Your soul will be bounded to the rock chain
HERE'S HOW
Web3 has some problems.
As of today:
-Users still verify collections with centralized platforms like OpenSea
-There is a lack of social scores
-Custodial wallets are still dominant
-Voting rights go to the highest bidder
-There is a lack of incentives to encourage community engagement
-A single user within a DAO can have multiple wallets to accrue voting power
Additionally, Web3 today centers around expressing transferable, financialized assets, rather than encoding social relationships of trust.
Yet, many core economic activities are built on persistent, non-transferable relationships.
However, there is a solution.
Soulbound tokens, and “Souls” have the potential to change everything.
These two models layout the framework for a decentralized society existing solely on-chain.
Let’s go over each of these terms..
Soulbound tokens are non-transferable tokens that are revocable by the issuer.
SBTs can be used to represent commitments to projects, real world credentials, certificates, & much more.
It’s an easy way to bring off-chain attestations to Ethereum.
Next, we have “Souls”.
A Soul is an account or wallet that holds one or more SBTs.
The various SBTs stored within a Soul can can be used to form one’s Web3 identity.
https://poap.xyz/POAP - The bookmarks of your life
POAPs are digital mementos, minted in celebration of life's remarkable moments.
Each POAP is a gift from an issuer to collectors, in celebration of a special shared memory.
By minting these memories to the blockchain, collectors build a rich tapestry of tokenized experiences which unlock a world of possibilities.
With these two primitives, we can form a society centered around native web3 identities with rich composability.
The future vision of Ethereum described in this paper involves small, incremental advances in the use cases of SBTs..These steps are referred to as “The Stairway to a Decentralized Society”, which consist of the following:
-Establishing provenance
-Unlocking undercollateralized lending with reputation
-Enabling decentralized key management
-Compensating coordinated strategic behavior
-Measuring decentralization
-Creating novel markets with decomposable, shared rights & permissions
