Soulbound tokens to create a new identity by operating on the Celo blockchain
Soulbound tokens (SBT) created a new identity by operating on the Celo blockchain. This emerged as a new way for users to define themselves.
Improving identity solutions has been the major focus for many in the web3 community. With the emergence of soulbond tokens (SBT) in the market, users were introduced to a new way to define themselves. Despite the decrease in the buzz surrounding the SBT, they are still active in the industry. In order to create a new identity solution for the SBT protocol Masa finance on March 21 announced it will operate on the carbon-negative Celo blockchain.
More than 10 million wallets active in the Celo space will be able to access the Masa “Property passport”. This will give the users ability to mint multiple SBTs, through a previously unexplored Web3 identity solution, that pertains to their digital life. These SBTs include an authenticated user verification SBT, a credit score SBT, a community reputation SBT, and a “.celo” domain name SBT.
The co-founder of Masa finance Calanthia Mei referred to SBTs as a major breakthrough technology in the industry. Whereas the NFTs were the first pioneer in web3 customization.
“Web3 has a trust issue, and SBTs represent a composable and scalable way to build a trust layer between projects and users, and users amongst each other.”
Microloans and universal basic incomes are other utilities from the Celo blockchain to be accessed by prosperity passports.
The SBT identity solution will let another 1 billion users join the Web3 community. As Mei says:
“We see SBTs as a way to build bridges for global economies, industries, and users to merge with Web3 and truly usher in the new economy.”
According to the announcement, already 300,000 Masa soulbound names minted on the SBT protocol. While it created Masa soulbound identities 250,000.
In late 2022, Meta Mask institutional, Cobo, and gnosis DAO collaborated with SBT on a project. The purpose of the project was to bring exclusivity and identity verification to its users.
This new technology is the kickstart to gaining new digital citizenship and digital identity in the metaverse.
European Union also somewhat indirectly mentioned digital assets while discussing the use of zero-knowledge proofs for digital IDs.