The arrival of CoSoul marks an unprecedented revolution in the world of work within native digital organizations. The digital community platform Coordinape has deployed soulbound CoSoul. It is a token that allows users to create a blockchain digital CV. That is, tamper-proof, impossible to stomach and transfer. So, what is soulbound CoSoul and what this new project brings to the world of Web 3?
What is a Soulbound token?
To understand what a Soulbound token is, it is crucial to remember what an NFT is. In fact, NFT, or nonfungible tokens, are unique digital assets that use blockchain technology. They guarantee the authenticity and rarity of a digital asset. The various domains use NFT, such as digital art, video games and collecting virtual objects. We explained them well in our previous article.
However, the Soulbound Tokens are NFT that cannot be transferred once they are received. Also known as soul tokens, these assets remain ad vitam æternam in a soul wallet. According to its co-founder, Vitalik Buterin, the SBT would bring a brick in the construction of a “decentralized society” (DeSoc). He recalled in a Ph.D., “Decentralized Society: Finding Web 3’s Soul” that he co-authored.
What are the characteristics of Soulbound?
At first glance, we may wonder what is the point of this restriction, since the blockchain aims to maximize the volume of transactions. However, Vitalik remains convinced of the contrary: he believes that there are many cases of SBT use.
Soulbound Tokens (SBT) could be revoked by the issuer through a "burn NFT" mechanism. In addition, it is not necessary for an SBT to be linked to a legal identity. A pseudonym can legitimately possess these tokens.
If an SBT is lost, it could be recovered through the community. The user must simply designate a group of "custodians" to whom he gives the power to modify the keys of the portfolio. Guardians could be individuals or institutions.
What are the possible use cases?
As mentioned above, cases of use of Soulbound tokens are legion.
A university could, for example, award an SBT to its students when they graduate. The NFT standard is not appropriate in this case as a certification holder could theoretically resell this NFT. With Soulbound, it is impossible to sell or transfer cryptographic evidence related to holding a degree.
Another possible application would be a company that wants to hire people who have attended a certain conference. While NTFs are freely traded on a marketplace, you only have to pay enough to claim to have attended the event. This is where the Proof-of-Attendance (POAP) protocol comes in. In this case, the SBT aims to prove not only that you paid the price, but also that you actually travelled to attend the event in person.
In addition, a DAO seeking to create a community of environmentalists could distribute SBT to activists participating in specific events. In this case, it would be impossible to conceal its commitment through the impossibility of transferring or modifying the SBT. Another use could be a "CityDAO" where the voting power (via a governance token) would be materialized by an SBT, definitively distributed to the citizens of a city.
In short, the use cases of Soulbounds are numerous and applications are not lacking.
What is the CoSoul project?
The CoSoul project was presented by the web3 CAD platform, Coordinape. It is a soul-related NFT that tracks the work history of users within digital native organizations. It is a free and scalable asset.
It is a free NFT, designed to work on the Ethereum Optimism Network 2. It allows the collection of participation data, distinctions and verification of chain employment. CoSoul is not a static representation of a incumbent’s work history. It updates monthly with new measurements and generates illustrations that change depending on the incumbent’s activity.
The Coordinape team expressed their enthusiasm for bringing the experiences of thousands of users who have collected GIVE in Coordinape since its creation in 2021 on the blockchain. They said: "CoSoul is the first public manifestation of the Coordinape network and a primitive on which many more will be built."
Introduction to CoSoul
CoSoul Soulbound NFT provides an instant overview of a licensee’s work history on the channel. It can be viewed in the Coordinape application and on any NFT visualization platform and integrated into any tool that can exploit NFT data.
The attributes of a CoSoul will be updated monthly based on the incumbent’s work within the Coordinape ecosystem. This process starts with an MVP metric known as Public GIVE, a standardized version of GIVE that a user has collected.
However, this is just the beginning. CoSoul’s design also includes a generative art element. It creates an ever-changing image that grows and changes as users continue to engage with autonomous decentralized organizations (DAOs) and online communities via Coordinape.
In addition, CoSoul provides a public profile that presents the art and provenance of the GIVE received by the user. It also lets you browse any CoSoul to see where GIVE comes from and to display more statistics and markers.
What future for CoSoul Soulbound token?
CoSoul is designed for flexibility and security. Users can burn their CoSoul at any time. It also has social recovery features in case users need to change portfolios.
For the future, the Coordinape team plans to continue developing the Soulbound CoSoul. They intend to connect CoSoul to other applications, platforms and protocols.
Although there are no eye scan plans, the team is focused on promoting an identity future rooted in the history of work and human relations. Through the prism of this philosophy, Coordinape sees CoSoul as a central element in the evolving landscape of decentralized identity management.
The launch of CoSoul Soulbound marks an intriguing breakthrough in the world of digital organizations and decentralized identity. This innovative NFT, linked to the soul, free with mint and able to evolve with the activity of a holder, offers a robust solution to track and verify the history of chain work. With features to be developed, it will be interesting to observe how this development influences the work landscape in the DAO and in the web3 in general.
