto, no more long wallet addresses, From now on to send and receive money just need to enter your Domain Name. for example solo.bnb or arton.bnb it will be easy for users to check if they are sending money to the right person. And hopefully in the future we will have a solution to evaluate the reputation of users. For this solution to be successful, it is necessary to be able to extract data on-chain and with multi-domain names on SPACE ID we can do that easily. Ensuring transparency and decentralization, user ratings are based on a type of trust score. It is similar to Review / Feedback on Itune Store, Google Play, stores on Amazon/ Ebay or recommendation from your 1st-degree connections on LinkedIn.
If the idea is successfully built, many Crypto dApps can apply them to serve credit lending (lending), product grades, fraud prevention, even airdrop scoring.
To prove to you all here how important reputation on the chain is, I will give a specific example that also be another secret of mine. In the previous article, you already know that I have started using Bitcoin since 2013–2014. “My Backstory-Crypto An Unexpected Journey” To prove my experience and longevity, I showed the wallet and you all can scan it on Blockchain.info — Humans can lie but blockchain can’t, everything is stored on the chain, clear and transparent.
Back in 2017–2018, At that time, I had a Remote job for a few companies in the USA — those were retail market research and market analysis companies, Through analysis the purchase receipts at supermarkets from people across the US and Canada, we can then come up with the right marketing plans from people all over the US and Canada from coming up with the right marketing plans. To avoid unnecessary taxes, companies companies have paid me with Gift Cards from Amazon, Sephora, Google Play and Itunes. To be able to Cash those Gift Cards for cash, I sold them on Paxful and receive Bitcoin. You know, it is very difficult to trust someone on the Internet, this space is full of dangers so how can Buyers trust me to send Bitcoin first and then receive Gift Card? and ensure during the process? Is there any problem using this Gift Card Code?
that depends to Onchain Reputation, you can see the picture below
For every transaction, shoppers will leave feedback. During the past 4 years I have received hundreds of positive Feedbacks, not a single negative Feedback. That can say I am a trustworthy person
And here is the link so you can check what I said is true: https://paxful.com/user/Vietduc0610
Feedback, Business Partners, trust from Buyers and many years of operation has built my Onchain reputation. And it assures me when dealing with other Buyers that this guy(me) won’t do anything suspicious.
And I also hope that in the near future SPACE ID will have a way to create an on-chain reputation for everyone to feedback to each other. Thereby creating a healthy, safe and trust-filled web3 environment.
3. On-chain advertising
Onchain Ads is “advertising on the blockchain”. Advertising is by far the most effective revenue-generating model on the Internet, but surprisingly, it has yet to be widely adopted across Web3 and crypto.
In addition to using domain name for send/receive money, you can also send/receive mail by using Domain Name. It would be great if we could chat as well as send and receive mail through the domain name. Each email sent must cost a certain amount of Gas Fee, which will avoid the overflow of Spam like current Web2 emails such as Outlook, Gmail, Aol…
To be able to apply CPA to Web3, the project can program a smart contract that indicates the need to send ads to users and is willing to pay fees to those who introduce it. When we gather a number of such smart contracts, we will have an advertising library. dApps with a large number of users such as Wallet or DEX can then refer to this advertising smart contract library to introduce users, then receive fees when they actually use the new product.
4. Raising capital via blockchain
Ignoring controversies about scams or projects that raise money and then fail to fulfill their commitments, ICO is still an effective form of crowdfunding, because it eliminates barriers to cash flow in the industry. traditional finance. Anyone in the world, with a good and convincing idea, can call for support from all crypto users to realize their product, no matter how far apart the initiator and contributor are. halfway around the world.
Personally, I think SPACE ID still needs to raise more capital to develop its marketing segment
5. Job Market
Similar to its use as currency and cross-border fundraising, crypto can be used as a vehicle to find talent and people to work in Web3.
What Brian Armstrong thinks is still lacking is a platform to connect employers with employees, contractors with freelancers, etc.
Yeah and that platforms can integrate with SPACE ID and users won’t need to use email addresses anymore, just need to connect their wallets that already have a domain name. Onchain Reputation is now very important to know who is who and is whether they are trustworthy or not.
6. Solution that promotes Layer 2 privacy
Layer 2 is a keyword that is mentioned a lot in the period 2022–2023. with the rise of Arbitrum and OP Mainnet (Optimism).
The crypto industry in 2023 will also see the emergence of many other second layer solutions for Ethereum, from the zkEVM group of projects such as Polygon zkEVM, zkSync Era, Linea, Scroll and most recently Opside —project will soon launch domain name at SPACE ID 3.0
7. Onchain P2P exchange
As the head of a crypto exchange that has been operating since 2013, Mr. Armstrong cannot deny the popularity of P2P trading methods in emerging markets, as well as becoming a popular trading method. fiat-crypto is popular with many people.
However, P2P is currently operated by centralized exchanges (CEX) with risks such as government intervention and monitoring.
Therefore, Mr. Armstrong thinks it would be great if a project could provide a decentralized P2P platform, operating entirely on-chain and conducting custody, reputation assessment and dispute resolution. mortgage by smart contract.
In the upcoming SPACE ID 3.0 with the appearance of more than 100 TLDs (Top Level Domains), We will see the appearance of many domains of DEX exchanges, the most famous of is PancakeSwap.
8. Onchain Games
Despite the decline in interest in 2022–2023, Coinbase CEO remains extremely optimistic about the potential of blockchain games, saying that developers are only scratching the surface and have not yet explored it. All the ways to incorporate crypto into the game.
He encouraged projects that are persisting in the blockchain game segment to go deeper into ways to help users interact and use items collected in the game, or even move them outside the game, thereby form more complex economic and behavioral models.
Every SoicalFi or GameFi project will need the Domain Name at SPACE ID, which will be used for the game character’s nickname as well as the game leaderboard. This is great because every time you register for the game, you are not afraid of others taking your nick name. So what are you waiting for! if you still don’t have any Domain Name, go to www.space.id and choose for yourself a domain name. With only 5$ per year, you will have a Fancy and Unique Domain Name just like yourself.
9. Tokenization of Real World Asset
Similar to how many projects tokenize the US dollar to create stablecoins, the Coinbase CEO believes that the Real World Asset (RWA) segment can go further once it has the idea of bringing real-life assets to exchange. Translating on blockchain, thereby taking advantage of the benefits of cash flow, capital circulation, transparency and trust mentioned above.
10. Network management tools
Derived from Balaji Srinivasan’s concept of “The Network State” — argues that the next level of state development will be to become a network of individuals and organizations with a common interest, interconnected across border via the Internet — Mr. Armstrong thinks it’s a good idea to prepare ideas to be able to catch up with that trend.
It can be said that SPACE ID-Domain Name Service has a wide application throughout Web3 and Web2 as well. I believe that in the near future everyone will need to have at least one Domain Name of their own, not only to send and receive money but also to represent their identity on Web3, register a Game account, a social network account. Chat, Send and Receive Mail… And as an Ambassador for the project I believe I believe I’m supporting SPACE ID in a Web3 revolution. To infinity and beyond!!!
About SPACE ID
SPACE ID is building a universal name service network with a one-stop identity platform to discover, register, trade, manage web3 domains. It also includes a Web3 Name SDK & API for developers across blockchains and provides a multi-chain name service for everyone to easily build and create a web3 identity.
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