Buterin says SBTs will secure our identity on Web3

Amid all the NFT hype, there are certain things that are still not transferable. For instance, your birth certificates, college degrees, etc. But what if these crucial documents could be denoted by NFTs and at the same, be connected to you for life.  Thus, get ready to enter the nextgen solution in the crypto space – the soulbound tokens. 

Earlier this month, Vitalik Buterin coauthored a 40-page paper sketching his vision for a decentralized society (DeSoc) where people accumulate a permanent record of merits and traits that are stored in private blockchain wallets as non-tradable crypto assets. The writers anoint those achievement badges as soulbound tokens i.e. SBTs.

Soundbound Tokens

buterin-explains-soundbound-tokens-sbts

Explaining the soundbound tokens, Buterin emphasizes, that SBTs are also like NFTs that a person can acquire based in part on their job and education history. Unlike normal NFTs, they are non-transferable, although people can withdraw them if they choose to. SBTs would symbolize a person’s reputation and accomplishments, a sort of extended resume.

How SBTs can support us in real life?  

In simple words, SBTs are more like how we share information regarding ourselves on our CVs. But in this case, one Soul can be issued or authenticated by other Souls. For instance, a company can provide a recommendation letter for an employee as an SBT token.

So, when universities start allocating degrees as SBTs, employers will begin issuing SBTs to workers then these credentials would make it hard for scammers to imitate someone. 

In addition to his views, Buterin mentions that the idea is to strengthen people’s social identities by customizing them with distinctive, non-exchangeable badges. In hypothesis, the tokens could help crack some of the problems ruining decentralized finance, like scams and theft. 

What if you lose SBTs?

The SBTs will be kept in Soul wallets.  So if you lose the key to your soul address, it can be easily retrieved. In a circumstance, if you lose the key, a Soul would demand the consent of a Soul community member to retrieve it. 

Buterin also mentions that users can organize a set of “guardians” and provide them the power to modify the keys of their soul wallet. These guardians could be close friends, family members, authorized institutions, etc. These guardians could attest to the owner of the soul address via a conversation, a face-to-face meeting, and multiple other methods

When will  SBTs be made available? 

It seems like the SBTs will be available for earlier access on the Ethereum blockchain by the end of this year. This initiative is all part of Buterin’s bigger project in order to create a decentralized society by the year 2024.


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