Time to switch from LinkedIn to MetaMask? Not yet, but soon
The function of crypto wallets has changed significantly over the last few years. They initially secured token holdings or served as art galleries with nonfungible tokens (NFTs). Today, they’ve become like bank accounts for many, and soon, they will offer even more functionality by enabling digital curriculum vitae (CVs).
In a May 2022 paper, Ethereum co-founder Vitalik Buterin and others introduced the concept of “Soulbound tokens” (SBTs). Buterin and his co-authors argued that credentials on a blockchain offer many advantages to establishing provenance and reputation.
Related: Facebook and Twitter will soon be obsolete thanks to blockchain technology
SBTs are like PoAPs, but they are non-transferable and, therefore, bound to a wallet. That’s because people should not be able to buy credentials that do not represent their own accomplishments. Thus, those tokens should not have a direct monetary value. Binance announced in September that it would introduce the Binance Account Bound (BAB) token as proof of identity for Binance users.
Another interesting project is the Lens Protocol, which was built by the Aave team. Lens is a composable and decentralized social graph that allows the hosting of various social media applications. Users receive a Lens handle in the form of an NFT, which is their user account for all decentralized applications (DApps). Every interaction with the Lens account is saved and linked to the handle.
One might wonder why a decentralized finance (DeFi) giant like Aave is suddenly starting a social media platform, but it makes sense. Aave, like all DeFi lending and borrowing platforms, only allows overcollateralized loans. The reason for this is that there is a lack of information from the users compared
Read more on cointelegraph.com
