Neobay.io Soulbound Tokens (NTT)

ERC1238 standard - Why Soulbound Tokens will be useful?



A Soulbound Token (NTT) is a token that is assigned to a user forever. Once it is transferred to the target wallet - it will stay there. It has all the perks of an NFT, but once received - it cannot be transferred further. Deprived of key functionality, they may be what the Ethereum network needed.

So let's look at examples of its use.

Confirmation of identity - a digital ID card.

In this form, the token could serve as an ID card that confirms our identity. The solution would be very similar to currently operating trusted profiles, but it could work without intermediaries, and it is far safer. You wouldn't need special codes or double verification. Blockchain has trust build in the system, so all operations can be made between users safely. Having an identification NTT would allow users to sign documents and use services that require proof of identity. It would also help to secure copyrights for the works we create.

Diplomas and certificates.

Most of us are familiar with situations in which, whether for a new job or enrolling in a new university, we have to find our certificates of employment, completed courses and schools. What if all these documents were in one place, and the system would automatically verify that we meet the conditions? Once verified, the system would carry out all the paperwork automatically, and we can focus on preparing for the new challenge.

Of course, in the beginning, NTT tokens can be issued as additional security for traditional forms, leaving a gateway towards the future. Tokens created today will be just as valid and functional even in 30 or 100 years.

Achievements, loyalty programs, badges.

Soulbound Tokens can be used in your loyalty programs and for your achievement system. When a customer enters the appropriate rank in your program they receive a unique token sent to their wallet. The system recognizes what NTTs the customer has and, based on this, the benefits that the specific rank is entitled to are unlocked. Since the token cannot be transferred - you are assured that only the customer who has met the requirements will benefit from the benefits assigned to him. In time, once the blockchain network is widespread, each institution will be able to further secure or reward its clients, users and wards, and each user will be able to see or brag about their achievements.

NTT tokens can also be used to reward, for example, participants in events we organize. A networking meeting, a concert, or maybe a convention? Such NTT in the user's wallet will be a confirmation of his status and a modern souvenir, which will stay in the Blockchain forever and will not be destroyed by time.

But why use NFT and NTT instead of traditional methods?

Only Blockchain provides full security and transparency. The tokens we create and secure are unique, nonfungible and unhackable - no traditional asset has these properties.
In addition, the database is fully transparent and accessible. Any user can check the authenticity, history and contract from which NFTs are issued. Read more in an article about the advantages of using NFTs today HERE.

In two words, Soulbound Tokens are an expression of identity. Be it the official one, or simply us and our lifestyle. Quantum is starting to issue NTT tokens to its employees and contractors, because non-transferable tokens are the next step to a free digital world.