SoulBouned Tokens – Can it be the Bedrock for a Decentralized Society?

SoulBouned Tokens – Can it be the Bedrock for a Decentralized Society?

What are SoulBound Tokens (SBTs)?

 

In recent times, Non-Fungible Tokens (NFTs) seem to have captured the cultural zeitgeist. Interest in the concept has skyrocketed, evidenced by the public coverage about it, as well as a huge explosion in the volume of transactions of the same.

However, elements like NFTs and cryptocurrencies are ultimately part of a financial system — a Decentralized Financial System for sure, but still, a store of value, a medium of exchange, and consequently, a financial instrument.

Vitalik Buterin told Time in March 2022 that, ultimately, the goal of crypto is to accomplish meaningful change in the world. The world does not consist of just financial instruments and concepts. Even though they are critical to its functioning, it is not where the world ends and begins.

This is where Soul Bound Tokens (SBTs) come into the picture. The root of this concept is a paper authored by economist & social technologist E. Glen Weyl, lawyer Puja Ohlhaver, and Ethereum creator Vitalik Buterin that outlines his concept for a “DeSoc” — A Decentralized Society. Any societal framework in the field of anthropology has an element of individual expression. This is attributed in the form of relationships, affiliations, and credentials. In modern society, this is manifested in the forms of degrees, licenses, titles, and so on.

SBTs are NFTs that can not be transferred after they are received. The paper envisions that SBTs would be non-tradable tokens, awarded to a “Soul” unilaterally. The token would provide the said soul with an attribute. This is completely non-tradable and aims to act as an intrinsic “label”, instead of a token that aims to act as a financial instrument in any shape or form. Once you receive an SBT, you hold it in a Soul-wallet forever.

 

How will SBTs change the concept of our Identity and other aspects of our society?

 

As mentioned before, the underlying concept relies on “Souls”, which are entities to which SBTs are accrued. The ideal scenario is that the SBTs accrued by a soul manifest qualifications, connections, and memberships.

For example, SBTs could be issued for attending a developer conference, or any other group activity. In a theoretical sense, an SBT could exist for a family name, with membership implying being a part of an actual family.

SBTs have the potential to act as very efficient social or commercial credit systems, with SBTs displaying educational credentials such as degrees, work history, and rental contracts.

The core distribution of NFTs is random at best, being algorithmically airdropped into wallets. However, in the case of SBTs, “Souldrops” is envisioned as a way to create a genuine sense of community and form meaningful groups. While an NFT Drop may be executed mathematically, SBTs enable an entity like, say, a DAO, to drop tokens to Souls that may hold a certain intersection of SBTs. As Vitalik states in his paper, “a non-profit whose mission is to plant trees would drop governance tokens to Souls who hold a mix of environmental action SBTs, gardening SBTs, and carbon sequestration tokens.”

The end goal of these concepts is to create a Decentralised society where Souls and the communities formed at the intersection of all the Souls based on their SBT holdings can create “plural network groups”.

The concept of “plural network groups”, as stated in the paper, envisions that networks, i.e., interactions and communication, are the most critical aspects of economic growth. Trade-in Goods and services will occur through communications. A theoretical severing of the lines of communication across the world would instantly stifle all world trade, and create chaos in society. This problem becomes even more likely when these channels are highly centralized and exist in an oligopoly-like market structure.

“Imagine a world where most participants have Souls [digital wallets] that store SBTs corresponding to a series of affiliations, memberships, and credentials,” the paper mentions.

 

Some of the use cases for SBTs include:

 

  • By connecting Soulbound tokens to their NFT collections, artists may rid the NFT industry of unscrupulous actors that sell arbitrary NFT collections in the name of great artists. Artists may also, thus, testify to any scarcity constraints that they intend to impose. SBTs may thus assist NFT artists in establishing their reputations within the digital art communities.
  • Soulbound tokens may be used to purchase event tickets. After all, event tickets are often non-transferable, making it an ideal use case for SBTs. SBTs might be utilized in conjunction with events to generate special airdrops, which Buterin refers to as ‘Souldrops.’
  • SBTs may also serve as a representation of our credit reports. This provides lenders with a complete credit profile of a borrower. Even the loan itself might be accompanied by a revocable but non-transferable SBT. When the loan is paid off, the SBT may be destroyed or replaced with evidence of payment. As a result, individuals would be less likely to conceal their ongoing debts.
  • SBTs can have a significant impact on the future of documentation and certification. Because a Soul can create a limitless number of Soulbound tokens, it has the ability to transform documentation from paper to paperless by introducing it to the digital network. SBTs may, thus, find utility among educational institutions in offering degree certificates. It can act as a repository of one’s credentials. Once added to your Soul, SBTs may also reflect your skill set and abilities. Soulbound tokens may be used to represent a wide range of personal information, including academic degrees, personal data, and even professional certifications and job experience. As a result, SBTs may one day emerge as a CV for Web3 users.

