Soul Bound Tokens (SBTs) – A Fraudulent Meme or Legitimate Digital Asset?
On April 28th, Daniel Buchner, the head of Decentralized Identity (DID) network for Jack Dorsey\’s payment company Block, stated at the 2023 Consensus Conference that Soul Bound Tok
On April 28th, Daniel Buchner, the head of Decentralized Identity (DID) network for Jack Dorsey’s payment company Block, stated at the 2023 Consensus Conference that Soul Bound Tokens (SBTs) are largely fraudulent Meme tokens, and decentralized identities do not require blockchains or tokens solely to own them. （CoinDesk）
DID manager of payment company Block: SBT is largely a fraudulent Meme token
Introduction
On April 28th, Daniel Buchner, the head of Decentralized Identity (DID) network for Jack Dorsey’s payment company, Block, took to the stage at the 2023 Consensus Conference to share his thoughts on Soul Bound Tokens (SBTs). Buchner made some bold claims, stating that these tokens are largely fraudulent meme tokens that add little value to the industry. And furthermore, he argues that decentralized identities do not require blockchains or tokens to be truly decentralized. In this article, we’ll take a closer look at the validity of those claims and explore the controversy surrounding SBTs.
What are Soul Bound Tokens (SBTs)?
Soul Bound Tokens, or SBTs, are a type of non-fungible token (NFT) that offers a unique way of connecting a blockchain-based asset to the physical world. Essentially, they allow individuals to “soul bind” a digital asset to their identity, making it more personal and valuable. For example, SBTs could be used to verify ownership of a piece of artwork or a limited edition collectible. They would work much like a digital certificate of authenticity, proving that the individual in question owns the asset in question.
The Controversy
Buchner’s criticisms of SBTs on stage at the Consensus Conference have caused quite a stir within the blockchain community. Some have applauded his bold statements, praising him for speaking out against a phenomenon that has been deemed frivolous by many. Others, however, have taken issue with his remarks, arguing that SBTs do have value and are a legitimate use case for NFTs.
The Argument Against SBTs
According to Buchner, SBTs are merely “meme tokens”, and offer no true value to the blockchain ecosystem. He argues that SBTs are an example of tokenizing something that doesn’t need to be tokenized, and that decentralized identities can exist without relying on blockchains or tokens. Furthermore, Buchner has stated that SBTs have the potential to harm the image of the broader blockchain industry by appearing to make a joke out of a technology with genuine potential.
The Counterargument
Despite Buchner’s criticisms, there are many proponents of SBTs who argue that they have a valid use case. For example, they could be used to add value to a piece of artwork by establishing its uniqueness and verifying its authenticity. Additionally, SBTs have the potential to enable the creation of personal digital identities that are not tied to centralized institutions. While Buchner may believe that decentralized identities don’t need to rely on blockchain technology or tokens, SBT supporters argue that they could help to establish ownership and prevent fraud.
Conclusion
While the debate around SBTs rages on, it is clear that there is a difference of opinion among blockchain experts regarding their value and usefulness. While Daniel Buchner may view SBTs as fraudulent meme tokens, others see them as a legitimate way to add value to digital assets and enable new use cases for NFTs. Ultimately, it will be up to the broader blockchain community to decide whether SBTs are here to stay or merely a passing trend.
FAQs
Q: What is an NFT?
A: An NFT, or non-fungible token, is a type of digital asset that is unique and cannot be replicated or replaced.
Q: How do Soul Bound Tokens work?
A: SBTs allow individuals to “soul bind” a digital asset to their identity, making it more personal and valuable. They work like a digital certificate of authenticity, proving that the individual in question owns the asset in question.
Q: Are SBTs a legitimate use case for NFTs?
A: While there is a difference of opinion among blockchain experts regarding the value and usefulness of SBTs, they do have a valid use case for adding value to digital assets and enabling new use cases for NFTs.
This article and pictures are from the Internet and do not represent Fpips's position. If you infringe, please contact us to delete:https://www.fpips.com/19710/
It is strongly recommended that you study, review, analyze and verify the content independently, use the relevant data and content carefully, and bear all risks arising therefrom.
Recommended articles
-
Bitcoin Activity Reaches Two-Year Low Amidst Market Uncertainty
According to reports, Glassnode data shows that BTC activity has just reached a two-year low, with a value of 0.604.
