What are soulbound tokens (SBTs) and how do they work? By Cointelegraph
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What are soulbound tokens (SBTs) and how do they work?By creating an alternative financial system with extraordinary flexibility and innovation in less than ten years, Web3 has astounded the globe. Economic and cryptographic primitives such as smart contracts and consensus mechanisms have helped to create an open-source system to conduct and authorize financial transactions.
However, the decentralized finance (DeFi) ecosystem cannot support straightforward contracts like an apartment lease because it lacks a native Web3 identity. This article aims to demonstrate how even modest advances toward social identity representation with soulbound tokens could circumvent these constraints and reroute Web3 to an authentic, more transformational path.
NFT ownership
Job vacancies
Gaming
Verification of borrowers’ credit history
Souldrops
Continue Reading on Coin Telegraph
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What are soulbound tokens (SBTs) and how do they work?By creating an alternative financial system with extraordinary flexibility and innovation in less than ten years, Web3 has astounded the globe. Economic and cryptographic primitives such as smart contracts and consensus mechanisms have helped to create an open-source system to conduct and authorize financial transactions.
However, the decentralized finance (DeFi) ecosystem cannot support straightforward contracts like an apartment lease because it lacks a native Web3 identity. This article aims to demonstrate how even modest advances toward social identity representation with soulbound tokens could circumvent these constraints and reroute Web3 to an authentic, more transformational path.
NFT ownership
Job vacancies
Gaming
Verification of borrowers’ credit history
Souldrops
Continue Reading on Coin Telegraph
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