What Are Soulbound Tokens (SBT)?

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Soulbound Tokens (SBT) is a groundbreaking concept unveiled in May 2022 by Ethereum cofounder Vitalik Buterin, lawyer Puja Ohlhaver, and economist and social technologist E. Glen Weyl.

SBTs serve as digital identity tokens, encapsulating the unique characteristics, attributes, and accomplishments of individuals or entities. These tokens are generated and governed by “Souls,” which are essentially blockchain accounts or wallets. Crucially, SBTs are designed to be non-transferable, ensuring the integrity and security of the identity they represent.

Through blockchain technology, Soulbound Tokens encompass diverse aspects of a person’s identity, encompassing medical records, work history, and other defining information. The wallets responsible for storing and issuing these records are aptly named “Souls.”

As a revolutionary idea, people can possess multiple Souls, each dedicated to representing different aspects of their lives. For instance, individuals could maintain a “Credentials Soul” for professional history and a “Medical Soul” for health records. The synergy between Souls and SBTs opens the door to crafting a verifiable, digital Web3 reputation founded on past actions and experiences.

On the other hand, Souls can also represent entities that allocate SBTs. For example, companies can function as Souls, distributing SBTs to each employee. Likewise, digital country clubs can utilize SBTs to validate membership status. As this concept continues to evolve, the potential applications and impact of Soulbound Tokens hold great promise for transforming identity management and verification across various domains.

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