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Soul Bound Token

Identix.SBT


by Identix.Space team

based on TIP 4.2 standard described here


SBT concept

Our goal was to demonstrate the concept of Soulbound tokens proposed in the Decentralized Society: Finding Web3's Soul paper on the Everscale network and show its possible practical application.

What we have done for the hackathon

  • SBT contract. An implementation of Soulbound NFTs on Everscale, publicly visible and non-transferable.
  • Soul contract. Identity representation on the network. A Soul is a separate contract that allowed us to lay the possibility of social recovery for the future.
  • Collection contract for SBT issuers.
  • Demo Web app. We have implemented Soul-based authentication and SBT import functionality.

The solution doesn't rely on centralized storage of SBT data: the frontend interacts with smart contracts directly.

How to build

  • npm install
  • Use npm run build for compile contracts
  • Use npm run deploy:local or npm run deploy:devnet to deploy to devnet or local network

The demo concept

SBT applications

The value of SBTs lies in allowing token issuers to endow a person with specific verifiable attributes. Thus, SBTs are suitable in the following areas:

  • Digital Identity (public certificates and achievements)
  • Web3 onboarding

Our usecase

We decided to demonstrate the practical value of SBTs using a DEX onboarding use case:

  • SBT Issuers distribute their tokens among a certain group of users. In our case following "fake" NFTs are engaged:
    • Cross-Chain Master by Octus Bridge
    • Experienced Trader Level 5 by Uniswap
    • Private Club Member by GrandBazar
  • The user presents his SBTs to the Exchange during onboarding to get a premium status with specific bonuses.
  • The Exchange can automatically verify the pack of SBTs to make the decision.

All this makes it possible to implement a system of discounts and bonuses for web3 ecosystems in order to engage users and increase the popularity and adoption of target web3 services.

Futher directions

  • Social recovery for a Soul
  • Collection & SBT issuance UI
  • Verification rules
  • SBT revocation

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