 

What could be DeSoc’s end game and how is it building on the existing Decentralized financial and information exchange infrastructure?

 

Vitalik has stated in recent media interactions that he is highly concerned about increasing inequality and the overarching image of crypto assets as an engine for pure profits. He is not entirely wrong.

DeFi assets are overwhelmingly turning into gambits for acquiring “private property” aka aforementioned assets, and instantly tapping into markets with the sole goal of generating quick wealth. Similar examples of rent extraction exist in the contemporary real estate market, where quick gambits from entities with high amounts of the capital corner the market, create overwhelming, unilateral spheres of influence, and drive out a majority of rent-seekers.

However, DeSoc is aiming to enable efficient governance and decision-making mechanisms by creating a framework to enable trust and cooperation. Critics point out that such “credit systems” may theoretically result in dystopian ecosystems like China’s social credit system, where certain social groups are automatically filtered out due to the presence of certain SBTs.

While the overarching technology and concept are likely not ready for a large-scale undertaking of planning and implementation in modern contemporary society, the concept and its anthropological implications have a huge potential in the digital communities of today to foster trust, keep bad elements out, and, as Vitalik says, create “plural network goods”.

UBITQUITY has open-sourced unanimity!

UBITQUITY has open-sourced unanimity!

“What is unanimity?”

unanimity (version 1.2) is our open-source (MIT License) Blockchain-as-a-Service platform oracle that helps you integrate blockchain capabilities into your applications without expensive infrastructure or cryptocurrency handling.

– Blockchain Agnostic

– Peer-to-Peer Storage Capable

– Smart Contract Capability

– RESTful API Enabled

– Module Add-Ons Included

UBITQUITY LAUNCHING CRYPTO LISTING SERVICE TO EMPOWER HOME AND LAND OWNERS ACCEPTING CRYPTOCURRENCY TRANSACTIONS ON ITS PLATFORM

UBITQUITY LAUNCHING CRYPTO LISTING SERVICE TO EMPOWER HOME AND LAND OWNERS ACCEPTING CRYPTOCURRENCY TRANSACTIONS ON ITS PLATFORM

Ubitquity, the innovative leader in the blockchain, title, and real estate space has announced that it is launching its Crypto Listing Service™ with existing partners in July of 2022.

Wilmington, Delaware, USA — June 17, 2022 — Ubitquity LLC, the leading enterprise blockchain-secured platform for real estate and title recordkeeping, is excited to announce that is launching a Crypto Listing Service™ as part of a UbitquityPay™ value add-on for home sellers who want to advertise their properties or land to the global cryptocurrency community.

“The Crypto Listing Service™ will provide a new property listing and search experience while adding an advanced tool for collaboration between homeowners, title companies, and REALTORS® who are working to serve the ever demanding needs of their clients. With the major volatility of cryptocurrencies as of late, people want to put their cryptocurrency into more stable assets like property, so the timing of this product launch couldn’t be better,” said Nathan Wosnack, Founder & CEO of Ubitquity.

UbitquityPay’s Crypto Listing Service™ intends to be a definitive source for the most up-to-date listing information for both buyers and sellers who intend to transact in cryptocurrencies. The Crypto Listing Service™ gives both parties the ability to accept and pay with over 130+ supported cryptocurrencies on the UbitquityPay™ platform, while offering best-in-class security, and automated KYC/AML (Know-Your-Customer, Anti-Money Laundering) solutions to ensure regulatory compliance.

“We are working diligently to provide pertinent, accurate, and extensive information to ensure the Crypto Listing Service™ add-on to UbitquityPay™ exceeds the expectations of our valued global customers when we launch in July of this year. We are also excited to announce that we already have land in the Dominican Republic ready to list with one of our affiliates and their corporate partner,” added Wosnack.

