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Soulbound tokens power a new identity solution on the Celo blockchain

Published on

March 1, 2023
Read Time:1 Minute, 51 Second

A key focus for a lot of within the Web3 neighborhood has been bettering id options obtainable to shoppers. Final 12 months, the arrival of Soulbound Tokens (SBT) launched a brand new approach for customers to outline themselves.

Though the SBT hype has calmed down in latest months, they haven't disappeared from the scene. On March 1st, SBT protocol Masa Finance introduced that it is going to be deployed on the carbon-negative Celo blockchain to create a brand new id resolution.

Greater than 10 million wallets lively within the Celo ecosystem will be capable to generate a Masa "Prosperity Passport". This new Web3 id resolution permits customers to create a wide range of SBTs associated to their digital life, reminiscent of:

Calanthia Mei, the co-founder of Masa Finance, mentioned that Nonfungible Tokens (NFTs) are the primary pioneers for Web3 consumer customization and SBTs are the subsequent breakthrough know-how.

“Web3 has a belief difficulty, and SBTs present a composable and scalable option to construct a layer of belief between initiatives and customers, and between customers. "

The Prosperity Passport resolution additionally supplies entry to different utilities from Celo initiatives which have built-in the know-how, reminiscent of microcredit and Common Fundamental Earnings.

Mei believes that the id options offered by SBTs will assist usher within the subsequent 1 billion genuine customers into Web3.

"We see SBTs as a possibility to construct bridges for world economies, industries and customers to merge with web3 and really usher within the new economic system."

In line with the announcement, the protocol has already coined 250,000 Masa Soulbound identities, together with almost 300,000 Masa .Soul Names.

Associated: What's decentralized id within the blockchain?

In late 2022, MetaMask Institutional, Cobo, and Gnosis DAO joined forces to create an SBT undertaking to supply exclusivity and id verification to its customers. Again in December, Japanese monetary agency Sumitomo Mitsui introduced it was investigating SBTs for social causes.

These new digital belongings, together with digital citizenship, are thought of a potential resolution to future digital id within the metaverse.

Though digital belongings weren't straight talked about, on February 9, the European Union talked about the usage of zero-knowledge proofs for future digital IDs.

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Azeez Mustafa
Azeez began his FinTech career path in 2008 after growing interest and intrigue about market wizards and how they managed to become victorious on the battlefield of the financial world. After a decade of learning, reading and training the ins and outs of the industry, he’s now a sought after trading professional, technical/currency analyst and funds manager – as well as an author.
Last Updated : March 1, 2023
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