In the mysterious realm of NFTs, new and innovative tokens have been introduced. Not yet heard about that, Don’t worry, we are here to introduce you to the trending token which has grabbed the attention of crypto users. That is none other than Soulbound tokens. The Soulbound tokens are asset-backed digitalized tokens, but that cannot be bought or sold. Is that confusing? No issues, our presence is to sort out your confusion regarding Soulbound tokens.
In simple words, Soulbound tokens are also more or less like NFTs, but the only difference is they are bound to the initial user. This is because the Soulbound tokens are backed up with a person’s educational, achievements, traits, and characteristics. As this represents the unique achievement and identity of a person, that cannot be bought or sold in the NFT marketplaces.
You may think, what is the use of holding Soulbound Tokens (SBTs)? With these SBTs, the person’s credentials can be easily identified and stored securely. Still, are you eager to explore the Soulbound Token Development process?
Then, leave your hesitations and scroll down…
What is Exactly a Soulbound Token Development?
Soulbound token development is the process of creating Soulbound tokens which are tokenized with a user’s identities, and personal credentials in a secure way. As the user’s employment records, educational records, and healthcare records, these tokens are non-transferable, and cannot be traded in any of the crypto marketplaces. The Soulbound tokens can be handled in separate wallets or blockchains in the name of ‘souls’.
The sole purpose of these SBT NFTs is for getting access to gaming, art, and the virtual world. People who are keen on their data and credentials will be interested to create these tokens. Additionally, these tokens help users to store their data securely. Hence, the need and demand for these token creations have skyrocketed among everyone. But, still many are confused about the creation process.
Do you wanna know about the development process? Keep scrolling…
How to Create Your Soulbound Token?
Creating a Soulbound token is not a daunting task, you can develop your SBT tokens in three different methods.
- Picking a freelancer
- Approaching a Development Company
The first method for developing your Soulbound token is hiring a freelancer who has experience in token creation. But, you will seem to face consequences like scamming and fraud. And also, technically you can come up with errors or bugs which will be difficult to sort out. So, when you have decided to pick a freelancer, you have to analyze them thoroughly before giving your Soulbound token development project. So, as a whole, it is better to choose a Soulbound Token development company.
The development company will have more expertise in creating Soulbound tokens with their professional developers. As they are renowned companies in the crypto market, the chances of committing scams and fraudulent activities are zero. Additionally, you are free from the pressure of technical errors at an affordable cost. So, to acquire these benefits, you can approach a Soulbound token development company that provides token development services.
Have you decided to approach a development company? Smart move, even though you can be free from the pressure of developing Soulbound tokens, you must know about the steps adopted by the token development company to create your tokens. It helps you to know about the latest updates of your Soulbound tokens.
We can delve into…
Steps Involved in Soulbound Token Development
The Soulbound tokens can be easily created and transferred to your wallet within 7 to 10 days. The easy steps for creating them are illustrated below,
- First, you must be clear about your token creation purpose and the need for your token development.
- Define your token needs and modifications to the Soulbound token development company.
- Choose the best blockchain platform for your convenience. You can either choose a popular blockchain like Ethereum, Tron, BNB chain, and so on. That is up to you.
- Then comes the crucial part, smart contract development. The development company will create a smart contract that includes the rules and guidelines of the Soulbound tokens.
- After the smart contracts are integrated, the Soulbound tokens can be minted. In this phase, be sure whether the tokens are minted securely.
- Once the tokens are created, they will be undergone for testing and debugging process. This is to check the token’s functionality status.
This is how the Soulbound tokens are created by the development company. Is that a tough process? Not, right? So, choose a reputed Soulbound token development company for your token creation. The Soulbound tokens are more or less like a CV for the crypto world. So, choose wisely, and create your token with ideal functionalities.
But, wait, if you want your Soulbound token to be unique, then you must indulge in more features. Have no clue about the unique and essential features of Soulbound tokens? Don’t worry, next we are going to have a look at them.
