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Web 3.0 is cleverly designed to remove the hindrances in availing services and business solutions by being entirely transparent, a.k.a decentralized. Other USPs of this much-talked-about Web 3.0 include data security, immutability, rich user experience, and scalability to a greater degree. Non-Fungible Tokens, also known as Limited Digital Assets, are one among the constituents of Web 3.0 for the fact that these NFTs allow owners to secure any kind of assets by imprinting the information on the blockchain.
Soulbound tokens are a category of digital tokens that are stored on the blockchain and are non-transferable. These tokens are developed to represent unique information about individuals like their qualifications, academics, and every other information that identifies them uniquely. We have introduced our Soulbound token development services with the aim of creating digital tokens for the self-identification of individuals. Reach out to us to know more about this!
Soulbound tokens are blockchain-engineered digital tokens exclusively created for denoting an individual’s personal information, which can’t be tampered with any further. If you think that these Soulbound tokens and NFTs are the same, no, they aren’t. However, both of these digital tokens overlap with each other in some traits. While NFTs can be traded, Soulbound type of tokens can’t be traded since the reason is obvious that they are created to represent only the information of a specific individual. A person’s academic qualification, work experience, credentials, and affiliation with others can be converted into digital tokens and are defined as Soulbound tokens.
Soulbound tokens (SBTs) have a diverse range of use cases, thereby letting individuals completely rely on Web 3.0. Here, we have decoded the list of use cases SBTs can bring in.
Over the formative years, the traditional financial system has been following uncollateralized lending (personal loans, education loans, etc.). With SBTs, individuals can showcase their creditworthiness in a more reliable way by etching their details on tokens.
Individuals can store any of their important details like medical records or insurance records on SBTs, which becomes easier for them to refer to at any point of time in the future. This will greatly preserve their records without them getting lost, which is the case in traditional paperwork.
University certificates/course completion certificates and rental agreements can also be issued in the form of SBTs, which make it easy to verify the authenticity.
Another notable use case of these tokens is in DAO-based platforms. Platforms that work on the basis of DAO are prone to Sybil attacks, where multiple identities are created at the same time to gain influence on the governance tokens pooled so as to turn the voting to their favor. With SBTs, such risks can be mitigated.
To avoid the tokens from encountering manipulation, Vitalik Buterin, one of the members of the team that proposed Soulbound tokens, recommended the creation of SBT communities. Souls can assign guardians to their tokens and give them access to the private key of the wallet that holds tokens in case the wallet gets hacked. By letting a community of members indulge in the recovery process, it becomes easy to recover the stolen tokens.
To your knowledge, the hypothesis of Soulbounds is only at the paper level and is yet to be implemented in real-time. Being a team of blockchain explorers, we keep ourselves up-to-date with the advancements happening in the blockchain industry and Web 3.0. You can take a glimpse at our development solutions circling over the NFT marketplaces, IDO launchpads, DeFi tokens, crypto exchange platforms, and more in the row. If you find the idea of developing Soulbound type of tokens interesting, reach out to us to discuss further.
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