Coinbase wants devs to make inflation- pegged ‘ flatcoins ’ on its new ‘ Base ’ network

By Clark

Coinbase explained that it’s now “ more important than ever ” to make an affectation- tracking stablecoin that negates poor financial policy opinions of central banks.

Crypto exchange Coinbase sees affectation- pegged “ flatcoins ” as one of four “ critical ” inventions that should be erected on its lately launched subcaste- 2 network Base.

The other three include an on- chain character system, an on- chain limit order book( LOB) exchange and tools that make the decentralized finance( DeFi) ecosystem safer.

The trading platform outlined the four areas in a post published on March 24, about a month after Coinbase launched Base, a network that’s secured by Ethereum and powered by fellow subcaste- 2 network sanguinity.

First off the club was the development of an affectation- pegged flatcoin. In light of the recent banking extremity, Coinbase said it’s now “ more important than ever ” to make an affectation- tracking stablecoin that negates poor financial policy opinions of central banks

“( We) are particularly interested in ‘ flatcoins ’ — stablecoins that track the rate of affectation, enabling druggies to have stability in coping power while also having resiliency from the profitable query caused by the heritage fiscal system. ”

While utmost stablecoins are pegged to a reference asset similar as theU.S. bone , flatcoins aim to be pegged to the “ price of living ” by tracking consumer price indicator and affectation data.

Coinbase added that it’s also open to other ideas that “ fill the space ” between edict- pegged stablecoins and unpredictable cryptocurrencies.

The concept has the blessing of investor Ray Dalio too, who lately said that he’d like to see an “ affectation- linked coin ” to insure that consumers can secure their buying power.

“ The closest thing to that’s an affectation indicator bond, but if you created a coin that says OK this is buying power that I know I can save in and put my plutocrat in over a period of time and distribute in anywhere, I suppose that would be a good coin, ” he said.

Coinbase has also prompted inventors to look into developing an on- chain character system, which it says will play a “ critical part ” in establishing “ onchain trust ” between druggies, Coinbase said.

A character protocol could apply a credit score or a rank- suchlike system which ensures certain criteria is met before an onchain identity can interact with a decentralized finance( DeFi) operation

“ This could look like a FICO or Google runner rank type score on ENS names, conditions reviews for merchandisers, and other measures that help make trust onchain. ”

Ganesh Swami, CEO of blockchain data aggregator Covalent, preliminarily told Cointelegraph that this could be achieved by reviewing once sale data of a particular portmanteau address on contender protocols, as the blockchain leaves what he describes as “ literal breadcrumbs. ”

However, Coinbase said that character protocols must ensure stronger sequestration and autonomy is saved.

In its third area of focus, Coinbase said an on- chain limit order book exchange could serve as a more “ advanced exchange ” because it can carry out the normal operations of exchange whilst barring counterparty threat through tone- guardianship.

Limit orders are used to place an order to buy or sell the stock with a restriction on the outside( or minimum) price that a stoner wants to trade at. A limit order book is a list of orders for a given security.

By taking this onchain, Coinbase explained that it may offer professional dealers and institutions a new trading venue to execute trading strategies that they ’re familiar with in the traditional fiscal system

“ The high outturn of Base opens up significant new openings for designing new mechanisms for spot trading, limit orders, options, perpetuals, and more. And, builders can use open source driving like OP Stack to make L3s that give them indeed more speed and control, potentially enabling deeper liquidity, still accessible through L2. ”

The final area of focus, according to Coinbase, is around making the decentralized finance( DeFi) ecosystem safer for druggies and inventors.

To achieve that feat, it wants to enable tools that cover against smart contract law vulnerabilities and protocol sense crimes.

The establishment explained that tone- service security testing tools and stronger adjudicator services may help alleviate trouble forestallment, circuit combers and incident response systems.

Coinbase said it would also like to see further insurance protocols to serve as a “ critical backstop ” for druggies in the event of a smart contract exploit.

Meanwhile, to help gormandize- track DeFi on Base, Coinbase launched its Base Ecosystem Fund to help fund early- stage systems erecting on Base. The subcaste- 2 network now supports over 30 blockchains, according to a recent post by Base.


Head of the technology.

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