What are soulbound tokens (SBTs) and how do they work?
Cointelegraph
Published Nov 19, 2022 08:00AM ET
Updated Nov 20, 2022 11:00AM ET
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.
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