Soulbound Tokens
Abstract: Web3, the decentralized version of the internet, has been more focused on transferring financial assets than on establishing trust-based social connections. Vitalik Buterin, Ethereum's founder, suggests that non-transferable "soulbound" tokens (SBTs) could foster trusted networks, emphasizing long-term value over short-term profit. SBTs could reshape Web3, integrating it more meaningfully into society and offering a novel approach to digital identification.
Introduction: The concept of non-transferable tokens, or soulbound tokens, has gained traction in the blockchain community. These tokens can serve as an individual's digital identity in Web3, offering a decentralized alternative to traditional, centralized identity systems prone to breaches.
Related Work: Vitalik Buterin introduced the idea of SBTs in a paper titled "Decentralised Society: Finding Web3’s Soul." Other researchers have explored the functionality of SBTs, their role in the NFT landscape, and their comparison with Decentralized Identifiers (DIDs).
Research Questions: The study aims to address several questions, including:
How do SBTs impact the current Blockchain and NFT landscape?
What are the feasibility and benefits of SBTs in Web3?
How do SBTs differ from other identification methods like SSI and DID?
Aim and Objectives: The research intends to highlight the importance of SBTs in the blockchain ecosystem. It will review existing literature, conduct surveys, and analyze case studies to understand the benefits and risks of SBTs in various contexts.
Significance of the Study: SBTs can rejuvenate the crypto market. They represent unique credentials that are non-transferable, ensuring authenticity. The study will clarify the distinctions between NFTs, SBTs, and DIDs, providing insights for developers, policymakers, and researchers.
Scope of the Study: The research will delve into the concept, benefits, and limitations of SBTs. It will also highlight potential applications, such as in-game items, digital identities, and unique art pieces.
Research Methodology: A mixed-methods approach will be employed, combining literature reviews, surveys, prototyping, and expert interviews. The study will also explore the technical, social, and ethical implications of SBTs.
Use Cases of SBTs:
College Degrees or Certificates: SBTs can represent academic achievements, ensuring authenticity and reducing forgery.
Managing Medical Records: SBTs can streamline medical record sharing, enhancing healthcare quality.
Gaming: SBTs can represent in-game achievements, ensuring genuine accomplishments.
Network State: SBTs can provide identity to online communities, fostering decentralized states.
Required Resources: Tools like Metamask, Ethereum Test Networks, Remix, OpenZeppelin, Solidity, IPFS, Pinata, Moralis, and OpenSea will be essential for the research.
Research Plan: The plan involves outlining potential applications of SBTs, expanding on their use cases, and consulting industry experts. The research will also focus on creating diagrams, flowcharts, and technical representations to elucidate the workings of SBTs.
References: The summary is based on works from Vitalik Buterin, E. Glen Weyl, Puja Ohlhaver, Felix Hildebrandt, Shrey Jain, Leon Erichsen, Glen Weyl, Spela Cucko, Muhamed Turkanovic, and Dale Owens.
Abstract: Web3, the decentralized version of the internet, has been more focused on transferring financial assets than on establishing trust-based social connections. Vitalik Buterin, Ethereum's founder, suggests that non-transferable "soulbound" tokens (SBTs) could foster trusted networks, emphasizing long-term value over short-term profit. SBTs could reshape Web3, integrating it more meaningfully into society and offering a novel approach to digital identification.
Introduction: The concept of non-transferable tokens, or soulbound tokens, has gained traction in the blockchain community. These tokens can serve as an individual's digital identity in Web3, offering a decentralized alternative to traditional, centralized identity systems prone to breaches.
Related Work: Vitalik Buterin introduced the idea of SBTs in a paper titled "Decentralised Society: Finding Web3’s Soul." Other researchers have explored the functionality of SBTs, their role in the NFT landscape, and their comparison with Decentralized Identifiers (DIDs).
Research Questions: The study aims to address several questions, including:
How do SBTs impact the current Blockchain and NFT landscape?
What are the feasibility and benefits of SBTs in Web3?
How do SBTs differ from other identification methods like SSI and DID?
Aim and Objectives: The research intends to highlight the importance of SBTs in the blockchain ecosystem. It will review existing literature, conduct surveys, and analyze case studies to understand the benefits and risks of SBTs in various contexts.
Significance of the Study: SBTs can rejuvenate the crypto market. They represent unique credentials that are non-transferable, ensuring authenticity. The study will clarify the distinctions between NFTs, SBTs, and DIDs, providing insights for developers, policymakers, and researchers.
