{"id":16336,"date":"2023-01-18T01:11:06","date_gmt":"2023-01-18T01:11:06","guid":{"rendered":"https:\/\/nftandcrypto-news.com\/nft\/masa-finance-brings-soulbound-tokens-to-ethereum-heres-what-to-know\/"},"modified":"2023-01-18T01:11:11","modified_gmt":"2023-01-18T01:11:11","slug":"masa-finance-brings-soulbound-tokens-to-ethereum-heres-what-to-know","status":"publish","type":"post","link":"https:\/\/nftandcrypto-news.com\/nft\/masa-finance-brings-soulbound-tokens-to-ethereum-heres-what-to-know\/","title":{"rendered":"Masa Finance Brings Soulbound Tokens to Ethereum. Here\u2019s What to Know"},"content":{"rendered":"
To Ethereum Co-Founder Vitalik Buterin<\/a> and his cult-like following, Soulbound Tokens (SBTs) are the future. Proposed by Buterin and his fellow authors via a white paper\u00a0entitled \u201cDecentralized Society: Finding Web3\u2019s Soul,\u201d the vision of SBTs is for a fully decentralized society (DeSoc) to make use of non-transferable identity and reputation tokens. Yet, for most, a DeSoc still seems quite far off, leading to the assumption that SBTs must also be a ways away.<\/p>\n But even so, in response to Buterin\u2019s paper, many took the cause of bringing SBTs to reality into their own hands. And now, one such entity has succeeded in going beyond the SBT \u201cwhat if\u201d by planting the seeds of Soulbound utility on the Ethereum blockchain. With its mainnet launch on Ethereum, Masa Finance<\/a> has brought forth a standardized on-chain Soulbound Token protocol to power the Web3 economy.<\/p>\n So let\u2019s break it down.<\/p>\n In theory, SBTs have a solid chance of changing society as we know it. In practice, that remains to be seen. Yet, Masa, which on January 17 announced its mainnet launch, is hoping to change this consensus. With the launch, the company aims to empower users to mint a variety of Soulbound Tokens on its platform, including Masa Soulbound Identity SBTs, Web3 credit reports, and unique .soul domain name NFTs.<\/p>\nWhat Masa brings to the SBT conversation<\/h2>\n