• BTC Dominance: %
XBT.Market
Advertisement
  • Home
  • Coins MarketCap
  • Crypto Exchanges
  • Crypto Calculator
  • Top Gainers and Loser
  • News
  • Contact Us
No Result
View All Result
XBT.Market
No Result
View All Result
Home Bitcoin

Masa Finance launches soulbound Web3 identity protocol for Ethereum

Jon Hartney by Jon Hartney
January 17, 2023
in Bitcoin, Blockchain, Business, Market
0
189
SHARES
1.5k
VIEWS
Share on FacebookShare on Twitter

According to the developers, the soulbound credit score system uses over 10,000 data points to determine a Web3 user’s creditworthiness.

Masa Finance has launched the first soulbound identity protocol for the Ethereum mainnet, according to a Jan. 17 press release shared with Cointelegraph. The protocol will allow for standardized soulbound tokens to be minted on Ethereum for Know Your Customer verification, credit scores and other use cases.

Soulbound tokens are tokens that cannot be transferred from one wallet to another. The concept was popularized via a blog post from Vitalik Buterin, who argued that these tokens could be used to signify governance rights for decentralized finance (DeFi) protocols or to prove that a person has attended an event.

Related articles

Bitcoin derivatives data shows room for BTC price to move higher this week

January 23, 2023

Bitcoin price consolidation opens the door for APE, MANA, AAVE and FIL to move higher

January 22, 2023

Speaking to Cointelegraph, Masa Finance founders Brendan Playford and Calanthis Mei argued that soulbound tokens will expand opportunities for DeFi users to build credit and get loans. Mei explained it as such:

We want to help people tap into [an] on-chain credit system with a Web3 credit score, with the data sources that we have aggregated across Web2 and Web3 representing and helping people build their creditworthiness on-chain. We’re currently working with multiple lending partners in extending DeFi loans to those individuals who have minted a Masa credit score report.

She emphasized that Masa soulbound tokens are not merely attached to a traditional credit score. The protocol goes beyond traditional finance to incorporate both Web2 and Web3 activity. Mei said that over 10,000 data points are used in a Masa credit score, including a user’s FICO score, Plaid transaction data for credit and debit cards, Web3 wallet transaction history, centralized exchange balances, and other data.

Mei believes this system will lead to “risk-based underwriting” in DeFi, which she says has previously not been possible due to the lack of identity protocols on blockchain networks.

The founders also said there is one other use cases currently available for the protocol. Aside from representing a credit score, the second use case for the protocol is .soul domain names. These are similar to ENS names, but with the added benefit that they can be linked to various Masa identity characteristics. Playford explained that “users can link different attributes, use their pseudonym to verify themselves, show that they’re verified in Web3 without doxing [their] full name, for example.”wo 80 / ch 501

Related: Lukso co-founder discusses implications of digital self-sovereignty in Web3

Playford noted that .sol domain names can be transferred from one wallet to another. However, the attributes associated with them will become unattached if the domain is moved. Therefore, users cannot “buy” the identity or credit score of another person.

According to the founders, a third use case will be identity verification, a feature the company is releasing under the name “Masa Green.” It will allows users to mint a Masa Green token to prove their identity, which the company believes will help users to prove they are real humans, not bots. According to Mei, this will help to eliminate bots in play-to-earn games and other apps where the community wants only real humans to participate. The company says Masa Green will be available as a “fast follow within the coming weeks.”

Masa is not the only soulbound token protocol to be implemented on a blockchain network. Binance has released its own version, called BAB, which can be used to prove a user’s identity. However, BAB is currently only available on BNB Chain. Masa appears to be the first soulbound token protocol available on Ethereum.

Read Entire Article
Tags: CointelegraphCryptocurrencyInvestmentMining Bitcoin
Share76Tweet47

Related Posts

Bitcoin derivatives data shows room for BTC price to move higher this week

by Jon Hartney
January 23, 2023
0

BTC options data suggest that the Bitcoin price rally still has legs, even with wider economic concerns growing and the

Bitcoin price consolidation opens the door for APE, MANA, AAVE and FIL to move higher

by Jon Hartney
January 22, 2023
0

BTC could take a break from its sharp rally and if BTC price bounces off underlying support, APE, MANA, AAVE...

Genesis bankruptcy case scheduled for first hearing

by Jon Hartney
January 22, 2023
0

The first hearing in Genesis Capital's bankruptcy case will be held on January 23, according to court filings

Terra lending protocol Mars to launch mainnet

by Jon Hartney
January 22, 2023
0

The Mars Hub will launch an independent Cosmos application chain and issue MARS to users who hold the token during...

