WhiteBIT: First Souldrop. The new word you need to learn to be an… | by Victor Del Pino | Coinmonks | Sep, 2023


Victor Del Pino

The new word you need to learn to be an informed and advanced user — Soulbound.

That doesn’t even sound scary or complicated, soul is soul, bound is bound. But actually, the prize for the best explanation of this feature belongs to Vitalik Buterin. According to official information, the concept of “soulbound” assets on the blockchain was first discussed in a January 2022 blog post by Buterin. In it, he explained that in the popular fantasy game World of Warcraft there are powerful “soulbound items” that cannot be transferred or sold to another player once picked up.

“NFTs in their current form have many of the same properties as rare and epic items in a massively multiplayer online game,” he wrote, before describing some of their shortcomings. “While transferable NFTs have their place and can be really valuable on their own for supporting artists and charities, there is also a large and underexplored design space of what non-transferable NFTs could become.”

Let’s not stop along on the definition of the feature but observe how the leading european crypto exchanges are integrating soulbound into their funcionality.

Today ‘s review object is the WhiteBIT exchange and their new activity of Souldrop.

Back at the beginning of August, the company successfully announced the creation of the WB Soul Ecosystem, which was the foundation for lots of exciting Web3 products on their blockchain.

WB Soul is your digital representation on our blockchain, much like an ID that any WhiteBIT user with KYC can create.

According to WhiteBIT’s Blog:

Each Soul has its own unique features. They are all divided into two types:

  • Soul attributes: these are changeable Soul characteristics (for example, the level of WBT Holding on the exchange).
  • Soulbound Tokens (SBT): these are unchangeable characteristics (non-transferrable tokens that can serve as achievements, rewards, event passes, and more).

Soulbound Tokens are assets associated with a specific Soul on the WB Network. They cannot be sold or transferred. The tokens always remain bound to the WB Soul they were minted to and can serve as achievements, rewards, event passes, etc. Soulbound Tokens are usually a part of a collection.

For example, whenever we want to additionally reward our users for participating in an activity, we can use Soulbound Tokens to do so. In this case, we create a collection of three Soulbound Tokens for the first three places (it can be any number) in the leaderboard, and the smart contract binds these tokens with the corresponding participants’ WB Souls. These tokens will indicate your achievements and stay connected to your WB Soul forever.

Then, the retrodrop, WB Soul Ecosystem, Launchpad, and SoulDrop were also pleasant bonuses for users. It is a reward distribution marketing activity. Only those WB Souls who have WBT in Holding can participate in it. The rewards are calculated every 30 days and depend on the Level and Amount of WBT in Holding.

So, the new post about Souldrop made the WhiteBIT users satisfied with the first claim of SBT.

The numerous posts with user’s claims you can found out via the Twitter right now.

For crypto users who constantly try to stay on topic during the innovation process, a feature like Soulbound is a godsend. Especially for the type of NFT and AI fans who are ready to observe the new options of this Blockchain world.

#WhiteBIT #Souldrop #word #learn #Victor #Del #Pino #Coinmonks #Sep