Soulbound tokens energy new id resolution on Celo blockchain


A central focus for a lot of within the Web3 neighborhood has been bettering id options out there to shoppers. Final yr the emergence of soulbound tokens (SBT) launched a brand new means for customers to outline themselves. 

Though the SBT hype quieted during the last months, they haven’t disappeared off the scene. On Mar. 1, the SBT protocol Masa Finance introduced that it’ll 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, akin to an authenticated consumer verification SBT, a credit score rating SBT, a neighborhood status SBT and a .celo area identify SBT.

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

“Web3 has a belief concern, and SBTs characterize a composable and scalable option to construct a belief layer between tasks and customers, and customers amongst one another. “

The “Prosperity Passport” resolution additionally provides entry to different utilities from Celo tasks which have built-in the expertise, akin to micro loans and common primary revenue.

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 option to construct bridges for international economies, industries, and customers to merge with web3 and actually usher within the new economic system.”

Based on 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 challenge to convey 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 belongings are considered a attainable resolution to future digital id within the metaverse, together with digital citizenship.

Whereas circuitously mentioning digital belongings, on Feb. 9, the European Union talked about utilizing zero-knowledge proofs for future digital IDs.