EQ8, a web 3.0 governance protocol that enables secure aggregation and consensual data exchange using non-transferable tokens, is similar to sentiments in a research paper published a month ago by Vitalik Buterin, the founder of Ethereum. Vitalik introduced Soulbound tokens (SBTs) as the future of decentralized finance in this paper and defined SBTs as non-transferable tokens that represent credentials, affiliations, and commitments that make up the reputation of a user within a decentralized society (DeSoc)
EQ8 has developed a reputation management mechanism using XP tokens, non-transferable fungible tokens similar to SBTs. XP Tokens are only awarded to respondents who successfully complete the survey and pass industry-standard data quality checks.
Each data quality check failure negatively impacts the user’s overall reputation. The lower their reputation, the fewer earning opportunities they have within the EQ8 ecosystem. So far, more than 350,000 XP tokens have been attested to respondents who have successfully completed market research campaigns.
EQ8 has also recently partnered with IIT Goa, a prestigious technology institute in India, to pilot using SBTs for managing student credentials and background verification. Furthermore, EQ8 has formed a partnership with Youth4Works, a platform with over 5.5 million users, to issue SBTs that will represent their reputation based on the skills acquired and other credentials.
With innovative solutions like a reputation oracle and governance protocol communicating over SBTs, EQ8 aims to address pertinent problems regarding decentralized finance and governance.
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