Central African Republic eyes legal framework for crypto adoption

by Jon Hartney
January 22, 2023
0

A 15-member committee is tasked with working on a legal framework that will allow cryptocurrencies to operate in

Load More
  • Trending
  • Comments
  • Latest

Ethereum Classic gets ‘endorsement’ from Vitalik Buterin, but ETC price still risks 50% crash

July 27, 2022

Critique on Helium’s $6.5K monthly revenue causes a stir

July 28, 2022

All aboard! Elon Musk’s Vegas Loop now taking Dogecoin payments

July 7, 2022

Cardano Vasil hard fork hit with another delay for several weeks

July 29, 2022

All aboard! Elon Musk’s Vegas Loop now taking Dogecoin payments

0

Crypto owners banned from working on US Government crypto policies

0

Korean startup Uprise lost $20M shorting LUNC

0

Ethereum testnet Merge mostly successful — ‘Hiccups will not delay the Merge.’

0

Bitcoin derivatives data shows room for BTC price to move higher this week

January 23, 2023

Bitcoin price consolidation opens the door for APE, MANA, AAVE and FIL to move higher

January 22, 2023

Genesis bankruptcy case scheduled for first hearing

January 22, 2023

Terra lending protocol Mars to launch mainnet

January 22, 2023

XBT.Market

This website is an automated news feed powered by the Nebulome cloud system. The site is made possible by YYC TECH Consulting and Alberta Digital Mining Company. As a team with major crypto and bitcoin enthusiasm, we have curated major sources of news, trading and financial data to bring you, our viewer, an unbiased source of truth.

Recent Posts

  • Bitcoin derivatives data shows room for BTC price to move higher this week January 23, 2023
  • Bitcoin price consolidation opens the door for APE, MANA, AAVE and FIL to move higher January 22, 2023
  • Genesis bankruptcy case scheduled for first hearing January 22, 2023
  • Terra lending protocol Mars to launch mainnet January 22, 2023
  • Central African Republic eyes legal framework for crypto adoption January 22, 2023

News Categories

  • Bitcoin
  • Blockchain
  • Business
  • Market

Tags

bitcoinMagzine Cointelegraph Cryptocurrency insidebitcoins Investment Mining Bitcoin NewsBTC

Quicklinks

  • Home
  • Coins MarketCap
  • Crypto Exchanges
  • Crypto Calculator
  • Top Gainers and Loser
  • News
  • Contact Us

© 2022 Xbt.Market - Powered by YYC Tech Consulting & ADMCO.

No Result
View All Result
  • Home
  • Coins MarketCap
  • Crypto Exchanges
  • Crypto Calculator
  • Top Gainers and Loser
  • News
  • Contact Us

© 2022 Xbt.Market by Nebulome.

