Soulbound Tokens - The next big thing?

o48o

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Quote from: vipsfinstock on December 06, 2022, 01:52:41 AM

-cut-
What do you guys think?

Question is why? What's the advance in tokens that you can't send, especially with current blockchain systems that are transparent. How would this be any better from a centralized and secure database? And why an earth would i want to share my "qualities" in an public blockchain? Seems like a duct tape solution for a problem that doesn't require open blockchain.

Bitcoin_Arena

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Quote from: vipsfinstock on December 06, 2022, 01:52:41 AM

What do you guys think?

So what will make them the next big thing if they are attached to one's identity and are non-transferable?
The thing to do with most of these hype tokens have always been about demand and supply, but for soulbound tokens, I doubt if they will catch any hype. People are still recovering from the traumas of Luna and FTX crashes, and you tell them about soulbound tokens?

asriloni

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that's actually BS. I remember when CZ said that soulbound token can be used as a way to apply for the job. Soulbound token was no more than another BS like NFT. In my opinion that if soul bound token was just another shitty thing to create hype. People can get soul bound easily. that being used just like a badge for your contribution to the platform but it's not so useful. It can be gotten easily without any effort.

No usecase at all. It can be used as a collection purpose

vipsfinstock

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Soulbound tokens are digital assets created/built based on someone's characteristics or traits. In short, SBTs are digital tokens with the essence of personal essence/qualities.

To add more, Soulbound Tokens are non-transferable tokens that symbolize one's identity; they can be anything from dates, life history, or anything personal.

SBTs are kept in 'souls' - the wallets that store the Soulbound Tokens. Soulbound tokens are not just non-transferable tokens but publicly verifiable tokens too.

Use cases - At the moment, the prospective uses for SBTs appear unlimited. While almost anything might be considered an SBT (or an NFT), official documentation may have been the first sort of content to become Soulbound.

Proof education could fast become one of the most popular applications of SBTs. Businesses could look into an applicant's Soul Wallet to confirm their graduation status or various credentials. Even government-issued identity could also serve as an SBT. Consider an immutable digital passport, which officials may update as citizens travel and request for visas.

What do you guys think?

Topic: Soulbound Tokens - The next big thing? (Read 64 times)