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What are Soulbound Tokens? What unique advantages do they deliver that wasn't possible before? How they enable a new wave of decentralised finance that is much closer to the philosophy and ideals of the Founders of the crypto industry

Soulbound Tokens (SBT) is a concept proposed in May 2022 by Ethereum cofounder Vitalik Buterin, lawyer Puja Ohlhaver, and E. Glen Weyl, an economist and social technologist. As they say, "These tokens are designed to represent part of a person’s identity in a decentralized digital world." Soulbound tokens (SBTs) are non-transferable tokens representing a person’s identity (any personal info) using blockchain technology. The wallets that hold or issue these records are called “Souls.” 

SBTs aim to turn the NFT concept into something beyond money and bragging rights, a token that is both one-of-a-kind and non-transferable. While NFTs represent assets and property, an SBT represents a person or entity’s reputation. And unlike an NFT, SBTs hold zero monetary value and cannot be traded once issued to someone’s wallet. 

So, are soulbound tokens, digital identity, and a shift towards DeSoc going to be the next big thing in crypto? Or are SBTs just a glorified version of the non-fungible token, which has already taken off in popularity?

The concept of soulbound tokens, despite being interesting, is quite new and cannot replace the NFT ecosystem. Instead, it can serve as an alternative way of identity control, allowing DAOs, for instance, to better engage with their community members.

However, it remains to be seen if both SBTs and NFTs will co-exist until DeSoc becomes a reality in the Web3 space or if SBTs alone can serve as digital identity tokens in the decentralized world. 

Powerful features of SBTs:
🔸 Permissioned access to data
🔸 Identity vs privacy dilemma 
🔸 Composability
🔸 Asset recovery
🔸 Onchain reputation
🔸 Tokenization
🔸 Multiple identities
🔸 Governance

Stobox owns tokens, and our experts helped dozens of clients conduct their offerings. On our website stobox.io, you can book 30-minute consultation to understand whether such tech-driven approach makes sense to you at all. You can also contact us at info@stobox.io.

00:00 Intro
03:02 About Stobox
04:00 What are Soulbound Tokens? 
06:28 Powerful features of Soulbound Tokens
17:23 About spam protection 
18:15 SBTs enable hardcoding 
27:00 Last words

Stay tuned, and see you in the next episode!

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How Soulbound tokens enable decentralization of power? True philosophy of crypto.

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🧐 What are Soulbound Tokens? How do they enable a new wave of decentralized finance?
 
Watch a new Stobox video to learn more about the Soulbound token and its unique advantages.
 
👉 Check it by the link — https://youtu.be/tp_91hGDtas
 
💡 Learn more about Soulbound Decentralized Identities for Security Tokens and other digital assets — https://blog.stobox.io/decentralized-identities-for-security-tokens-and-other-digital-assets/
 
#Stobox #SOULB

What are Soulbound Tokens.  How do they enable a new wave of decentralized finance.

🧐 What are #SoulboundTokens? How do they enable a new wave of #DeFi?
 
📹 Watch a new Stobox video to learn more about the Soulbound #token and its unique advantages.
 
👉 Check it by the link — https://t.co/5E2MXyLJqk
 
#Stobox #SOULB

What are #SoulboundTokens. How do they enable a new wave of #DeFi.

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