A central focus for a lot of within the Web3 group has been enhancing id options out there to customers. Final yr, the emergence of soulbound tokens (SBT) launched a brand new method 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 resolution.
Greater than 10 million wallets lively within the Celo ecosystem will have the ability to generate a Masa “prosperity passport.” This new Web3 id resolution permits customers to mint a wide range of SBTs associated to their digital life, equivalent to an authenticated person 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 person customization, and SBTs are the following breakthrough expertise.
“Web3 has a belief problem, and SBTs signify a composable and scalable technique to construct a belief layer between initiatives and customers, and customers amongst one another.”
The prosperity passport resolution additionally offers entry to different utilities from Celo initiatives, which have built-in the expertise, equivalent to micro-loans and common fundamental earnings.
Mei believes that the id options supplied by SBTs will assist onboard the following 1 billion genuine customers into Web3:
“We see SBTs as a technique to construct bridges for world 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 practically 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 deliver 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 belongings are regarded as a attainable resolution to future digital id within the metaverse, together with digital citizenship.
Whereas in a roundabout way mentioning digital belongings, on Feb. 9, the European Union talked about utilizing zero-knowledge proofs for future digital IDs.