If you are a quintessential player, you possibly take a trip down memory lane, drudging for hours of World of Warcraft to ultimately get that particular grade item, SoulBound. These significant items are known to be SoulBound, as they cannot be sent or sold to the other number of players. You permanently hold them for eternity. It made the respective creator Vitalik Buterin of Ethereum, wonder aloud, What if the NFTs can be SoulBound?
This blog will clear your doubts on every web3 aspect, starting from the NFT projects, NFT development, NFT training, and NFT certificate to the online courses about SoulBound. We will also give you all the information you need to succeed as an NFT specialist.
What are SoulBound Tokens SBTs?
The SoulBound Tokens are the non-transferable tokens representing a person’s identity utilizing the technology of blockchain. This could include work history, medical records, and any information that develops an entity or a person. The wallets that issue or hold this type of record are known to be the particular Souls.
Individuals can have multiple souls or wallets representing different segments of their lives. Such as, you can have credential sources for your specific history of work and a medical soul, which is referred for the records related to health. The SBTs and the respective souls allow you to develop a significant verifiable, digital Web3 reputation for your experience and actions.
On the contrary, the souls can also be represented as an entity that effectively allocates SBTs. Like, the companies can be considered to be souls issuing SBTs to each of their employees. The country club is considered digital and can potentially e these SBTs the ability to verify membership status.
The specific logic behind these SoulBound emanates from the famous game World of Warcraft.
The players cannot transfer or sell the SBTs. Once the SBTs are picked up, it is bound to the player’s soul forever.
Now you can imagine this particular idea by applying it to NFTs. In the present scenario, the NFT is the significant ownership certificate for collectibles or digital art like the club of Bored Ape Yacht. The individuals will trade, buy, and boost the NFTs as a specific symbol of wealth and status.
SBTs aims to focus on NFT development which will be something beyond bragging rights and money. It will be a token that will be non-transferable as well as one of a kind. The platform of NFT represents only the property and assets, whereas the SBT will represent an entity’s reputation or a person. Unlike NFT, SBTs have zero monetary value; once issued, they cannot be traded in someone’s wallet.
What happens if we lose SBTs?
The SBTs are stored in the soul wallets. So, if you lose the key to your soul address, the recovery can be made straightforwardly. In a situation where you lose the key, one specific soul would require a significant concern of a soul community member to recover it effectively.
Do not worry!!
You, as a user, can adequately create a set of guardians and have the power to sufficiently change the keys of your soul wallet. These guardians can be your family members, close friends, trusted institution, and many more. These guardians can adequately authenticate the respective owner, which is you, of the soul address through a face-to-face meeting conversation and several other methods.
When will SBTs be available?
Expectantly, the SBTs will be accessible for early utilization on the blockchain of Ethereum by the end of 2022. This is part of his larger plan to develop a decentralized society by the end of 2024.
Debating the transferability of digital tokens
Web3 and its respective ecosystem of effective decentralized solutions have accounted for substantial growth in a short interval, introducing various innovations that are currently challenging the different norms in several industries across the globe. But even with effective development, Web3 has a lot of limitations that have been preventing it from reaching the next level.
Meanwhile, concepts like proof of stake, proof of work, private and public keys, and smart contracts have effectively helped resolve some of these mentioned issues, and others linger in the particular ecosystem.
The trust factor is considered to be one of the significant intricacies that are lacking in the segment of Web3.
Every human interaction or transaction in businesses depends on the stakeholders’ levels of trust. But Web3 is contemplated to be crept in this specific segment, as of the maximum level of anatomy and privacy in the protocols of Web3. This has made the protocols of Web3 heavily reliant on the structure that is centralized in Web2. Therefore, it requires a replacement.
The SBTs can provide a missing linkage toward building a bridge for the trust gap in the segment of Web3. Their functionality of non-transact ability will enable them to effectively serve as a specific means of developing socialite entities which will allow the individuals, as well as protocol, to adequately function in acknowledgment of trust while considering privacy at the same time.
Use cases of SBT
The SBTs consist of a broad range of efficient use cases. Here are some illustrations that can effectively find utilization in your daily life.
When you graduate from a University, you significantly acquire a certificate that proves completion of the required number of courses. Your University can be a soul issuing of the SBTs, and you would particularly like souls on the receiving end. The SBT would effectively store your credentials, proving that you hold legitimate qualifications and are a member of that respective University. Simply said, SBT can function as required proof of your attendance at the University.
Hypothetically, as a job applicant, you can submit all your prior work activities history and the certificate of professionalism utilizing the official SBTs the previous institutions and companies accounted for. These particular SBTs can function as valid proof of the number of skill certificates.
Switching the healthcare providers or doctors can be generated utilizing SBTs that hold your medical records. In theory, the SBT can replace the traditional slow procedure of filling out the documents with paperwork identifying the medical history and going from side to side with someone on your phone.
It enables people to create verifiable online reputations based on previous deeds. This may simplify monitoring a user’s history of decentralized finance (DeFi) borrowing and loan disbursements.
For decentralized autonomous organization(DAO) governance models, these tokens can work as proof and authenticity for reputation-based voting. This could also assist DAOs in reducing Sybil’s attempts.
SBTs are considered to be a hot topic in the segment of Web3. Hypothetically, SBTs can allow you to properly develop your digital reputation and access someone else on the blockchain platform. SBTs can effectively help resolve the particular challenge of trust in Web3 by establishing importance and provenance.
It is considered non-transferable and theoretically has a lower risk of people disrupting the ecosystem by their respective purchasing status or lying about their number of achievements. You can also go for NFT certification through the help of NFT courses and NFT training. You can also opt for online classes that would help you become an NFT expert and an NFT developer. A parting tip, mint your certificates as an SBT to leverage the best of Web3 credibility and functionality in the future.