Soulbound Tokens

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dirtybenny
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Soulbound Tokens

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I have asked this question as a comment on the blog....

“Do you think there will be any spiritual consequences to voluntarily directing one’s effort, intention and attention to promoting a digital blockchain currency? What will the ultimate goal of a blockchain world mean for manKIND ?”

Are CRYPT-O promoters spiritual murderers?… using Dave J.’s colorful, yet accurate verbiage.

I am intrigued by this blockchain entity known as SOULBOUND TOKENS.

A non-fungible token (NFT) is a digital token of information (data) that lives on the blockchain. Every NFT has its own identification code and metadata, meaning that every NFT is unique and the data it contains cannot be falsified. Regular NFTs can be sold or given away for free. In other words, they aren’t tied to one specific person or organization.

Soulbound tokens are just permanent, non-transferable NFTs, meaning that they can’t be given away or taken from your private blockchain wallet.

Some SBTs may act like real-life achievement badges, similar to the badges you get in a video game when you complete a specific task or make it past a set milestone. However, instead of receiving a badge for defeating a foe or saving the princess (or prince!), you get an SBT for completing a degree, earning a professional certification, winning an award, and so on. Even if it’s for something as niche as being the world’s leading expert on kickball, your corresponding SBT would serve as a way of verifying that achievement to others.

But SBTs aren’t just about achievements. They can be tied to a myriad of other traits, features, and personal information. For example, an SBT could be used to verify your name, birthday, political affiliations, charitable giving, criminal record, medical history, nationality, religious upbringing, military history, and more. The possibilities are literally endless.

Yes, anyone can say they went to Harvard by marking it as their alma mater on Facebook. But with SBTs, Harvard’s “Soul” (aka their private wallet) would have to grant your “Soul” (aka your private wallet) an SBT of a diploma for you to be able to effectively make that claim. In this respect, SBTs can be distributed amongst members of a group or institution as proof of affiliation.

What happens if you lose your Soul?
What happens if your Soul wallet is hacked? Or what if you lose the key to your Soul address? This is, unfortunately, a very valid concern.

As previously mentioned, thefts are rampant within the NFT community. So when it comes to SBTs, it’s vital to have proper safeguards or contingency plans in place to prevent bad actors from taking identity theft to a whole new level.

In answer to this problem, Buterin proposed a community-wide adoption of something known as the “social recovery model.” With social recovery, users can appoint a set of individuals or institutions as “guardians.” These guardians have the ability to access and change the private keys of a user’s wallet, should it get compromised. With this model, the authors note that recovering a Soul’s private keys would “require a member from a qualified majority of a (random subset of) Soul’s communities to consent.”

https://nftnow.com/guides/soulbound-tok ... your-life/

https://decrypt.co/resources/what-are-s ... ed-society

To understand ‘soulbound,’ better, we must break it down further. Some definitions of soul say that it is; “an unseen force that lives in every human being. It gives us direction and gives substance to our life”. It further states that “a soul lives on for eternity”. Some say they consider the soul to be their conscience.

The definition of ‘bound,’ is; “destined to happen or tied or secured physically or emotionally.”


To experience being ‘soulbound,’ we have to find another soul that meets our soul on a level that communication can exist without words. To feel their pain, we feel their joy, we care about their wellbeing as much as we do our own. We can do all that without speaking a word.
In this life, being ‘soulbound,’ to someone is often not understood.

https://jrmartinauthordotblog.wordpress ... ound-mean/

Do I think it is coincidence that the term SOULbound is used for a blockchain NFT? Nope....
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