What is a Soul Bound Token? - Crypto in Plain English - Episode 183 - by cryptohunt.it
Crypto in Plain English - by cryptohunt.it9 Juni 2022

What is a Soul Bound Token? - Crypto in Plain English - Episode 183 - by cryptohunt.it

What is a Soul Bound Token?

Welcome to the cryptohunt jam where we spend one minute a day to explain crypto. In plain english.

Today: What is an SBT, which is short for Sould Bound Token?

The idea of the soul bound token is relatively new, and was proposed by three authors: Glen Weyl, Puja Ohlhaver, and none other than Ethereum co-founder Vitalki Buterin.

In short, it describes a record of your accomplishments on the blockchain.

You’ll remember that blockchains are really nothing more than databases, with the twist that anyone can verify a record's correctness. And the idea here is to record your achievements on it, and record them in a way that only your wallet can hold them. They can never be transferred, hence the name soul bound - bound to you.

Sounds abstract? It is, but think about it this way: If you play a video game online and earn a badge, or do a workout with your AppleWatch and get a virtual medal - those are all digital recognitions of something you accomplished, they are just not recorded on a blockchain.

But the blockchain does make sense if you take the concept further: Your university could issue you an SBT that undeniably verifies your degrees. A former employer could do the same for a reference. And whoever you show it to, can trust them instantly.

We’ll see where this goes. But we think it’s one of the few practical applications where the idea of a blockchain provides extra value.

What do you think?

Disclaimer: This podcast references our opinion and is for information purposes only. It is not intended to be investment advice. Do your own research and seek a duly licensed professional for investment advice.

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