SBT is a non-transferable NFT. It doesn’t have a price and can't be transferred to another person. Soulbound tokens may present CV information, medical insurance, university degree, credit history, rental contracts, and so on.
Soulbound tokens are locked in the personal wallet “Soul”. However, unlike other blockchain identity solutions, SBT can be restored if the owner of soulbound-token loses his or her keys. There is an opportunity to choose trustees, who would help to restore access.
A soul doesn’t necessarily have to represent a person. Institutions, companies, and governments could all have souls that they use to issue SBTs.
Where SBT can be used?
- CV
- Health record
- Education history
- Rental history
What SBT can improve in Web 3.0?
- DeFi
- DAO: using SBT will make DAO less vulnerable to Sybil attacks. Because every vote of a member will be proved by soulbound token and this opportunity won't let frauds to take control under the network and steal tokens.
- Metaverse
Timeline
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Further Resources
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