March 31, 2023

Home Blockchain Soulbound tokens energy new identification answer on Celo blockchain – Cointelegraph

Soulbound tokens energy new identification answer on Celo blockchain – Cointelegraph

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Masa Finance introduced its deployment on the Celo blockchain with its new “Prosperity Passport” identification answer for customers.


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A central focus for a lot of within the Web3 group has been improving identity solutions out there to customers. Final 12 months the emergence of soulbound tokens (SBT) launched a brand new method for customers to outline themselves. 

Though the SBT hype quieted over the past months, they haven’t disappeared off the scene. On Mar. 1, the SBT protocol Masa Finance introduced that it’ll deploy on the carbon-negative Celo blockchain to create a brand new identification answer. 

Greater than 10 million wallets energetic within the Celo ecosystem will be capable to generate a Masa “Prosperity Passport.” This new Web3 identification answer permits customers to mint quite a lot of SBTs associated to their digital life, resembling an authenticated person verification SBT, a credit score rating SBT, a group fame SBT and a .celo area title SBT.

Calanthia Mei, the co-founder of Masa Finance mentioned nonfungible tokens (NFTs) had been the primary pioneers for Web3 person customization, and SBTs are the subsequent breakthrough expertise.

“Web3 has a belief subject, and SBTs characterize a composable and scalable solution to construct a belief layer between initiatives and customers, and customers amongst one another. “

The “Prosperity Passport” answer additionally offers entry to different utilities from Celo initiatives which have built-in the expertise, resembling micro loans and common fundamental revenue.

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

“We see SBTs as a solution to construct bridges for international economies, industries, and customers to merge with web3 and actually usher within the new economic system.”

In keeping with the announcement, the protocol already has 250,000 Masa Soulbound Identities minted, together with almost 300,000 Masa .Soul Names minted.

Associated: What is decentralized identity in blockchain?

On the finish of 2022, MetaMask Institutional, Cobo and Gnosis DAO all teamed up to create an SBT project to convey exclusivity and identification verification to its customers. Again in December, the Japanese monetary agency Sumitomo Mitsui additionally revealed it’s looking into SBTs for social causes.

These new digital belongings are regarded as a attainable answer to future digital identity in the metaverse, together with digital citizenship.

Whereas circuitously mentioning digital belongings, on Feb. 9, the European Union talked about using zero-knowledge proofs for future digital IDs.

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