  • bitcoinBitcoin(BTC)$22,930.00-0.60%
  • ethereumEthereum(ETH)$1,576.30-0.07%
  • USDEXUSDEX(USDEX)$1.07-0.53%
  • tetherTether(USDT)$1.00-0.03%
  • usd-coinUSD Coin(USDC)$1.000.07%
  • binancecoinBNB(BNB)$310.811.45%
  • rippleXRP(XRP)$0.4029070.49%
  • Binance USDBinance USD(BUSD)$1.000.22%
  • cardanoCardano(ADA)$0.375422-1.19%
  • dogecoinDogecoin(DOGE)$0.0927187.70%
  • matic-networkPolygon(MATIC)$1.09-1.73%
  • OKBOKB(OKB)$37.611.22%
  • SolanaSolana(SOL)$23.81-1.23%
  • Lido Staked EtherLido Staked Ether(STETH)$1,569.60-0.26%
  • polkadotPolkadot(DOT)$6.21-0.74%
  • Shiba InuShiba Inu(SHIB)$0.0000121.09%
  • litecoinLitecoin(LTC)$93.510.54%
  • AvalancheAvalanche(AVAX)$19.51-2.29%
  • tronTRON(TRX)$0.0626911.06%
  • daiDai(DAI)$1.00-0.20%
  • UniswapUniswap(UNI)$6.52-1.33%
  • wrapped-bitcoinWrapped Bitcoin(WBTC)$22,854.00-0.76%
  • cosmosCosmos Hub(ATOM)$13.160.01%
  • chainlinkChainlink(LINK)$6.94-0.82%
  • ToncoinToncoin(TON)$2.29-0.65%
  • leo-tokenLEO Token(LEO)$3.52-0.74%
  • moneroMonero(XMR)$174.32-4.99%
  • ethereum-classicEthereum Classic(ETC)$21.50-1.31%
  • AptosAptos(APT)$16.61-5.85%
  • bitcoin-cashBitcoin Cash(BCH)$132.840.99%
  • Aerarium FiAerarium Fi(AERA)$7.14-13.09%
  • stellarStellar(XLM)$0.090183-1.11%
  • ApeCoinApeCoin(APE)$5.81-2.85%
  • QuantQuant(QNT)$143.35-0.56%
  • CronosCronos(CRO)$0.078286-0.82%
  • NEAR ProtocolNEAR Protocol(NEAR)$2.32-2.64%
  • filecoinFilecoin(FIL)$5.07-1.05%
  • Lido DAOLido DAO(LDO)$2.07-1.83%
  • algorandAlgorand(ALGO)$0.238033-2.97%
  • vechainVeChain(VET)$0.023130-0.71%
  • HederaHedera(HBAR)$0.064651-1.01%
  • Internet ComputerInternet Computer(ICP)$5.73-1.91%
  • decentralandDecentraland(MANA)$0.74-1.27%
  • Axie InfinityAxie Infinity(AXS)$10.73-4.21%
  • FantomFantom(FTM)$0.4746392.94%
  • AaveAave(AAVE)$81.19-1.18%
  • The SandboxThe Sandbox(SAND)$0.73-2.23%
  • eosEOS(EOS)$1.05-1.69%
  • MultiversXMultiversX(EGLD)$42.76-0.71%
  • Terra Luna ClassicTerra Luna Classic(LUNC)$0.0001754.15%
  • FlowFlow(FLOW)$1.00-2.05%
  • FraxFrax(FRAX)$1.000.26%
  • theta-tokenTheta Network(THETA)$1.01-2.65%
  • tezosTezos(XTZ)$1.06-2.26%
  • paxos-standardPax Dollar(USDP)$1.001.26%
  • true-usdTrueUSD(TUSD)$1.000.02%
  • huobi-tokenHuobi(HT)$5.100.35%
  • bitcoin-cash-svBitcoin SV(BSV)$42.55-1.52%
  • kucoin-sharesKuCoin(KCS)$8.210.32%
  • The GraphThe Graph(GRT)$0.088398-1.13%
  • Frax ShareFrax Share(FXS)$10.301.43%
  • Curve DAOCurve DAO(CRV)$1.00-2.35%
  • Rocket PoolRocket Pool(RPL)$37.70-0.38%
  • USDDUSDD(USDD)$0.990.16%
  • havvenSynthetix Network(SNX)$2.29-0.28%
  • ChilizChiliz(CHZ)$0.132301-2.57%
  • eCasheCash(XEC)$0.0000360.98%
  • Trust WalletTrust Wallet(TWT)$1.652.10%
  • BitTorrentBitTorrent(BTT)$0.000001-2.30%
  • dashDash(DASH)$59.970.33%
  • Mina ProtocolMina Protocol(MINA)$0.81-0.30%
  • PancakeSwapPancakeSwap(CAKE)$4.000.97%
  • GateGate(GT)$4.422.43%
  • KlaytnKlaytn(KLAY)$0.201722-1.30%
  • iotaIOTA(MIOTA)$0.222248-2.35%
  • cUSDCcUSDC(CUSDC)$0.0227280.06%
  • BitDAOBitDAO(BIT)$0.51-7.63%
  • zcashZcash(ZEC)$45.280.79%
  • makerMaker(MKR)$641.54-0.23%
  • gemini-dollarGemini Dollar(GUSD)$1.000.36%
  • neoNEO(NEO)$8.11-2.23%
  • cDAIcDAI(CDAI)$0.022166-0.11%
  • ImmutableXImmutableX(IMX)$0.701.95%
  • OKCOKC(OKT)$30.10-1.36%
  • Tokenize XchangeTokenize Xchange(TKX)$6.620.08%
  • THORChainTHORChain(RUNE)$1.76-2.27%
  • WhiteBIT TokenWhiteBIT Token(WBT)$4.10-0.39%
  • RadixRadix(XRD)$0.051822-5.88%
  • ArweaveArweave(AR)$10.12-1.80%
  • PAX GoldPAX Gold(PAXG)$1,882.04-1.30%
  • OsmosisOsmosis(OSMO)$0.96-0.70%
  • GMXGMX(GMX)$56.91-0.52%
  • FlareFlare(FLR)$0.043401-6.99%
  • Tether GoldTether Gold(XAUT)$1,895.99-1.29%
  • nexoNEXO(NEXO)$0.820.23%
  • cETHcETH(CETH)$31.62-0.68%
  • BTSE TokenBTSE Token(BTSE)$2.82-10.12%
  • OptimismOptimism(OP)$2.10-1.86%
  • TerraTerra(LUNA)$2.175.36%
  • Convex FinanceConvex Finance(CVX)$5.89-3.03%