When it comes to Verifiable Credentials, Soulbound Tokens (SBTs) has become the talk of the town in Web3. So what are Soulbound Tokens anyways? Simply put, they are non-transferable NFTs that act as an identity or reputation credential.
Unlike education and work history on an old-school CV, which cannot be verified easily, SBTs modernize this core component of the human resource economy and puts all the details on the blockchain, and like everything on blockchain, it’s verifiable and trustless! This opens up opportunities for not just to showcasing your educational background and professional ability, but also your commitment to a project outside of yourself.
There are several issuers of Web3 credentials in the market, including hashtag with its SoulTag SBT badge offering, and there will be many more credential providers upcoming shortly, each addressing a different segment of credential needs. Aggregating all the credentials, from multiple issuers and multiple networks, and displaying them in a single place is a logical step forward and that’s exactly what xHashtag is addressing with Soul Names.
Soul Names are Web3 domain names.SOUL extension. Minted as an ERC721 NFT on Ethereum,SOUL domain name maps commonly used words, phrases, and terms to a crypto wallet address. For each.SOUL domain, xHashtag creates a verifiable digital CV called SoulPage with no user intervention required. SoulPages are accessible through any browser without any special configuration through the .soul.page DNS gateway, so if a user has purchased an example. soul domain, the associated SoulPage can be accessed by navigating to example.soul.page. On the SoulPage, you’ll see all the SBT credentials the user has claimed on all the supported blockchains, including Polygon, BNB Chain, Ethereum, Solana, and more, arranged neatly on a clean user interface.
.SOUL domain names can be purchased on xhashtag.io for a one-time fee starting at $10, and unlike traditional domains, there is no yearly renewal fee associated. Additionally, Soul Names are also tradable on NFT marketplaces such as Open sea. xHashtag is aiming to turn Soul Names into a standard way for Web3 users to proudly share their reputation.
“Beyond the hyper-financialization and the hype, blockchain technology has a lot more to offer. Trust and reputation are required for society to function smoothly, and present-day credentials are not verifiable instantly. Web3 offers a solution in the form of Soulbound Tokens. It’s cost-effective and it works! Fragmentation of data across multiple platforms is a problem in Web3, and . SOUL domains solve this problem and make the adoption of Web3 verifiable credentials a smoother experience”, said Monica Durga, Founder, of xHashtag.io
xHashtag is looking forward to continuing the relationship with the community and building an ecosystem around Soulbound Tokens. In addition to allowing brands to issue SBTs to their community for verifiable on-chain or off-chain actions, hashtag helps create an automated loyalty program that turns loyal users into brand advocates through SoulDrop incentives, a form of targeted airdrop that takes SBTs into account.