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Soulbound Tokens: Social credit system or spark for global adoption?

Published 06/16/2022, 09:46 AM
Updated 06/16/2022, 10:00 AM
Soulbound Tokens: Social credit system or spark for global adoption?

Ethereum co-founder Vitalik Buterins Soulbound Token proposal for a robust identity and reputation system has stirred up the crypto community.

Soulbound Tokens or SBTs are non-transferable, non-financialized tokens tied to a unique profile proving verifiable achievements and commitments. Still at the concept stage, its suggested SBTs will be capable of tracking memberships, credentials and affiliations with educational establishments, decentralized lenders and other entities.

Soulbound Tokens: Not sure about the name but the concept is interesting.

Web3 should be more than financial assets

Why we need Soulbound Tokens

Soulbound Tokens. Source: @Leo_Glisic

Storing verifiable credentials in Web3

Fortune notably compared SBTs to China’s social credit system.

Fuddy duddy FUD

Artist impression of Knighfight.

Use cases and how they might work

Do we really need to have degrees tied to our Souls?
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Decentralized loans and digital country clubs

SBTs showing what you have and havent done could be useful for loan applications.

Soulbound Tokens, a better technology?

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The name conjures up images of the divine.

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Its all in the name, but does Soul work?

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Latest comments

Might as well go back to the days of the Holy Roman empire and the Inquisition.
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