Soulbound Tokens And Identity Solutions On Web3 Get More Attention From The Finance Period And Celo Blockchain

Web3 identity is now increasingly in demand. (photo: dock. Pixabay)

The attention center of many people in the Web3 community is to improve identity solutions available to consumers. Last year, the emergence of the soulbound token (SBT) introduced a new way for users to define themselves.

Although the SBT hype has subsided over the past few months, they have not disappeared from the stage. On March 1, the SBT Masa Finance protocol announced that it would be applied to carbon-negative Celo blockchains to create new identity solutions.

More than 10 million wallets that are active in the Celo ecosystem will be able to generate a "sepoch passport" Period. This new Web3 identity solution allows users to print various SBTs related to their digital life, such as a verified user verification SBT, credit score SBT, community reputation SBT, and SBT domain names ".chelo".

Calantia May, co-founder of Masa Finance, Cointelegraph reported, said that non-fungible tokens (NFT) are the first pioneers to customize Web3 users, and SBT is the next breakthrough technology.

"Web3 has trust problems, and SBT represents a way that can be compiled and can be improved to build a layer of trust between projects and users, as well as users of each other," said May.

Prosperous passport solutions also provide access to other utilities of the Celo project that has integrated this technology, such as micro-loans and universal base income.

May believes that the identity solution provided by SBT will help incorporate the next 1 billion authentic users into Web3.

"We see SBT as a way to build bridges for the economy, industry and global users to join Web3 and actually introduce a new economy," said May.

According to the announcement, this protocol already has 250,000 Soulbound Masa identities printed, along with nearly 300,000 Soul Masa names printed.

At the end of 2022, the MetaMask Instituteional, Cobo, and Gnosis DAO all joined forces to create a SBT project to bring exclusivity and identity verification to its users. Back in December, Japanese financial firm Sumitomo Mitsui also revealed that they were considering SBT for social reasons.

This new digital asset is believed to be a possible solution for digital identity in the metaverse, along with digital citizenship. Although not directly mentioning digital assets, on February 9, the European Union mentioned the use of zero-knowledge evidence for future digital identity.