Coinbase Founder Adds Web3 LinkedIn To His List Of Crypto Startup Ideas

In a dynamic move towards fostering innovation in the cryptocurrency landscape, Coinbase founder Brian Armstrong has not only received over 150 project applications to his previous proposed ideas but has also unveiled an exciting 11th startup idea. A Web3 version of LinkedIn. This latest concept aims to revolutionize the way employment and credentials are verified in the emerging Web3 era.

Web3 LinkedIn As A New Crypto Startup Idea

Armstrong’s declaration follows his vision for the crypto future, which he revealed in a business blog post and presentation on August 30. He discussed numerous concepts that have the potential to alter the digital asset market in this vision, highlighting the significance of a healthy ecosystem outside of Coinbase’s core offerings.

The construction of a Web3 version of LinkedIn, where corporations can issue soul-bound NFTs to validate employment and qualifications, is a standout among Armstrong’s latest ideas. This innovation has the potential to replace existing resume verification processes by providing a secure and transparent method of certifying professional qualifications.

Armstrong sees this project as having multiple components, including the development of a user-friendly interface for exploring employee and employer profiles. Building a network effect, a crucial aspect of any social platform’s success presents a challenge, but Armstrong hints at a solution by allowing users to mint their NFTs if they can verify their association with a company through a .com email, among other strategies.

The Web3 LinkedIn idea comes after Armstrong expressed his views on a marketplace for crypto jobs and chores, which might enable individuals to locate crypto jobs all across the world, allow jobs to be paid in crypto, and eliminate cross-border payment friction. Coinbase has announced a collaboration with X (previously Twitter) to launch a jobs posting service.

Coinbase Ventures also plans to host a Builder Summit in October, inviting a select group of founders and projects that align with Armstrong’s vision. The summit will bring together the greatest brains in the crypto sector to encourage collaborative talks and prospective investments.

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Armstrong Has A Long List Of Crypto Startup Ideas

While the Web3 LinkedIn concept steals the spotlight, Armstrong’s other ideas are equally intriguing. He proposes “Flatcoin,” a decentralized currency that tracks consumer prices to preserve purchasing power. Another concept involves creating an “Onchain Reputation” protocol that assigns reputation scores based on on-chain data, thanks to decentralized identity systems like ENS.

Furthermore, Armstrong envisions a new era of advertising with “Onchain Ads.” In this model, smart contracts specify payments for user actions in real-time, creating an auction mechanism for ad inventory within the Web 3.0 landscape.

However, not everyone shares the same enthusiasm for every idea. Ari Paul, the founder of BlockTower Capital, offers a pragmatic perspective. He believes that “On-chain Reputation” may take time to gain traction, while “On-chain Advertising” faces challenges due to its limited market size. Paul also suggests that a “Job/Task Marketplace” concept may not be directly related to cryptocurrency, and Layer 2 privacy presents challenges for entrepreneurship profitability.

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