{"id":11886,"date":"2022-06-28T17:33:53","date_gmt":"2022-06-28T17:33:53","guid":{"rendered":"https:\/\/nftandcrypto-news.com\/crypto\/soulbound-tokens-social-credit-system-or-spark-for-global-adoption-cointelegraph-magazine\/"},"modified":"2022-06-28T17:34:08","modified_gmt":"2022-06-28T17:34:08","slug":"soulbound-tokens-social-credit-system-or-spark-for-global-adoption-cointelegraph-magazine","status":"publish","type":"post","link":"https:\/\/nftandcrypto-news.com\/crypto\/soulbound-tokens-social-credit-system-or-spark-for-global-adoption-cointelegraph-magazine\/","title":{"rendered":"Soulbound Tokens: Social credit system or spark for global adoption? \u2013 Cointelegraph Magazine"},"content":{"rendered":"
Ethereum co-founder Vitalik Buterin\u2019s Soulbound Token proposal for a robust identity and reputation system has stirred up the crypto community.\u00a0<\/strong><\/p>\n Soulbound Tokens or SBTs are non-transferable, non-financialized tokens tied to a unique profile proving verifiable achievements and commitments. Still at the concept stage, it\u2019s suggested SBTs will be capable of tracking memberships, credentials and affiliations with educational establishments, decentralized lenders and other entities.<\/p>\n Supporters say that SBTs could be the use case for the next bull market. But others have likened the concept to China\u2019s social credit system and say it\u2019s an \u201cexpensive solution to a problem that\u2019s already been solved.\u201d<\/p>\n So, which is it? Let\u2019s take a deeper dive.<\/p>\n