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Soulbound Tokens: Social credit system or spark for global adoption?
Ethereum co-founder Vitalik Buterin’s Soulbound Token proposal for a robust identity and reputation system has stirred up the crypto community.
Soulbound Tokens or SBTs are non-transferable, non-financialized tokens tied to a unique profile proving verifiable achievements and commitments. Still at the concept stage, it’s suggested SBTs will be capable of tracking memberships, credentials and affiliations with educational establishments, decentralized lenders and other entities.
Supporters say that SBTs could be the use case for the next bull market. But others have likened the concept to China’s social credit system and say it’s an “expensive solution to a problem that’s already been solved.”
So, which is it? Let’s take a deeper dive.
Soulbound Tokens: Social credit system or spark for global adoption?
Ethereum co-founder Vitalik Buterin’s Soulbound Token proposal for a robust identity and reputation system has stirred up the crypto community.
Soulbound Tokens or SBTs are non-transferable, non-financialized tokens tied to a unique profile proving verifiable achievements and commitments. Still at the concept stage, it’s suggested SBTs will be capable of tracking memberships, credentials and affiliations with educational establishments, decentralized lenders and other entities.
Supporters say that SBTs could be the use case for the next bull market. But others have likened the concept to China’s social credit system and say it’s an “expensive solution to a problem that’s already been solved.”
So, which is it? Let’s take a deeper dive.
Soulbound Tokens: Social credit system or spark for global adoption?
Ethereum co-founder Vitalik Buterin’s Soulbound Token proposal for a robust identity and reputation system has stirred up the crypto community.
Soulbound Tokens or SBTs are non-transferable, non-financialized tokens tied to a unique profile proving verifiable achievements and commitments. Still at the concept stage, it’s suggested SBTs will be capable of tracking memberships, credentials and affiliations with educational establishments, decentralized lenders and other entities.
Supporters say that SBTs could be the use case for the next bull market. But others have likened the concept to China’s social credit system and say it’s an “expensive solution to a problem that’s already been solved.”
So, which is it? Let’s take a deeper dive.
Regulations and exchange delistings put future of private cryptocurrencies in doubt
At a time when privacy tools and coins have become the primary target of regulators around the world, the future of privacy-focused coins looks obsolete.
Regulations and exchange delistings put future of private cryptocurrencies in doubt
The core principles of cryptocurrency were based on financial independence, decentralization and anonymity. With regulations being the key to mass adoption, however, the privacy aspect of the crypto market seems to be in jeopardy.
In 2022, even though no particular country has come up with a universal regulatory outline that governs the whole crypto market, most countries have introduced some form of legislation to govern a few aspects of the crypto market such as trading and financial services.
While different countries have set different rules and regulations in accordance with their existing financial laws, a common theme has been the strict implementation of Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations.
A majority of crypto exchanges operating with a license obtained from the government body or government-affiliated bodies have discouraged any form of anonymous transactions. Even in countries where there is no particular law on privacy coins, there is a ban on private transactions over a certain threshold.
The governments of the United States and the United Kingdom have also demanded regulatory action against the use of coin mixing tools, a service used to obscure the origin of a transaction by mixing it with multiple other transactions.
Banking uses 56 times more energy than Bitcoin: Valuechain report
Analysis of Bitcoin’s proof-of-work and the Lightning Network exposes the banking system as energy-hungry, demonstrating that Bitcoin is better for the planet.
Banking uses 56 times more energy than Bitcoin: Valuechain report
Analysis of Bitcoin’s proof-of-work and the Lightning Network exposes the banking system as energy-hungry, demonstrating that Bitcoin is better for the planet.
Bank of Russia backs cross-border crypto payments vs. domestic trade
Cryptocurrencies can be used in cross-border or international payments only if they don’t get into Russia’s domestic financial system, the Bank of Russia governor said.
Bank of Russia backs cross-border crypto payments vs. domestic trade
Cryptocurrencies can be used in cross-border or international payments only if they don’t get into Russia’s domestic financial system, the Bank of Russia governor said.
Ethereum sell-off resumes with ETH price risking another 25% decline in June
Ether price is forming a bear pennant pattern whose profit target comes to be near $850.
Ethereum sell-off resumes with ETH price risking another 25% decline in June
Ethereum's native token Ether (ETH) slumped on June 16, suggesting that its relief rally, coinciding with the Federal Reserve announcing it will hike the benchmark rate by 0.75%, is at risk.
Ether bulls trapped?
Ether's price slipped by 9.2% to around $1,120 per token a day after it rebounded by 23% after dropping to almost $1,000, its worst level since January 2021.
The ETH/USD pair's upside move, followed by a sharp correction, appeared in tandem with U.S. stocks, confirming that it traded like a risk-asset.
ETH/USD and Nasdaq daily correlation coefficient. Source: TradingViewThe decline means that Ether has shed 77% of its value since November 2021 and is now trading below its "realized price" of $1,740, data from Glassnode shows.
Ethereum realized price (USD). Source: GlassnodeIn addition, a higher interest rate environment adds more selling pressure, with investors leaving high-risk trades and seeking safety in traditional hedging assets, such as cash.
Huobi to permanently shut crypto operations in Thailand
Huobi Thailand failed to fix system issues despite several extensions given by the Thai SEC.
‘Builders rejoice’: Experts on why bear markets are good for Bitcoin
Crypto winters are actually good for Bitcoin, say experts, as some pivotal BTC projects like the Lightning Network were born during bear markets.
‘Builders rejoice’: Experts on why bear markets are good for Bitcoin
Crypto winters are actually good for Bitcoin, say experts, as some pivotal BTC projects like the Lightning Network were born during bear markets.
Kazakhstan to let crypto exchanges open bank accounts
Exchange platforms will get an opportunity to operate legally in the Astana International Finance Center in 2022.
Metaverse could be worth $5 trillion by 2030: McKinsey report
A new report from global consulting firm McKinsey found that the Metaverse could be worth $5 trillion by 2030.
Liquidity provider asks platforms to freeze 3AC funds to recover assets after litigation
Danny Yuan said that their team detected that $1 million was missing from their company's funds at Three Arrows Capital (3AC).
CAR president urges citizens to understand Bitcoin to bring long-term prosperity
For the past few weeks, the crypto market has been in a tailspin. While other investors may have given up on BTC, its ardent supporters continue to extol its virtues.
CAR president urges citizens to understand Bitcoin to bring long-term prosperity
For the past few weeks, the crypto market has been in a tailspin. While other investors may have given up on BTC, its ardent supporters continue to extol its virtues.