“Soulbound” should be a pretty familiar term for most gamers. Now, avid crypto users may be well on their way to familiarizing themselves with it as well. The term was originally used in games like World of Warcraft to classify items that were bound to a specific character, not allowing them to be traded or moved from their inventory.
The term has more recently turned up in the crypto world, with ideas of “soulbound tokens” being mentioned in relation to cryptocurrency. And now, the term may just start going mainstream as Manta Network launches its own version of zero-knowledge soulbound tokens (zkSBT).
What are zero-knowledge soulbound tokens?
Manta Network, an L1 blockchain running on Polkadot, just announced a collaboration with Linea. This collaboration introduces an exciting new token known as “zkSBT” to users of the blockchain.
So what can you do with it exactly? Well, soulbound tokens offer functionality similar to NFTs. But the difference is that they can’t be traded, and are completely tied to the identity of a person, entity, and/or wallet.
This provides an exciting new way to verify one’s identity without having to submit KYC information. Because these tokens can only ever be owned by one person, they can act as a pseudonymous way of confirming someone’s identity without the need for personal information.
Seeing as how anonymity is a core pillar in the crypto industry, zkBST provides a balance between providing too much information and purely relying on trust. It essentially acts as proof of identity without exposing users to the potential of compromised or leaked information. That’s a win-win.
That’s not even the best part though. These new soulbound tokens were built to work with both Web2 and Web3 applications, introducing new technology into a world that seems to depend too much on collecting personal information. Better yet, Manta’s “Proof Key” technology can even be used without having to connect a wallet.
Will this be the future of on-chain and off-chain verification? Only time will tell.
HedgeUp hits $1.8 million in total funding raised
While Manta is revolutionizing online verification, HedgeUp continues to dominate the alternative asset market as it nears $2 million in funding acquired. This is a pretty substantial feat considering the project hasn’t even finished its presale phase yet.
In fact, its presale is still in stage 3, offering investors the opportunity to buy its native token HDUP for $0.02 before it increases in the next stage.
The increased buzz around HedgeUp (HDUP) just shows the attention alternative assets have begun to generate over the last few months. As distrust builds in traditional investments, investors are looking for new ways to continue growing their money, and that’s what HedgeUp is all about.
The platform introduces a new fractionalized ownership module utilizing NFTs in order to own and profit from assets such as rare luxury watches, rare vintage champagne, and much more.
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Source: https://www.thecoinrepublic.com/2023/05/26/polkadot-rolls-out-privacy-centric-soulbound-tokens-while-hedgeup-raises-1-8m-for-10x-launch/