Digital assets and blockchains are increasingly being used in various sectors of the economy, but the lack of transparency and occasional hacks prevent large-scale participants from entering the DeFi market. For the further development of the industry, it is necessary to regulate it by law and identify users.
For this reason Soulbound-tokens are the future of the decentralized internet. They are non-transferable tokens that are linked to a wallet and represent a person's identity using blockchain technology. This can include any information related to an individual or legal entity: identity verification data, geographic data, educational diplomas, credit history, work experience, regalia, medical records and much more. The wallets that hold or issue these records are called “Souls.”
Soulb ID Technology
The technology is an application consisting of Web2 and Web3 components. Each soulbound token contains a unique key to encrypted personalized data. The data cannot be faked, as well as the key cannot be cracked by available means. Web2 describes the current state of the internet, which has more user-generated content and usability for end-users compared to its earlier incarnation, Web1.
The key and additional data are stored within the NTT or Non-Transferrable Token format of the ERC-1155 standard. A distinctive feature of NTTs is that tokens once minted cannot be transferred to another user. Accordingly, personal data is forever assigned to a specific address in the blockchain.
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Where are Soulbound tokens used?
- Blockchain products - Using soulbound tokens to access decentralized applications and verify identity.
- DeFi - The presence of personal identification will allow users to seamlessly and securely conduct transactions in DeFi.
- Communities - Decentralized communities are one of the global trends for 2030.
Key Benefits of Soulbound ID for Global Portfolio CryptoUnit Members:
- The ability to use Soulbound ID to verify your own STO account.
- Participation in the placement of tokens at an early stage.
- The rising price of the token and its functional utility make the token unique and attractive.
- Binding to your WCRU security token as well as CRU utility token.
When you purchase Soulbound tokens, you get a Soulbound Personal Web3 ID for free without spending and converting your existing Soulbound tokens and allows you to start using digital identity as one of the first users in the world.
The Lockup period is 12 months. They plan to finalise the Soulbound ID infrastructure development by the end of June 2023. Also, they are building and developing the whole ecosystem that all Soulbound Token holders can use without any borders in a compliant way.
After 12 months, you will have the possibility to withdraw your Soulbound Tokens to your web3 wallet and engage in further activities.
The launch of the Bitcoin network marked an irreversible change in the world, marking the birth of a new layer of the economy built on decentralized governance. But then it was not so obvious. Today, many would like to go back in time and buy bitcoin back when it was created. Today you have the opportunity to be at the very dawn of a new inevitable trend. It's like going back to 2009 and buying bitcoin.
Register with Soulbound ID