Soulbound tokens energy new id resolution on Celo blockchain

A central focus for a lot of within the Web3 neighborhood has been enhancing id options accessible to customers. Final yr the emergence of soulbound tokens (SBT) launched a brand new manner for customers to outline themselves. 

Though the SBT hype quieted over the past months, they haven’t disappeared off the scene. On Mar. 1, the SBT protocol Masa Finance introduced that it’s going to deploy on the carbon-negative Celo blockchain to create a brand new id resolution. 

Greater than 10 million wallets lively within the Celo ecosystem will be capable of generate a Masa “Prosperity Passport.” This new Web3 id resolution permits customers to mint a wide range of SBTs associated to their digital life, similar to an authenticated person verification SBT, a credit score rating SBT, a neighborhood repute SBT and a .celo area title SBT.

Calanthia Mei, the co-founder of Masa Finance mentioned nonfungible tokens (NFTs) had been the primary pioneers for Web3 person customization, and SBTs are the subsequent breakthrough know-how.

“Web3 has a belief challenge, and SBTs symbolize a composable and scalable strategy to construct a belief layer between initiatives and customers, and customers amongst one another. “

The “Prosperity Passport” resolution additionally offers entry to different utilities from Celo initiatives which have built-in the know-how, similar to micro loans and common fundamental earnings.

Mei believes that the id options offered by SBTs will assist usher within the subsequent 1 billion genuine customers into Web3.

“We see SBTs as a strategy to construct bridges for world economies, industries, and customers to merge with web3 and really usher within the new economic system.”

In keeping with the announcement, the protocol already has 250,000 Masa Soulbound Identities minted, together with almost 300,000 Masa .Soul Names minted.

Associated: What’s decentralized id in blockchain?

On the finish of 2022, MetaMask Institutional, Cobo and Gnosis DAO all teamed as much as create an SBT venture to deliver exclusivity and id verification to its customers. Again in December, the Japanese monetary agency Sumitomo Mitsui additionally revealed it’s wanting into SBTs for social causes.

These new digital property are considered a doable resolution to future digital id within the metaverse, together with digital citizenship.

Whereas in a roundabout way mentioning digital property, on Feb. 9, the European Union talked about utilizing zero-knowledge proofs for future digital IDs.

Supply: Coin Telegraph

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