The Crypto Listing Service™ will provide a collaborative environment with the responsive mobile features and comprehensive property insights homebuyers need to make timely, informed decisions when transacting in both cryptocurrency or a hybrid of their local currency (fiat). UbitquityPay’s whitelabel payment processing partnerships also ensure that their rates, often 1% or less with revenue sharing, are the most competitive in the industry.

The addition of Guaranteed Crypto Price Settlements (no stablecoin required), Merchant Integration, a live demo, new features such as 24/7/365 support, Service Level Agreement (SLA), and white glove handling of title policies and other relevant paperwork for the transaction are industry requirements that UbitquityPay™ supports.

UbitquityPay™ helps to remove the friction (i.e. 72 hour+ delays associated with Good Funds Law, fraud mitigation, intermediary costs, etc.) between title/escrow firms, insurance underwriters, and homeowners. Ubitquity works with title companies to ensure the transaction is both legal and valid. Once the transaction is complete, the cryptocurrency is stored with multiple signature wallets. The UbitquityPay™ platform instantly converts the cryptocurrency amount into fiat currency.

About Ubitquity, LLC

UBITQUITY, the leading blockchain-secured platform for real estate and title recordkeeping, offers a simple user experience for securely recording and tracking property deeds and land records. The company is partnered with academia, aviation companies, municipalities, and real estate companies. Learn about UbitquityPay™, Crypto Listing Service™, and its Affiliate Program by visiting www.ubitquitypay.com.

Ubitquity Contact:

Tatjana O’Brien, Sr. VP of Product Solutions

email: tati@ubitquity.io

tel: +1 (724) BITCØIN [248–2046]

BMM Assessment Requirements Request for Comment (RFC)

The GBA Standards Working Group is finalizing the BMM Assessment Requirements Document and has made it publically available for comment

Download the BMM for reference by clicking on the image above


Please download the BMM Assessment Program Requirements and provide your comments in the form below.


GBA Voting Group Update

Background

In 2018 several counties in the United States piloted elections using internet-connected devices for uniformed and overseas citizens and voters with disabilities. As a result of the successful pilots, various election officials have expressed the need for a method of certifying Remote Accessible Ballot Delivery Marking & Return (RABDMR) to support the wider implementations of remote voting solutions.

What We Are Doing

For that reason, the GBA has been working with elections experts for the past two years to support the analysis, implementation, and certification of Remote, Accessible, Ballot Delivery Marking & Return (RABDMR) solutions. The work has included:

  • A study with industry experts to conduct a side-by-side comparison of remote ballot delivery, marking, and return methods. This study resulted from two public roundtable discussions we hosted on Digital Ballots. You can watch the events at the following links:

We will be releasing this work over the next few weeks. The study is currently being reviewed by the study participants for final review and sign-off. Once approved, we will release it.

  • The GBA has developed a set of recommendations and submitted a draft to the United States Election Assistance Commission (EAC) to extend the Voluntary Voting System Guidelines (VVSG) scope to enable certification RABMR solutions. Our recommendations to modify the VVVSG 2.0 are publicly available at  VVSG 2.0 RBDMRS Supplement v04 and we are seeking feedback on our Public Request For Feedback Form.
  • The GBA Voting Working Group has resources about elections and blockchain. Please feel free to view the Videos, Voting Blogs, and Voting Events.

What’s Next

On July 13, the GBA is hosting a Local Election Official (LEO) Roundtable on the subject of remote voting. Election officials are invited to participate in a discussion of the comparative benefits and security considerations of various remote voting methods.

The GBA Voting Working Group is also working on next-generation standards for voting. These standards include the use of innovative technology throughout the lifecycle of an election. If you would like to join the discussion, please follow these simple steps:

Join the Government Blockchain Association (membership is free for civil servants) and then join the GBA Voting Working Group.

UBITQUITY PARTNERS WITH RED SENTRY TO IDENTIFY CYBER VULNERABILITIES AND SECURE ITS INFRASTRUCTURE

UBITQUITY PARTNERS WITH RED SENTRY TO IDENTIFY CYBER VULNERABILITIES AND SECURE ITS INFRASTRUCTURE

Ubitquity, the innovative leader in the blockchain, title, and real estate space has partnered with Red Sentry for its continuous external and cloud penetration testing in order to identify cyber vulnerabilities 24/7/365.