Data: BTC activity reached a 2-yea…
-
What does asic miner mean
What does asic miner mean? What does asic miner mean? As shown below Basic concept: What is the principle of ASIC mining machine ASIC equipment? ASIC is a computer technology used for computing and storing data, mainly used to handle a large number of mathematical operations. Such as machine learning, autonomous driving, and so on. Due to the need to use a computer for operation, it is necessary to download and install a dedicated software or system software tool during runtime to achieve this process. For example, if you want to use a micro CPU or other graphics card to dig for Bitcoin, you need to buy a hard drive from your phone. Therefore, most people will place their laptops in their hands for mining. If there is no such special function, memory can be used for programming to obtain more information and better control What does’ asme ‘meanEditor’s note: This article is from Orange Book (ID: chengpishu) and is…
-
BUSD and Paxos: A Regulatory Circle in the World of Securities
7:00-12:00 Key words: Circle, BUSD, Paxos, SEC, Yingtou Securities
Summary of important developments at noon on February 14
Interpretation of the …
-
NeoCortexAI Secures New Round of Funding to Accelerate Web3 AI Development
It is reported that NeoCortexAI, the Web3 artificial intelligence incubation and innovation platform, has completed a new round of financing, and the specific amount has not been disclosed yet. Oddiyana Ventures, Triple Gem Capital, Ferrum network, and Farium Ventures have participated in the investment. The company aims to implement synthetic intelligence (AI) with this new fund to further optimize blockchain technology and seamlessly connect Web2 AI to Web3 AI through incubation, accelerating AI plans, and seamless transition. （cryptonewsbtc） Web3 artificial intelligence incubation innovation platform NeoCortexAI completes a new round of financing Analysis based on this information:NeoCortexAI, the Web3 artificial intelligence incubation and innovation platform, has completed a new round of financing with the participation of Oddiyana Ventures, Triple Gem Capital, Ferrum network, and Farium Ventures. Although the amount of the funding has not been disclosed, the company’s aim is to implement synthetic intelligence (AI) to further optimize blockchain technology and connect Web2 AI to Web3 AI seamlessly through incubation, accelerating…
-
Suzhou releases 30 demand scenarios in 7 major fields of the metaverse, soliciting solutions from society
According to reports, the Suzhou Municipal Bureau of Industry and Information Technology recently released 30 major application scenario requirements for the 2023 Suzhou Metaverse,
-
Ethereum Devs Set to Upgrade Network for Pledged ETH Withdrawals
It is reported that the core developers of Ethereum confirmed in a conference call that they will upgrade to the main Ethereum network in Shanghai on April 12. The upgrade will enable pledged ETH withdrawals. The date will be fixed and will not be changed until confirmed by the developers on GitHub. Core developer of Ethereum: The target date for upgrading the main website of Ethereum in Shanghai is April 12 Analysis based on this information:In a recent conference call, the core developers of Ethereum have confirmed that they are set to upgrade the network to enable pledged ETH withdrawals. The upgrade is expected to happen on April 12 in Shanghai and the date will not be changed until confirmed by the developers on GitHub. This latest development is great news for Ethereum investors who have been eagerly waiting for a solution to withdraw their pledged ETH. Pledged ETH refers to the ETH that was locked up in smart contracts…
-
Nitro Badge NFT holders gain early access to NitroSwap
On February 25, the Nitro Labs team announced that Nitro Badge NFT holders can now access the AMM DEX NitroSwap built on the Nitro test network in advance. Nit…
-
Unchained Music Announces Partnership with Avalanche for DeFi-Based Artist Royalty Funds Deployment
On April 22nd, the Web3 music platform Unchained Music recently announced a partnership with Avalanche to specifically deploy artist royalty funds to Avalanche C-chain in various r
-
BitKeep Swap increases support for Optimism network for direct token exchange
On March 3, the multi-chain wallet BitKeep announced that BitKeep Swap has increased its support for the second-tier network Optimism, providing the direct exc…
-
Why is Bitcoin extremely unstable (why does Bitcoin not depreciate)
Why Bitcoin is extremely unstable? According to btcmanager, according to a research report by BitMEX Research, the price of Bitcoin has remained stable below $20000 over the past 24 hours. However, due to factors such as slow transaction speed, high costs, and difficulty in determining, price fluctuations are excessive and pose a serious threat to network security. Why is Bitcoin extremely unstable? Firstly, it is because it is a highly computer-dependent form of currency and is usually linked to fiat currency. Secondly, its decentralized and unlicensed characteristics give it a strong consensus mechanism. Finally, there is a flaw in its trustworthiness, which is the inability to achieve timely and reliable settlement of payments while maintaining their value Why does Bitcoin not depreciate? Let’s take a look at the following graph: From a historical perspective, when prices rise, they usually experience a decline In the past two years (2012-2016), its growth rate has been much faster than people imagine: at the…
-
Hashkey Pro, a compliant exchange under Hashkey Group, may soon be launched
On April 12th, according to official tweets from HashKey Group regarding activities related to HashKey Pro, the community speculated that the HashKey Pro exchange may soon be launc
-
Cryptocurrency Companies Ramp up Lobbying Efforts in Washington
It is reported that in 2022, the lobbying expenditure of cryptocurrency companies in Washington reached a record $21.55 million, with the main cryptocurrency e…
-
What does stablecoin mean in Chinese?
What does stablecoin mean in Chinese? Stablecoin is a type of cryptocurrency wi
-
US Congressional Members Request SEC Chairman to Approve Spot Bitcoin ETFs
According to reports, US lawmakers have requested SEC Chairman Gensler to approve spot Bitcoin ETFs. The regulatory approach of the US Securities and Exchange Commission compared t
-
Is Bitcoin a Reliable Investment? Why Some Investors Prefer Gold
According to reports, billionaire investor and founder of Bridgewater Fund, Ray Dalio, stated in a program on Wednesday that the trend of Bitcoin is not reliable. Compared to Bitco
-
Important updates on the evening of April 3rd
12: 00-21:00 Keywords: Bakkt, Komainu, Uniswap, B-station
Important updates on the evening of April 3rd
I. Introduction- Brief overview of Bakkt, Komainu, Uniswap, and B-station- I