A central focus for a lot of within the Web3 group has been enhancing id options accessible to customers. Final 12 months, the emergence of soulbound tokens (SBT) launched a brand new approach for customers to outline themselves.
Though the SBT hype quieted during the last 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 id answer.
Greater than 10 million wallets lively within the Celo ecosystem will be capable of generate a Masa “prosperity passport.” This new Web3 id answer permits customers to mint a wide range of SBTs associated to their digital life, comparable to an authenticated consumer verification SBT, a credit score rating SBT, a group popularity SBT and a “.celo” area title SBT.
Calanthia Mei, co-founder of Masa Finance, mentioned nonfungible tokens (NFTs) had been the primary pioneers for Web3 consumer customization, and SBTs are the subsequent breakthrough know-how.
“Web3 has a belief challenge, and SBTs symbolize a composable and scalable technique to construct a belief layer between initiatives and customers, and customers amongst one another.”
The prosperity passport answer additionally offers entry to different utilities from Celo initiatives, which have built-in the know-how, comparable to micro-loans and common fundamental earnings.
Mei believes that the id options supplied by SBTs will assist onboard the subsequent 1 billion genuine customers into Web3:
“We see SBTs as a technique to construct bridges for international economies, industries and customers to merge with Web3 and really usher within the new economic system.”
In accordance with 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 venture to carry exclusivity and id 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 considered a potential answer to future digital id within the metaverse, together with digital citizenship.
Whereas in a roundabout way mentioning digital property, on Feb. 9, the European Union talked about utilizing zero-knowledge proofs for future digital IDs.
