How Soulbound Tokens (SBTs) work & will function in Lomads Dashboard
Soulbound Tokens (SBTs) have become extremely popular over the past few months, and will be integral in the next wave of Web3, Crypto, & NFTs.
However, there is still a lot of confusion as to how SBTs will function in both real-world and blockchain ecosystems. In this article, we go through what utilities SBTs can have, and how they will function in Lomads Dashboard to create an optimal and secure user experience.
What are Soulbound Tokens?
Soulbound Tokens are non-transferable digital tokens that represent an immutable identity on the blockchain.
They can’t be bought or sold and are most commonly used to provide certifications, symbolize an accomplishment, or build reputations. Proposed examples of how to use SBTs include managing medical records, certifying educational degrees, and verifying job history or professional qualifications.
Within the realm of Web3, there are many more proposed use cases for SBTs including DAO membership and anonymous identity verification.
How will Lomads Dashboard use Soulbound Tokens?
Lomads will implement SBTs for 3 major functions:
- Single access token across 3rd party tools
- Personalized dashboard & data ownership
- Immutable record of contributions
Single Access Token Across 3rd Party Tools
Using Lomads, you can roll our SBTs into your organization without having to write a single line of code!
Your SBT will serve as an access token to 3rd party tools, such as Notion & Discord, and allow for maximized interoperability.
Personalized Dashboard & Data Ownership
Each organization will have their own SBTs for their respective members.
This will allow for easy permission & task assignments, and allows every member to retain ownership of his/her own personal data.
Immutable Record of Contributions
Each organization’s SBT will record what contributions each member is making towards a project.
This not only improves transparency, but build members’ accountability and credibility over time.
The addition of Soulbound Tokens in Lomads Dashboard will not only allow for optimal user experience and permissions management, but also allows for secure and efficient storage of metadata.
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