Masa Finance launches soulbound Web3 identity protocol for Ethereum - Cointelegraph

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According to the developers, the soulbound recognition people strategy uses implicit 10,000 information points to find a Web3 user’s creditworthiness.

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Masa Finance launches soulbound Web3 individuality protocol for Ethereum

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Masa Finance has launched the archetypal soulbound individuality protocol for the Ethereum mainnet, according to a Jan. 17 property merchandise shared with Cointelegraph. The protocol volition let for standardized soulbound tokens to beryllium minted connected Ethereum for Know Your Customer verification, recognition scores and different usage cases.

Soulbound tokens are tokens that cannot beryllium transferred from 1 wallet to another. The conception was popularized via a blog station from Vitalik Buterin, who argued that these tokens could beryllium utilized to signify governance rights for decentralized concern (DeFi) protocols oregon to beryllium that a idiosyncratic has attended an event.

Speaking to Cointelegraph, Masa Finance founders Brendan Playford and Calanthia Mei argued that soulbound tokens volition grow opportunities for DeFi users to physique recognition and get loans. Mei explained it arsenic such:

We privation to assistance radical pat into [an] on-chain recognition strategy with a Web3 recognition score, with the information sources that we person aggregated crossed Web2 and Web3 representing and helping radical physique their creditworthiness on-chain. We’re presently moving with aggregate lending partners successful extending DeFi loans to those individuals who person minted a Masa recognition people report.

She emphasized that Masa soulbound tokens are not simply attached to a accepted recognition score. The protocol goes beyond accepted concern to incorporated some Web2 and Web3 activity. Mei said that implicit 10,000 information points are utilized successful a Masa recognition score, including a user’s FICO score, Plaid transaction information for recognition and debit cards, Web3 wallet transaction history, centralized speech balances, and different data.

Mei believes this strategy volition pb to “risk-based underwriting” successful DeFi, which she says has antecedently not been imaginable owed to the deficiency of individuality protocols connected blockchain networks.

The founders besides said determination is 1 different usage lawsuit presently disposable for the protocol. Aside from representing a recognition score, the 2nd usage lawsuit for the protocol is .soul domain names. These are akin to ENS names, but with the added payment that they tin beryllium linked to assorted Masa individuality characteristics. Playford explained that “users tin nexus antithetic attributes, usage their pseudonym to verify themselves, amusement that they’re verified successful Web3 without doxing [their] afloat name, for example."

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Playford noted that .soul domain names tin beryllium transferred from 1 wallet to another. However, the attributes associated with them volition go unattached if the domain is moved. Therefore, users cannot “buy” the individuality oregon recognition people of different person.

According to the founders, a 3rd usage lawsuit volition beryllium individuality verification, a diagnostic the institution is releasing nether the sanction “Masa Green.” It volition let users to mint a Masa Green token to beryllium their identity, which the institution believes volition assistance users to beryllium they are existent humans, not bots. According to Mei, this volition assistance destruct bots successful play-to-earn games and different apps wherever the assemblage wants lone existent humans to participate. The institution said Masa Green volition beryllium disposable arsenic a “fast travel wrong the coming weeks.”

Masa is not the lone soulbound token protocol to beryllium implemented connected a blockchain network. Binance has released its ain version, called BAB, which tin beryllium utilized to prove a user’s identity. However, BAB is presently lone disposable connected BNB Chain. Masa appears to beryllium the archetypal soulbound token protocol disposable connected Ethereum.

Source Cryptocurrencies