What Soulbounds Token;  And what is the significance of this?  – Money Times

What Soulbounds Token; And what is the significance of this? – Money Times

What Soulbounds Token;  And what is the significance of this?  – Money Times
Soul Token is a non-transferable NFT that will create your identity in Web 3.0 (Image: Foundation / Matt Reimer)

A document entitled “Decentralized Society: Finding Web3’s Soul” was published in early May. By Glenn Weil, Pooja Ohlhaver, and Smart Contract Network creator Vitalik Buterin Etherium (ETH).

This is a new type of token pattern called “white paper” Soulbound Token (SBT)Which aims to authenticate certificates, documents and diplomas “connected to the user’s soul” in Web 3.0.

The idea is that sUlbound token To be of one kind Non-Functional Token (NFT) Non-transferable and permanently connected to the user who created it.

“If someone shows you that they have an NFT that can be obtained by X, you cannot say that they did X themselves or that they just paid someone else to do X. Sometimes it’s not a problem}…} but if we want to create NFT It’s not just about who has the most money, and who’s really trying to figure out something else? ” Vitalic wrote in a blog post in January of this year.

Vitalik’s proposal to properly create a personal identity in Web 3.0, as evidenced by Blockchain In its shape NFT Without monetary value and non-transferable.

One of the applicability is the idea of ​​changing the recruitment process from checking a candidate’s LinkedIn, to checking their “on-chain” resume which will show you the “spirit” of the university. SBT.

“The soul can encode the networks of belief in real economy to establish origin and fame,” Buterin said.

While staying with Cryptocurrency And NFT Users have the keys to their financial funds and custody of digital assets, with SBT you own the keys to their certificate.

According to The Defiant, on-chain certifications are already being used by companies like 101 and Rabbithole.

Why are Soulbound Tokens (SBTs) important?

As stated in Vitalik’s “White Paper”, Web3 today revolves around the expression of transferable assets instead of “coding trusts”.

However, for the authors of the document, many necessary economic activities – such as unsecured loans and personal brand creation – are built on lasting and non-transferable relationships.

In this sense, the token “.CommittedAccording to the authors, “(SBTs), which represent the commitment, credentials, and evaluations of the” soul, “may strengthen the real economy networks of trust to establish authentic sources and reputation through blockchain.

“We call it the richest, pluralistic” decentralized society “(DeSoc) ecosystem – a co-defined sociality, where souls and communities come together from the bottom up, with different scales of each other emerging traits to co-create product and network intelligence, Buterin wrote.

A soul wallet for your soul

As suggested by the founders of Ethereum, SBTs can only be issued by the university and the like to a specific address linked to the user’s “spirit” on the Internet. Web 3.0.

The user has to keep his funds in addition to his virtual wallet and NFT, A wallet to store your SBT only. Which is called Soul Wallet, or Soul Wallet.

These wallets can be used as user identities Web 3.0Since they can have diplomas, certificates, permanent copyrights and the like.

Don’t sell or lose your soul

One of the issues raised by Vitalic in the White Paper was about recovering these Soulbound tokens if the user loses access to the Soul Wallet.

For him, social recovery is an emerging option that depends on a person’s faithful relationship. SBT allows similar but, according to Vitalic, broader approaches.

The author proposes a concept called Community Wallet Recovery, which means that the recovery of the personal keys of a soul requires the consent of the members of the soul community.

“A more powerful solution is to link soul retrieval to a soul association in the community, relying on the most comprehensive set of real-time relationships for security, not curation.”

You SBT Represents a user’s attachment to different communities. Some of these communities may be off-chain – such as employers, clubs, colleges or churches – others may be on-chain or within the blockchain – such as participating in protocol governance or a decentralized autonomous body (DAO).

“In a community recovery model, a (random subset) will require a qualified majority member of the Soul community to consent to the recovery of an individual soul key,” the white paper states.

What is the future of your soul in blockchain? For experts, it starts with the game

For NFT collector and maker DAO Ambassador Caio Vicentino in Brazil, SBTs will be widely used by universities over the years to facilitate the issuance of certificates, “Of course, no one wants you to sell your medical degree, for example”.

“In NFT format, commercialization will be possible, in case of SBT it will be in your wallet forever. It is non-transferable. You can also use the events to verify that people have participated The real meaning we will see in the future is very interesting, “he concluded.

Marco Jardim, director of Blockchain Studios, recalls that SBT They are an idea that is “like most ideas”, copied from something that already exists. According to Jardim, this premise already exists in games like “World of Warcraft”.

The game was cited in an article written by Vitalic in January of this year to illustrate the creation of this technology, and the director of Blockchain Studios added that it is not something revolutionary in terms of games. This blockchain will embrace technology in addition to the game sector. See Buterin’s quote from World of Warcraft in his blog post:

“The most powerful items in the game are soul-bound, and usually have to complete a complex quest or kill a very powerful monster, usually with the help of four to twenty-nine other players. So, in order to have the best weapons and armor of your character, you have no choice but to take part in killing these extremely tough monsters. “

But for Marco Jardim, what lies behind it is the challenge of creating an identity on the Internet that has not yet been adequately addressed.

“I think SBT is much more useful as an identification and certification. I believe that adoption will come through games, since nowadays they rule the Etherium ecosystem and EVM blockchains, “he explained.

Jardim added that if the adoption becomes “trendy”, it can take on more powerful traction, and in that case users will adopt SBT much more to keep up-to-date than the mechanics of technology.

“Some games will definitely put it into their mechanics, even calling players and appearing in the media. Those who invest in blockchain and research their identities are still very prominent. “

Another problem it solves is detection in games. Gardim explained that there was an attack called the “civil attack.” It is common in blockchain games that anyone with a certain second NFT in the game has access to an item.

“Attacks include that players present NFT through another account, and so I pretend to be someone else, to own blockchain game items. After this process, the player transfers the same NFT to another account and repeats the process. SBT will solve this problem, ”he concluded.

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Oh Money Times A journalist publishes articles of a nature aimed at democratizing information. Our publications should be understood as announcements and promotions of bulletins, not as investment recommendations.

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