WHAT ARE THE SOULBOUND TOKENS?

SBTs are non-transferable identity and reputation tokens that allow individuals to verify all their information using blockchain technology.

SBTs can be used to verify:

• education,

• work history,

• credit score,

• medical history,

• professional certifications, etc.

The name itself reflects the unique characteristics of the tokens.

The "soul" reflects the true representation of the identity of an individual, his “soul” in the decentralized society (DeSoc).

SBTs are a type of NFT that contain data that cannot be falsified.

The "bound" reflects the fact that these tokens will be tied to the individual and not transferable.

SBTs are permanent, non-transferable NFTs that cannot be given away or taken from a private blockchain wallet.

USE CASES

SBTs allow verifying of the holder's affiliation.

SBTs can:

• act like real-life achievement badges (degrees, certificates, awards, etc)

• be tied to personal traits e.g.:

• name, birthday, charitable giving, criminal record, medical history, military history, etc.

More and more #nft and crypto projects on various blockchains start implementing this solution, for instance:

• Killabears

• Sappyseals

• mv3nft

• @getmasafi

CONTROVERSY

The idea behind SBTs is divisive, with some seeing it as a more streamlined and trustworthy way of verifying information, while others compare it to China's social credit system.

PREDICTIONS

az16 included Soul Bound tokens in their predictions for 2023 (Big Ideas in Tech for 2023: An a16z Omnibus).

SBTs can help solve problems in decentralized finance like scams and thefts, as it would be next to impossible for people to claim false credentials.

REGULATORY CONCERNS

Privacy & data protection laws like the EU's GDPR may pose challenges to the implementation of this technology.

Storing certain information on a public ledger while ensuring compliance with these laws may prove to be challenging.

Let's make sure we address these issues transparently

Let’s Connect

I am Jack.

I am an ex-lawyer and the founder of a web3 project.

I spent thousands of hours analyzing web3 projects, in particular in the NFT space and building my own venture.

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