📍 Soulbound NFT Use Cases
Soulbound Tokens (SBT) are non-transferable tokens / NFTs that represent the components of information that make up a person’s identity and his affiliations. By reshaping the way we present ourselves in systems designed to be trustless, soulbound tokens will pave the way for Web3. The concept was initially introduced by Ethereum cofounder Vitalik Buterin in a blog post and has caught our attention ever since.
Within Web3, SBTs will function like a digital resume. Membership, affiliation, and eligibility information for each individual will be contained in a new non-transferrable NFT. As opposed to NFTs and other cryptocurrencies that can be purchased and sold on the open market, soulbound tokens are permanently linked to an account.
As a “Soul” issuer, Vulos will provide self-certified SBTs that can be publicly verified on blockchain. Therefore, anyone can easily trace or prove the circle of trust for that particular Vulos ID.
Researchers at Vulos have closely examined potential use cases involving Vulos Identity & Cryptonoids with Soulbound NFTs. Each Vulos Identity will receive a SBT for verification of membership status and use them throughout the Vulos Ecosystem.
Through SBTs, Vulos Identity will empower people to own their data, unlocking the full potential of Web3. In addition to offering Identity Verification, trust score evaluation, document certifications, record tracking, and much more, Vulos IDs will be used across many platforms, eliminating user problems in Metaverse, DeFi, and the entire Web3 Ecosystem.
Vulos Identity’s potential will be transformed by utilizing Soulbound tokens (SBTs). Among the potential use cases are:
- Identity Verification
- Reusable KYC Verification
- Decentralized Trust Management System
- Document Certification
- NFT Certification
- Digital CV
- Medical Record
- Health Insurance Record
- DAO Voting Mechanism
- DeFi Collateral based on Actor Reputation