Features of Soulbound Token Development
Soulbound tokens come with some of the ideal features. Other than these, you can also add your own required features for your tokens. The essential features are,
Token Recovery – Unexpectedly lost Soulbound tokens can be retrieved with the help of private keys.
Managing the Keys – Changes in the private keys can be made by the token holder.
Sybil resistance – To prevent the creation of fake nodes and to ensure protection, this feature is adopted.
User Acceptance – The token holder has the right to accept/decline the tokens from the guardian to prevent spam.
Query raising option – Third-party who tends to check the token details can raise queries to the token holder.
These are the features that make Soulbound tokens get the limelight in the crypto market. As much as you add additional features while developing the tokens helps you to be exceptional from other tokens.
Okay, What are the perks that you can acquire through developing these Soulbound tokens? Do you want to know about this? The next section to be analyzed is none other than the…
Benefits of Developing Soulbound Token
By getting to know the benefits, you can be more confident in developing your Soulbound tokens. So, let’s see them accordingly.
Immutable – Like NFTs, the Soulbound tokens are also immutable ie., they cannot be changed, or modified. This enhances the trust in your credentials.
Single ownership – These tokens possess the same owner, as they cannot be sold or bought. Hence, the security level for owners is high.
Security – By Creating Soulbound tokens, you can safeguard your educational certificates, course certificates, and achievements securely. And also, you can pick your required credentials at any time without any disputes.
Spoof-free – As blockchain technology is used for the creation of Soulbound tokens, the data encrypted in the tokens are unable to be imitated or falsified.
Transparent – These tokens give you more chances for tracing your credentials without any hassles. This ensures the authenticity of the owner’s identity.
Unique Identity – In the virtual world, these tokens act as an identity for approval.
So, here you can conclude that it is better to develop Soulbound tokens to secure your credentials. The Soulbound tokens can be used not only in the cryptocurrency world but rather can be used in various fields. Let’s see about them in detail.
Use Cases of Soulbound Token
Soulbound tokens act as a powerful and versatile tool in various sectors due to their security reasons. They are,
People who are keen on their university certificates, course certificates, and academic achievements, then they can turn them into Soulbound tokens. Even in the education industry, the university is now issuing the students certificates as Soulbound tokens.
Students can also turn their curriculum vitae into digitalized tokens. It gives a groundbreaking solution for students to own their data securely.
Workers can also turn their work experience, license, their authenticity in the work, and other important letters into Soulbound tokens. This helps to prove their reputation in the virtual world, which guarantees them to be a prospective employer.
To track the medical history of the patient easily, they acquire Soulbound tokens. Because the time taken to trace the patient’s health history and medical reports is sometimes more than we assume. To rectify this issue, the patient’s medical history, prescription & identity validation are combined and tokenized. The medical world is using Soulbound tokens as their unique tool for easy usage.
The user who holds the tokens can be identified as a reputable and popular user in the gaming and virtual world. Users can also tokenize their credit details as tokens and can be eligible to get loans.
With the Soulbound tokens, lenders can access the credit holder’s credit history, and transactions within a fraction of a second.
Hence, these are some of the popular use cases of Soulbound tokens. Many sectors have turned their head toward the development of Soulbound tokens. If you are also eager to create a Soulbound token, then without any doubt tokenize your personal credentials.
As mentioned earlier, you need to analyze the crypto market and pick an ideal Soulbound token development company who are well-versed and versatile in development services. We, Coinsclone is here for you to provide exemplary Soulbound token development services at an affordable cost.
Here, you will surely ask us…
Why Choose Coinsclone for Soulbound Token Development?
We have 6+ years of reputed experience in token development services and have completed 90+ successful crypto projects. Coinsclone has a professional set of developers and crypto analysts who are well-versed in providing token development services and are good at providing the best crypto projects. We are very much concerned about our client’s satisfaction and their needs.
Without any hesitation, you can join hands with us for a full-fledged Soulbound token development. Not only in the development process, but we also provide you with technical assistance regarding your token creation process. So to get the spotlight in the crypto world and to get the best crypto services, contact our expert team for details.