Scope of the Study: The research will delve into the concept, benefits, and limitations of SBTs. It will also highlight potential applications, such as in-game items, digital identities, and unique art pieces.
Research Methodology: A mixed-methods approach will be employed, combining literature reviews, surveys, prototyping, and expert interviews. The study will also explore the technical, social, and ethical implications of SBTs.
Use Cases of SBTs:
College Degrees or Certificates: SBTs can represent academic achievements, ensuring authenticity and reducing forgery.
Managing Medical Records: SBTs can streamline medical record sharing, enhancing healthcare quality.
Gaming: SBTs can represent in-game achievements, ensuring genuine accomplishments.
Network State: SBTs can provide identity to online communities, fostering decentralized states.
Required Resources: Tools like Metamask, Ethereum Test Networks, Remix, OpenZeppelin, Solidity, IPFS, Pinata, Moralis, and OpenSea will be essential for the research.
Research Plan: The plan involves outlining potential applications of SBTs, expanding on their use cases, and consulting industry experts. The research will also focus on creating diagrams, flowcharts, and technical representations to elucidate the workings of SBTs.
References: The summary is based on works from Vitalik Buterin, E. Glen Weyl, Puja Ohlhaver, Felix Hildebrandt, Shrey Jain, Leon Erichsen, Glen Weyl, Spela Cucko, Muhamed Turkanovic, and Dale Owens.
Abstract: Web3, the decentralized version of the internet, has been more focused on transferring financial assets than on establishing trust-based social connections. Vitalik Buterin, Ethereum's founder, suggests that non-transferable "soulbound" tokens (SBTs) could foster trusted networks, emphasizing long-term value over short-term profit. SBTs could reshape Web3, integrating it more meaningfully into society and offering a novel approach to digital identification.
Introduction: The concept of non-transferable tokens, or soulbound tokens, has gained traction in the blockchain community. These tokens can serve as an individual's digital identity in Web3, offering a decentralized alternative to traditional, centralized identity systems prone to breaches.
Related Work: Vitalik Buterin introduced the idea of SBTs in a paper titled "Decentralised Society: Finding Web3’s Soul." Other researchers have explored the functionality of SBTs, their role in the NFT landscape, and their comparison with Decentralized Identifiers (DIDs).
Research Questions: The study aims to address several questions, including:
How do SBTs impact the current Blockchain and NFT landscape?
What are the feasibility and benefits of SBTs in Web3?
How do SBTs differ from other identification methods like SSI and DID?
Aim and Objectives: The research intends to highlight the importance of SBTs in the blockchain ecosystem. It will review existing literature, conduct surveys, and analyze case studies to understand the benefits and risks of SBTs in various contexts.
Significance of the Study: SBTs can rejuvenate the crypto market. They represent unique credentials that are non-transferable, ensuring authenticity. The study will clarify the distinctions between NFTs, SBTs, and DIDs, providing insights for developers, policymakers, and researchers.
Scope of the Study: The research will delve into the concept, benefits, and limitations of SBTs. It will also highlight potential applications, such as in-game items, digital identities, and unique art pieces.
Research Methodology: A mixed-methods approach will be employed, combining literature reviews, surveys, prototyping, and expert interviews. The study will also explore the technical, social, and ethical implications of SBTs.
Use Cases of SBTs:
College Degrees or Certificates: SBTs can represent academic achievements, ensuring authenticity and reducing forgery.
Managing Medical Records: SBTs can streamline medical record sharing, enhancing healthcare quality.
Gaming: SBTs can represent in-game achievements, ensuring genuine accomplishments.
Network State: SBTs can provide identity to online communities, fostering decentralized states.
Required Resources: Tools like Metamask, Ethereum Test Networks, Remix, OpenZeppelin, Solidity, IPFS, Pinata, Moralis, and OpenSea will be essential for the research.
Research Plan: The plan involves outlining potential applications of SBTs, expanding on their use cases, and consulting industry experts. The research will also focus on creating diagrams, flowcharts, and technical representations to elucidate the workings of SBTs.
References: The summary is based on works from Vitalik Buterin, E. Glen Weyl, Puja Ohlhaver, Felix Hildebrandt, Shrey Jain, Leon Erichsen, Glen Weyl, Spela Cucko, Muhamed Turkanovic, and Dale Owens.
