Soulbound tokens power new identity solution on Celo blockchain

A central focus for a lot of within the Web3 neighborhood has been bettering identification options out there to shoppers. Final 12 months, the emergence of soulbound tokens (SBT) launched a brand new method for customers to outline themselves. 

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

Greater than 10 million wallets lively within the Celo ecosystem will have the ability to generate a Masa “prosperity passport.” This new Web3 identification answer permits customers to mint a wide range of SBTs associated to their digital life, comparable to an authenticated person verification SBT, a credit score rating SBT, a neighborhood repute SBT and a “.celo” area title SBT.

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

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

The prosperity passport answer additionally provides entry to different utilities from Celo initiatives, which have built-in the expertise, comparable to micro-loans and common primary revenue.

Mei believes that the identification options offered by SBTs will assist onboard the subsequent 1 billion genuine customers into Web3:

“We see SBTs as a approach to construct bridges for world economies, industries and customers to merge with Web3 and really usher within the new economic system.”

Based on the announcement, the protocol already has 250,000 Masa Soulbound Identities minted, together with practically 300,000 Masa .Soul Names minted.

Associated: What’s decentralized identification in blockchain?

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

These new digital property are regarded as a doable answer to future digital identification within the metaverse, together with digital citizenship.

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

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