A Company Says It Created Soulbound Tokens – Crypto News – Crypto News
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A Company Says It Created Soulbound Tokens A Company Says It Created Soulbound Tokens


A Company Says It Created Soulbound Tokens – Crypto News



A world with Soulbound Tokens (SBTs) may not be so far off after all. In a recent announcement from Web3 development platform Idexothe company stated that it recently added SBTs into its Software Development Kit (SDK).

Effectively, this would grant any and all developers using the platform the ability to create SBTs, as well as the option to host these reputation tokens on several different blockchains, with more options currently in the works. So far, developers will be able to create SBTs on Avalanche, BNBChain, Fantom, Polygon, and (of course) Ethereum.

The best part? Idexo says it is prioritizing ease of use when it comes to creating SBTs. That means developers will be able to create SBTs using just a single line of code. The company is also giving non-coders the tools to create SBTs via their web app, which will reportedly entail just “a few clicks,” according to the press release.

By making the development of SBTs more accessible, Idexo hopes to help build the foundations of the decentralized society (DeSoc) that Buterin and his co-authors outlined in the SBT whitepaper,

Specifically, the company says that the SBTs it created can be used for “persistent, non-transferable community relationships” and to help actors in the Web3 space establish “provenance and reputation” via the use of these tokens.

Idexo has long been working to help roll out SBTs to the wider Web3 public, according to a statement from Idexo CEO and CTO Greg Marlin. “Idexo actually launched its first Soulbound Token in April 2021 with the launch of its Idexo Early Adopters NFT collection on what was then Binance Smart Chain,” he said. “With the growing interest in SBTs we are happy to make this technology readily accessible to anyone looking to build great applications and communities with it.”

SBTs in practice

So just how faithful will Idexo’s SBTs be to Buterin and co.’s vision? In an interview with nft now, Marlin shared that fundamentally, the base feature of SBTs is that they must be “non-transferable by users, [which] works well when issuing these as [community badges] for recording accomplishments, rank, etc., over time.”

Time seems to be a crucial component for using SBTs as permanent, infallible records of an individual’s overall community involvement. When Idexo launched its Early Adopters NFT collection in April 2021, it gave users the tools to mint NFTs within their Telegram group using a bot command. Through this, Idexo’s system was able to link the Telegram user’s handle to their NFT within their system, a case of “social linking” as outlined in the whitepaper. “This use case is using NFTs to recognize early community adopters and enable them to build reputation over time tied to their SBT,” Marlin said.

This was developing news and was regularly updated as new information became available.