Masa Finance launches soulbound token Web3 identifier on Ethereum

According to developers Masa Finance, the project’s soulbound token credit scoring system will use more than 10,000 data points to determine the trustworthiness of Web3 users.

Masa Finance launches soulbound token with Web3 identifier on Ethereum

Masa Finance has launched the first identity token soulbound project on the Ethereum mainnet. The protocol will allow standardized soulbound tokens to be minted on Ethereum for KYC, credit scoring, and other use cases.

Soulbound token has become a fairly new emerging trend in recent times. The concept was popularized through a detailed pro-post post by Ethereum founder Vitalik Buterin, who argued that these tokens could further optimize governance over Defi protocols.

Masa Finance founders Brendan Playford and Calanthia Mei say the soulbound token the project has just launched will expand opportunities for Defi users to generate credit and borrow funds.

In addition, Masa Finance emphasized that the protocol’s soulbound token is not merely tied to a traditional credit score. The project goes beyond conventional finance to combine both Web2 and Web3 activity with over 10,000 data points used in Masa credit scores, including users’ FICO metrics, Web3 wallet transaction history, balances centralized exchange, and other data.

However, Masa Finance is not the only project that owns the soulbound token idea deployed on the blockchain. Recently, Binance also released its version on BNB Chain, which can be used to prove the identity of users.

Still, Masa seems to be the first soulbound protocol available on Ethereum, as MetaMask, Cobo, and Gnosis DAO are just in the early stages of collaborating on the soulbound token initiative.

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