

“Soulbound” NFTs have attracted attention recently, with Ethereum founder Vitalik Buterin being one notable proponent. The concept of a soulbound NFT is derived from the online multiplayer game World of Warcraft. In the game, users are able to obtain high-level weapons and accessories that cannot be traded or exchanged but are instead tied to the user’s account, thus they are “soulbound.”

This concept has been adopted and applied to Web3, mainly for identification purposes. Soulbound tokens cannot be transferred once created or acquired. They are held in wallets known as Souls. Soulbound tokens can be considered permanent attributes or traits that define the “soul” of an account.
The fact that soulbound tokens cannot be exchanged or sold proves that the user is “entitled” to the relevant token. Soulbound tokens could represent medical records, education certificates, criminal records, or even know-your-client/customer (KYC) records. Since different soulbound tokens each have unique functions, users can also separate their tokens among various Souls based on function. For example, they may have one Soul for medical records and another for exchanging information and KYC details.
An early implementation of soulbound tokens is the Binance Account Bound (BAB) token. This acts as a form of verification on the BNB Chain for Binance users that have completed KYC. These tokens can also be used for identity verification for other projects without undergoing the same KYC process again. These soulbound Non-Fungible Token (NFTs) could help regulate token sales, airdrops, voting on governance proposals, and more. With the increased emphasis placed on compliance and regulation, soulbound tokens aim to address these issues while bringing back greater control and access to users.
Soulbound tokens can allow for greater security with regard to user verification. Sybil attacks can be reduced by soulbound tokens that verify unique users are who they claim to be, eliminating the risk of fake users and imposters. Unlike traditional systems, users would also be able to control access to their data to set the visibility of soulbound tokens so that they can control when, with whom, and what details of their information are shared.
Security issues related to soulbound tokens still need to be addressed. Since these tokens are immutable and act as identifiers for individuals on the blockchain, a high level of security is required on both the wallet and token levels. If a user loses access to their wallet, whether due to a hack or the loss of their wallet keys, the result could be disastrous. Proper safeguards are necessary to ensure that user data is safe and can only be accessed by authorized users. Vitalik Buterin discussed a possible solution to the loss of soulbound tokens in his initial whitepaper on the topic, which would allow owners of Soul to appoint “guardians” that have the right to recover an account when required. Greater standardization and review processes for both tokens and wallets are required to ensure that the necessary security features are implemented.
Certain aspects of soulbound tokens still need to be clearly defined for usage to be possible. There is yet to be a standard on the level of privacy available in relation to user data that can be publicly verified and accessed. As described in EIP-5114: Soulbound Badge, soulbound tokens refer to a persona rather than a specific individual. It should not be assumed that there is only one person behind any persona. More work needs to be done in this area to define how soulbound tokens can be granularized and standardized to represent the characteristics of only one individual. Greater control given back to the user can alleviate fears that the use of the soulbound token will result in censorship and control by centralized entities.
The concept of soulbound tokens is still a new one, and several issues need to be resolved before they will be ready for mainstream use. Greater security must be a preeminent concern, as it will allow for greater trust and adoption of soulbound tokens, bringing manageable identity and data privacy to the blockchain.
This is a guest post and was originally published here.
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CertiK is a blockchain security firm that helps projects identify and eliminate security vulnerabilities in blockchains, smart contracts, and Web3 applications using its services, products, and cybersecurity techniques.
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Memecoins Shiba Inu (SHIB) and DigiToads (TOADS) Among Most Appealing Cryptos to Buy Now

Both SHIB and TOADS offer rewarding and enjoyable investment opportunities, with TOADS more positioned to bring outsized returns.
Memecoins like DigiToads (TOADS) and SHIB are starting to gain momentum in the crypto world. There's a reason for this: many investors are tired of stagnant cryptos that offer nothing in the way of enjoyment. Both TOADS and SHIB are actually FUN to invest in, rather than just boring options you leave in your portfolio and check back to see if they've moved in price. The only fun you can have with Bitcoin is when you look at your charts and see that it's gone up in price, but with SHIB and TOADS, you can enjoy the journey along the way. That's why memecoins offer a more viable investment opportunity right now, one that puts the fun back into the altcoin world and allows you to profit while you play. TOADS leads the way as the top crypto to buy right now, here's why:

DigiToads (TOADS)
TOADS puts the fun back into crypto investing thanks to the most comprehensive P2E memecoin model ever seen, making it lead the way as one of the best cryptos to invest in. Not just for right now: but for the long term, too. So if you want gains as well as rewarding fun, it's important to understand the incredible P2E benefits that TOADS bring to the table.
As part of a wider 7% sales tax on transactions, 2% goes straight into the TOADS rewards pool. This will ensure the long-term viability of the project and make sure there's always enough money to go around. And it's both fun and simple to start earning TOADS token rewards in the revolutionary TOADS swamp arena. In the swamp arena, you get to battle it out every season with your own unique TOADS companions. You can collect more companions, nurture them by feeding and leveling up, and take them into the swamp arena to battle it out as part of one of the most enjoyable experiences ever seen in the crypto world. The best battlers will win more TOADS tokens every season, which will either be instant profit or enable you to power up your TOADS to make them even stronger.
As you can see, the TOADS P2E environment is second to none, truly revolutionizing the space by putting the fun factor back into investing in a big way. TOADS has its sights set on quickly becoming one of the top 5 cryptocurrencies by market cap and will continue to reward early investors along the way throughout its incredible presale journey and beyond. Check it out immediately if you want fun, gains, and rewards.
Shiba Inu (SHIB)
SHIB helped revolutionalize the memecoin world a couple of years ago when it added a new level of collectibility and a level of fun to investing that the industry hadn't seen before. While SHIB struggled to hold into its gains, it still has a lot of potential in the crypto investment world. Many still see SHIB as the standout memecoin option, but TOADS is hot on its tail as it continues to show presale prowess.
Conclusion
Both SHIB and TOADS stand out as two of the most fun and rewarding crypto investments available. TOADS leads the way as the best new crypto to invest in by a wide margin, continuing to welcome new investors while giving them a fun-first way to earn. Consider adding TOADS to your portfolio immediately if you want an enjoyable way to earn and an investment that's ready to launch into the stratosphere.
For more information on DigiToads visit the website, join the presale, or join the community for regular updates.
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This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $2500. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
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