What is Soulbound Token (SBTs)?

credit-cryptofintech

Soulbound token is the future of Ethereum according to Vitalik Buterin, founder of Ethereum. Soulbound is popularized by the game world of Warcraft- Inspiration behind the SBTs (Soulbound Token).
A soulbound token doesn't transfer after they are received in your soul wallet. The token once entered into your wallet, you can't sell or transfer to anyone, it is bound to you and you have to hold it forever.

Vitalik said "Soulbound tokens are the way to present commitments, credentials and affiliation of souls that can establish verified provenance and reputation".

Use Cases

Soulbound Token has several use cases on Ethereum, for example- University degree certificate, being to issues on the soulbound chain, it is a perfect use case of soulbound. The certificate will be bound to you forever and you are unable to sell it or transfer it.

Another example, SBTs used for event ticket distribution, the organizer issues conference or concert tickets on soulbound tokens, and the SBT would allow verifying candidates for the consideration.

When SBTs launched?

According to the Vitalik soulbound token, it will be available by 2022. He expects to take the mainstream by storm by 2024.

Sources- Ethereum.org, Social Media (Instagram).