Soulbound Token — Final piece of the puzzle?
Are Soulbound Token the final piece of the puzzle to complete the decentralized economy?
The collapse of the entire Terra ecosystem and all the stablecoin drama has weighed on the market over the past few weeks. These pivotal moments, such as major fixes or bear markets themselves, can serve as a purge of low-quality projects, as well as huge emerging technologies and new theories of decentralization.
What are they? Vitalik Buterin, the ingenuity behind Ethereum and (arguably) smart contracts, added a little more adrenaline when he unveiled a new theory inspired by his favorite World of Warcraft game, Solbound Tokens. A timeless form of a token held by a “soul” wallet, the principle is irreplaceable, but with a twist, it is also non-transferable!
At first it was just a catchy name like “Move to Earn” and many others. But when you dig deeper into this theory, you can’t find a comprehensive solution. We believe this is the final piece of the puzzle to complete a decentralized economy. Regarding blockchain data, SBT can erase personal milestones such as university degrees, IRL skills, luxury goods verification, and most importantly, personal identification (birth certificates) in third world countries and underdeveloped technology countries.
Privacy and compliance are getting more and more important in any kind of vertical the crypto space offers. SBT in combination with solutions like Astra Protocol could complete the decentralized economy we’re looking for.