Daily feed｜【Part 2】SoulBound Token (SBT) will be the beginning of NFT to truly change the world? (Down)

SBT Application Scenario - Decentralized Recovery Wallet

SBT can serve as the last line of defense for decentralization. What does it mean? In the past, some people must have complained that there is no center for decentralization. If you lose the private key of the wallet, there will be no way for help.

The invention of SBT allows us to retrieve your wallet based on this "proof of soul". We can give the wallet recovery authority to your trusted friends. If you lose your wallet, you can perform the recovery action by verifying your friends' SBT. A further solution is to connect with a familiar community and use the community to help you retrieve your wallet.

Application Scenarios of SBT - Favorable Community Governance

The emergence of SBT means that we will have a higher quality database, because each SBT cannot be transferred, and any operation on the blockchain will become accurate.

Example: The community wants to issue rewards to members, but they must meet all three of the following conditions to be eligible to receive them, including (1) having attended event A (2) holding a membership card (3) joining the community for more than 1 year. In the past, we needed to perform various verifications to ensure that the gift was delivered to the right person. Now, with SBT, you can simply and directly find the person you want and make an airdrop.

In the same way, high-quality data can also help conduct voting, data analysis, etc., and improve the governance efficiency and level of the organization. In the past, because one Token represented one vote, a person could buy a large number of tokens/NFTs in disguise to increase their influence, and even influence the voting results, which seriously affected the development of DAOs. Voting under SBT can make one account, one vote, in disguise as a true one-person-one-vote. On the one hand, it prevents similar witch attacks (murdering the community by occupying 51% of the influence), and on the other hand, it may also free us from ideological influence. , to increase the diversity of the voter base, because every vote comes from a "soul".

Potential Risks of SBT

Although SBT is highly malleable, there are still many potential risks because there is no mature application model.

First of all, because SBT is really bound to the wallet rather than the human soul, there is a chance that SBT will be stolen and abused to commit crimes if the wallet is stolen, and the damage may be greater at that time. It's like throwing away your credit card, where you don't declare it, and criminals have the opportunity to abuse it.

Second, because SBT makes everyone's records more visible, there is also the risk of exposing privacy. The blockchain is extremely transparent, and we will know most of his life, background, interests, and even behavior patterns by looking at the SBT of a person's wallet in the future.

This helps different people find their "target" faster. For example, criminals can quickly find the core of the organization's power to bribe, or even harass and attack.

Therefore, SBT makes information records more open, transparent and credible, but at the same time, there is a potential risk of exposing privacy. How to use SBT skillfully to strike a balance between data verification and de-identification, so that we can identify different data while not being able to. Invasion of personal privacy will be a major topic in the future, but in any case, SBT will be one of the inventions that will change the world this year.