information About SBT - Soul Bound Tokens - Overview
  Soulbound Tokens
 

What are Soulbound Tokens?

A valuable non financial function of integrity.

The creator of Ethereum, Vitalik Buterin, has recently proposed a new kind of Block chain based concept, called Soul Bound Tokens. Also known as SBT, these may help to give a deeper insight and authenticity into a persons skills and integrity.

 SBTs are a new token standard, that will help users to gain an understanding of others real-world activities, accomplishments, preferences and dislikes โ€“ This has been likened to a glimpse into their soul.

Soulbound tokens are in fact non-transferrable NFTs. These will be held in unique crypto wallets, called Souls.

There are multiple ways that SBTs can be used, such as proof of Education qualifications, university degrees, successful training and Apprenticeships etc. But also as web3 credit scores.

Buterin believes that Instead of a web3 recruiter or hiring manager etc.,  checking a potential candidates credentials on LinkedIn and other social media, they could check a persons "on-chain" resume, whereby they would look for a transaction hash to show the universityโ€™s Soul wallet transferring an SBT to the potential incumbents soul wallet. 

Buterin writes, โ€œโ€˜Souls can encode the trust networks of the real economy to establish provenance and reputation.โ€

SBTs like any other Crypto token, enable decentralization of power away from major institutions and companies and instead give control back to the user or token owner ie. instead of a private database owning your credentials, you would own the keys to your credentials, as you do with any true private crypto wallet scenario.

Transparency and integrity is ensured in a way that only blockchain technology can give.

Companies such as 101 and RabbitHole are already using similar On-chain credentials. Web3 knowledge company Curious.xyz, are also looking to adopt this technology, to enable their registered users to answer questions, with a proven on-chain reputable authority.

SBTs could be in practical use by the end of 2022 and that the โ€œ2024 up cycle will focus on themโ€, according to Glen Weyl, a co-Author of the paper, along with Buterin

See also: NFT - Non Fungible Tokens

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