What is a Soul Realm token; what is its importance? – The Age of Money

What is a Soul Realm token; what is its importance? – The Age of Money

What is a Soul Realm token; what is its importance? – The Age of Money
Soul tokens are non-transferable NFTs that will form your identity in Web 3.0 (Photo: Foundation/Matt Reamer)

A document titled “Decentralized Society: Finding the Soul of Web3” was published in early May and was written by E. Glen Weyl, Puja Ohlhaver, and smart contract network creator Vitalik Buterin Ethereum (ETH).

This is the “white paper” for a new token model called Soul Binding Token (SBT)designed to validate certificates, documents and diplomas “connected to the soul of the user” in web 3.0.

The idea is sBounded Token become a Non-Fungible Tokens (NFTs) Non-transferable and forever associated with the user who created it.

“If someone shows you they have an NFT that they can get by doing X, you can’t tell if they did X themselves, or if they just paid someone else to do X. Sometimes that’s not a problem{…} but if we to create NFT It’s not just about who has the most money, but is it actually trying to send other signals? ” Vitalik wrote in a blog post in January.

Vitalik’s proposal is to create a personal identity on web 3.0, by blockchain in the form of NFT Has no monetary value and is not transferable.

One of the applicability is changing the recruiting method from looking at a candidate’s LinkedIn to looking at their “on-chain” resume, which will show the “soul” of the university transferred to you SBT.

“‘The soul can encode the real economy’s web of trust to establish provenance and reputation,'” Buterin said.

at the same time with cryptocurrency and NFT Users have custody of the keys to their monetary funds and digital property, while SBT you have the keys to their credentials.

According to The Defiant, companies like 101 and RabbitHole are already using on-chain credentials.

Why is Soul-Bound Token (SBT) important?

As stated in the “white paper” written by Vitalik, today’s Web3 revolves around the expression of transferable assets, not “encoded trusts”.

For the paper’s authors, however, many important economic activities — such as unsecured lending and building personal brands — are built on lasting and non-transferable relationships.

In this sense, the token “soul bindingAccording to the authors, commitments, certificates, and assessments (SBTs) representing “souls” can strengthen the real economy’s web of trust, building proven provenance and reputation through blockchain.

“We call it the richest and most diverse ecosystem of ‘Decentralized Society’ (DeSoc) – a co-determined social capacity where souls and communities come together bottom-up as emerging attributes of each other to co-create Commodities and network intelligence, at every scale,” Buterin wrote.

Soul wallet for your soul

As proposed by the founders of Ethereum, SBT can only be minted or issued by institutions such as universities to specific addresses associated with a user’s “soul” on the Internet. Network 3.0.

In addition to his virtual wallet, the user can keep his funds and NFT, a wallet for storing your SBT only. Called Soul Wallet, or Soul Wallet.

These wallets can be used as the user’s identity in Network 3.0as they may contain diplomas, certificates, perpetual copyrights, etc.

Don’t sell or lose your soul

One of the issues that Vitalik has already raised in the white paper is about the recovery of these Soulbounds tokens in case users lose access to Soulbounds.

For him, social recovery is an emerging option that relies on a person’s relationship of trust. SBT allows for a similar but broader approach according to Vitalik.

The author came up with an idea called Community Wallet Recovery, which means that restoring Soul’s private keys requires the consent of members of the Soul community.

“A more robust solution would be to link soul retrieval to soul associations in the community, rather than curation, relying on the widest range of real-time relationships for security.”

you SBT Represents a user’s affiliation to different communities. Some of these communities may be off-chain — such as employers, clubs, universities, or churches — while others may be on-chain or within the blockchain — such as participating in protocol governance or Decentralized Autonomous Organizations (DAOs).

“In the community recovery model, recovery of private soul keys requires the consent of a qualified majority of members of the soul community (random subset),” reads the white paper.

What is the future of your soul in the blockchain?For experts, it starts with the game

For NFT collector and Maker DAO Brazil ambassador Caio Vicentino, SBT will be widely used by universities in a few years to facilitate the issuance of certificates, “after all, no one wants you to sell your medical degree, for example”.

“In the NFT format, commercialization is possible, in the case of SBT, it will stay in your wallet forever. It’s non-transferable. And what you can use to prove people’s engagement. We’ll see in the future It’s really interesting to arrive at,” he concluded.

Blockchain Studio Director Marco Jardim recalls SBT They are “like most ideas” ideas copied from something that already exists. According to Jardim, this premise already exists in games like World of Warcraft.

The game was cited by Vitalik in an article written in January this year as an example of the technology’s creation, and the Blockchain Studio head added that it’s not anything revolutionary as far as games go. Apart from the blockchain gaming sector that will drive adoption of the technology. Check out Buterin’s quote from World of Warcraft in his blog post:

“The most powerful items in the game are soul bound, often required to complete complex quests or kill very powerful monsters, often with the help of four to thirty-nine other players. So, in order to give your character the best weapons and armor, you have no choice but to participate in the slaughter of these extremely powerful monsters.”

But for Marco Jardim, the challenge behind this is the challenge of creating an identity on the internet, and for him, that hasn’t been substantially resolved.

“I find SBTs more useful as identification and authentication. I believe adoption will come through the game, because today they are the ones ruling the Ethereum ecosystem and the EVM blockchain,” he explained.

Jardim went on to say that if SBT becomes “popular,” adoption may gain more traction, in which case users will adopt SBT more to stay current than actually for technical mechanics.

“Some games will definitely put it in their mechanics and even call players and appear in the media. People investing and researching identities on the blockchain are still very niche.”

Another problem it solves is identification in games. Jardim explained that there is an attack called “Sybil attack”. Common in blockchain games, it allows those who own a specific second NFT in the game to access exclusive items.

“The attack involved the player showing the NFT through another account, so I pretended to be someone else with access to the blockchain game item. After this process, the player transferred the same NFT to another account and re-executed the process. SBT will solve this problem,” he concluded.

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