According to developers Masa Finance, the project’s soulbound token credit score rating process will use additional than ten,000 information factors to identify the trustworthiness of Web3 customers.
Masa Finance has launched the initial identity token soulbound venture on the Ethereum mainnet. The protocol will make it possible for standardized soulbound tokens to be minted on Ethereum for KYC, credit score score, and other use situations.
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—Masa (@getmasafi) January 17, 2023
Soulbound Token has turn out to be a relatively new emerging trend as of late. The notion was popularized by means of a in depth publish on behalf of Ethereum founder Vitalik Buterin, who argued that these tokens could be utilised to additional streamline governance in excess of DeFi protocols.
Masa Finance founders Brendan Playford and Calanthia Mei say the soulbound token the venture just launched will broaden options for DeFi customers to make credit score and borrow money.
“We want to assistance persons log into an on-line credit score process with Web3 credit score scores, the very same information supply we aggregated across Web2 and Web3 to assistance persons establish their credit score on the blockchain. .
The venture is now functioning with many lending partners to lengthen DeFi loans to persons who previously have Masa credit score score reviews.
Furthermore, Masa Finance pointed out that the protocol’s soulbound token is not merely tied to a standard credit score score. Project goes past standard finance to mix Web2 and Web3 action with in excess of ten,000 information factors utilised in Masa credit score scores, which include consumer FICO metrics, Web3 wallet transaction historical past, centralized stability exchanges and other information .
However, Masa Finance is not the only venture owning the thought of ​​the soulbound token distributed on the blockchain. Recently, Binance also launched its personal edition on the BNB Chain, which can be utilised to demonstrate users’ identities.
However, Masa seems to be the initial soulbound protocol offered on Ethereum as MetaMask, Cobo, and Gnosis DAO are only in the early phases of collaborating on the soulbound token initiative.
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