Coordinape Brings Web3 Reputation On-chain With CoSoul – Crypto News – Crypto News
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Coordinape Brings Web3 Reputation On-chain With CoSoul Coordinape Brings Web3 Reputation On-chain With CoSoul

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Coordinape Brings Web3 Reputation On-chain With CoSoul – Crypto News

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Eligible Contributors Can Claim Soulbound NFTs With Traits Dependent On Their Track Record Of Working In The Space

Coordinape, a platform that enables Web3 projects to recognize and reward contributors, has rolled out CoSoul, an “on-chain marker” of holders’ work history.

Over 15,000 eligible users can claim the free NFTs on the Optimism Layer 2 network. The tokens are soulbound, meaning that once it is minted to a single address, it cannot be transferred.

“The idea of ​​it being soul-bound is so that you can’t buy reputation,” Coorindape co-founder Zach Anderson told The Defiant, adding, “It’s really ascribed to that wallet by the work that that person has done.”

CoSoul NFT

Coordinape uses its native GIVE token to incentivize contributions via peer recognition.

The tokens are first allocated to team members at the beginning of an epoch. Members subsequently reward their fellows and likewise receive rewards by allocating GIVE tokens.

the defiant

When an epoch ends, the GIVE tokens received by each team member provide a reliable social metric by which reward allocations can be distributed for projects.

Monthly Updates

Every month, Coordinape will sync a user’s work history with CoSoul, modifying the animations featured in each badge’s snowflake-like geometric patterns.

By participating in a spectrum of activities from marketing to coding Solidity, individual badges become more nuanced, according to Anderson, and like the snowflakes that the art resembles on each badge, each soul-bound NFT is unique and acts as a reputational thumbprint.

While social and professional networks such as LinkedIn often lack robust authenticity tools, CoSoul uses a decentralized provenance approach backed by GIVE-based data points.

“Something we’re really trying to help people understand is that it’s not just about compensation,” said Anderson. “It’s really about attribution and an allocation of all different kinds.”

the defiant
An example of a GIVE dashboard

Additional Features

CoSoul tokens can be burned by the holder at any time. In addition, Anderson said that the team could work with users using social recovery functions in the event a user needs to swap wallets.

Although they currently only represent visual features resulting from GIVE token allocations, CoSouls can be integrated into other projects, with 32 slots available for additional metrics and data that can drive the visual side of the badge.

“We have ports for all sorts of other stuff that people might think of or want to track,” said Anderson.

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