Donno where to hold your achievements and records for eternity. What if a digital token like NFT becomes handy to be your Soulbound forever? Yes, you heard it right! Soulbound tokens are non-tradable tokens as they can neither be bought nor sold in any marketplace.
Soulbound Token (SBT) refer to non-transferable digital tokens with no monetary value built on blockchain technology denoting a person’s identity. Unlike NFTs which are meant for trade and show off, SBTs help in building a person's entity and reputation as verifiable and authenticable. They come in the form of medical records, qualification certificates, work histories, or any other type of particulars. In SBTs, Souls remain a wallet that carries people’s records and functions as web3’s version of an identification document.
Many companies and organizations have started using this eternal token to fight the problems associated with the verification process since it offers numerous benefits.
Soulbound tokens can prove the authenticity of users’ achievements and qualifications whether they are genuinely what those individuals claim. With SBTs, one can confidently join the hands of someone with proven records rather than a person who has a fraudulent history.
People can hold multiple Souls to distinguish their records achieved in various phases of their life rather than stuffing everything in a single soul. One could keep separate souls like storing work history in credential souls and health records in medical souls.
With their inviolability nature, SBTs are not susceptible to hack attacks and fraudulent issues since it is impossible to steal, disable or destroy information stored in it.
Having blockchain technology that is known for its immutability, as its foundation, SBTs remain a digital token of unalterable and fixed nature. Anything that is kept in this unchangeable token cannot be replicated or falsified.
Using Soulbound Tokens, one can have their own identity to stand unique from others. It is impossible to claim another's identity as theirs since it cannot be changed once issued to someone’s wallet thereby it aids people to lay their trust in others.
Although SBTs are vulnerable to theft, users can allow certain institutions or individuals to be their guardians who can make changes to the private keys of the user’s Soul wallet if it gets lost. To alter private keys, would require consent from anyone in the Soul’s community.
Institutions like colleges and training providers could be a Soul issuing the course completion and qualification certificates to the students in the form of Soulbound Tokens that would carry all their credentials. By revealing the authenticity of the student’s qualifications and membership in their institutions, it ensures that no one deceives their educational qualification and details.
SBTs used in healthcare hold clinical records of patients and aid in replacing the time-consuming process of managing and validating patients’ identities, medical histories, and prescriptions. It saves time for the physicians and healthcare providers who often switch hospitals, in following up with their patients without misidentifying them.
Like institutions, companies can become a soul by issuing their employees Soulbound tokens that contain details about their work experience, accomplishments, on-site projects, and certificates. Employees can later present these SBTs during job interviews as evidence of their skills and experiences.
Tracking users' interaction with the community gives them prestige and power to the dedicated users. The more they interact, the more voting power they have in a decentralized autonomous organization. In DAO, an individual or a group of individuals can buy many governance tokens and increase their voting power to forge elections through Sybil attacks which go futile with SBTs.
To avoid ballot rigging and the involvement of intermediaries, the government can issue SBTs with the verified identity of individuals. People can vote with their SBT that serves only one vote thus making it impossible to vote multiple times using a single identity.
In NFT, buyers can put their money into NFT after comparing the Soulbound token of the artist's soul with the NFT collection. Only if they both match, they can proceed with their purchase.
SBT, which is no longer an upcoming innovation, has come as a boon to solve the trust issue in web3 whose identity is built upon social interactions and human relationships. Since it serves as the foundation for a decentralized society, many companies and institutions have already started to taste the slice of it.
As a leading token development company, Maticz has a strong understanding of how NFT, Soulbound tokens, and other cryptocurrencies work in blockchain technology. Our experts offer a unique technical perspective and take your idea to the next level with our cutting-edge technologies. If you are looking to develop your Soulbound tokens, collaborate with us to have a glimpse at our solutions and discuss further the process. Let's create our identity together with SBTs.
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