Soulbound tokens may be one of the most promising innovations coming out of blockchain technology. 👀 Let's look at soulbound tokens (SBTs), their use cases along with the benefits and drawbacks. 🔥
However, with SBTs, you could endorse an individual or entity after having done business with them. Equally, they would tie a loan to a verifiable entity, unlocking a social aspect of credit and enabling undercollateralized loans.
Furthermore, Souls with several SBTs could be given more voting power, as their record of trust would be higher.means there is no social credit feature to loaning money. Thus, enforcement of trust happens economically, meaning through over-collateralization. With SBTs, such a social credit feature would be introduced. Vitalik Buterin wrote in his whitepaper:
SBTs offer useful security properties: non-transferability prevents transferring or hiding outstanding loans, while a rich ecosystem of SBTs ensures that borrowers who try to escape their loans will lack SBTs to meaningfully stake their reputation."
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