What is a SoulBound Token? | Ledger
SBTs are non-transferable NFTs and are issued as tokens that represent the personal history and activities of the individual holding the SBT wallet. The wallets in which the various SBTs are stored are called “souls” because they represent the identity of the owners of the wallets. With the recent changes in society, such as the generalization of side jobs, the spread of personal technology and knowledge sharing services, and the emergence of decentralized autonomous organizations DAO (*1), it has become common for individuals to have diverse roles and personalities in society. In this new society, it is expected that each individual will be able to control which personality he or she displays in each community in which he or she participates. SBT responds to these new social needs through the use of multiple “souls”. We believe that the partnership between HashPort Group and SMBC Group to conduct research in the area of SBT, which is expected to be put to practical use in the future, is a meaningful initiative to encourage the spread of the Web3 economic zone in Japan. (*1) What is DAO? Decentralized Autonomous Organization, in Japanese.
- The term “autonomous decentralized organization” was used in Japanese in a broader sense before the DAO, which may cause confusion.
A jointly owned organization in which there is no specific manager or owner, and the members of the organization make decisions by voting to promote the business or project. HashPort to Consider Business Alliance with SMBC Group in Soulbound Token Domain｜Press Release by HashPort Corporation.
[Image of SBT utilization For example, suppose there is a user who has a soul as a working person and a soul as a music fan at the same time. If this user wants to prove his/her skills and work history when changing jobs, he/she can prove his/her identity and his/her career history at the same time by allowing his/her employer to reference the SBT held in his/her working soul and personal information such as name and address stored outside the blockchain. This allows for simultaneous proof of identity and proof of background associated with the identity. Also, if you want to share your history of fan activity within an artist’s fan community to prove your loyalty as a fan, you can allow the community to only reference the SBTs you hold within your soul as a music fan, thus preserving your anonymity and allowing them to see how many live shows you have attended, how many music plays number of times you have attended live shows, played music, etc., while remaining anonymous.
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