Source: Getaverse
Recently, the Getaverse DID platform launched a number of Web3 SBT minting activities. Users can receive SBT and earn points by participating in tasks and signing in.
To participate in the event, users need to authorize and verify their Twitter, Discord and Telegram accounts on the Getaverse official website, and use Getaverse DID to sign in. Through these steps, users can complete the SBT identity binding.
Getaverse is a blockchain credit system developed based on multiple public chains, aiming to build a metaverse ecological service platform based on the Web3 digital authentication engine protocol. Recently, the project has been active, and the Getaverse DID platform was officially launched on March 22. Users register to enter Getaverse and obtain a DID identity. Through this DID identity, users begin to build their own credit system and participate in the platform's ecological application, construction and governance. On April 21, the Getaverse DID platform was upgraded to 2.0, adding domain name resolution, project ecological entry, API optimization and secure call core functions.
The launch of the Web3 SBT minting event is considered to be another major progress made by the Getaverse project, which may open the key to the large-scale application adoption of Web3.
So far, the number of SBT claims has exceeded 26,000+, and the number of ID users has exceeded 13,000+. So, what is the value of SBT minting to the Getaverse ecosystem? What kind of changes can it bring to the Getaverse project?
Disassembling Getaverse
Getaverse is positioned in the DID Web3 track and is one of the supported projects in the Astro Selection incubation launched by Kucoin Labs. The concept of DID has emerged with the rise of Web3. Currently, after nearly two years of iterative development, the DID track has been subdivided into three sub-sectors: identity authentication and management, identity application, and underlying support and data labeling.
Getaverse's project goal is relatively ambitious. It is a social practice of decentralized sovereignty that aims to build a reliable platform based on the DID credit system to support the implementation of innovative Web3 products.
From a functional perspective, Getaverse is a decentralized identity system, which basically covers the three sub-areas of decentralized identity in the industry, namely identity authentication and management, identity application, and underlying support and data labeling functions. Including:
Getaverse provides a unified identity platform and network based on SBT, and designs a staking incentive model to bind to digital identity, which has anonymity and autonomy, and creates a landing component for the Web3 credit system.
Getaverse provides an event proof that allows Web3 developers to customize NFTs for event proofs based on on-chain behavior or off-chain events (e.g., proof of existence), covering the entire process from NFT creation to distribution rules.
Getaverse provides a zero-knowledge proof data control system solution to address the privacy issues of decentralized identity systems.
Getaverse provides a credit scoring system based on on-chain identity and behavior, which can be used for decentralized credit reporting and credit loan services.
From the perspective of users and developers, Getaverse is a reusable and iterative Web3 portal based on decentralized identity.
Getaverse is a DID infrastructure of SBT. It is an iterative and updateable decentralized product component that provides reusable components such as data management, identity management, and credit management.
Getaverse is a unified and open API interface that allows all kinds of innovative applications on Web3 to participate in the co-construction and governance of the Getaverse ecosystem.
Getaverse is an open application platform that can empower Web3 users and innovative projects, opening up high-quality social channels between social, Web 3.0, and the metaverse.
The above is what Getaverse wants to do. In general, it wants to build an ecosystem based on decentralized identity. In order to achieve this goal, Getaverse has established various decentralized identity components, including SBT, event proof, privacy-protected data control systems, etc., and then interoperated and combined these components to carry out multi-level layout and design.
What is the value of Getaverse SBT?
Let's trace back the concept of SBT. The concept of SBT was first proposed by Vitalik in a paper inspired by the game "World of Warcraft". It is a type of token that is publicly visible, non-transferable, but can be withdrawn. The account bound to these SBTs is the soul. The soul can correspond to an individual, institution, organization, etc., and a soul can have multiple SBTs. SBT marks the user's characteristics and achievements in the form of tokens on the chain, and comes with verifiable information.
Binance was the first to implement the SBT concept. In September 2022, Binance launched the first soul-bound token BAB based on BNB Chain. BAB is bound to the Binance account and follows the ERC-721 standard. Only users who have completed KYC on the trading platform can apply for it. Only one BAB can be minted per account ID, and the minting fee is 1 BUSD. Although BAB was born not long ago, its practical implementation has also brought some foreseeable opportunities.
The implementation of the Getaverse SBT concept is another practice of Vitalik's soul token concept. In the process of participating in activities to obtain SBT, users will be able to experience their personal digital identity better. Through the application of SBT, they can also manage and analyze complex social activities in Web3.0, and ultimately achieve the goal of Decentralized Society - DeSo (decentralized society) where users control their identities, ensure digital content property rights and obtain value.
Specifically, Getaverse SB has two features:
On-chain identity tags
From the perspective of the chain, Getaverse SBT can be said to be a record of on-chain activities, or more simply, a label on the chain, a label that cannot be transferred once it is affixed. This label can be a certain identity, a certificate, an activity, or some on-chain behavior.
With this tag, Getaverse can do a lot of things, such as packaging the user's health status into an on-chain tag. For example, based on the user's behavior, it records and analyzes the information of SBT, and further refines it to reflect the amount of user operations, risk preferences, time periods, usage duration, etc.
Different from Binance SBT which only records the behavior on a single BSC chain, Getaverse SBT records more complete information. It can identify multi-chain behaviors. Based on the on-chain behaviors of user addresses on multiple public chains, it can create clear and segmented user portraits, such as "Uniswap Super Trader", "Compound Lender", "OpenSea Artists", "Bored Ape Holder.
Centralized identity tags
Getaverse SBT's centralized identity tagging function is expected to introduce Web2 identity into the system based on the on-chain interaction between users and projects, as well as some proofs (work, activities, skills, etc.) for authentication, which enables some projects to obtain more accurate user portraits.
For Web3 users, SBT tokens grant users reputation tags to represent their contributions to the project. These tags are non-transferable and will always follow the user. And users do not need to create so many accounts/addresses, they can log in and interact with the project through Getaverse one-stop.
Getaverse also provides a variety of mechanisms around SBT, including event proof of existence in the form of NFT; Getaverse DID, a bridge between on-chain behavior and off-chain society; and a data control system that uses zero-knowledge proof to protect privacy. It goes without saying that with the launch of SBT, it will have a positive impact on the entire Getaverse ecosystem.
For users holding SBT, although the non-transferable nature of Getaverse SBT does not have direct financial and wealth value, it represents the on-chain behavior certificate corresponding to the address and can be verified by others. This tamper-proof feature provides an important trust guarantee for SBT holders, allowing users to safely hold and display SBT to prove that they have passed some certifications, such as KYC processes.
In some ways, holding Getaverse SBT can be used to prove a user's activity record on a certain chain, such as cryptocurrency trading, digital asset management, digital identity verification, etc. These activity records can be verified by other users or institutions, thereby proving the user's expertise and experience in these fields. The non-transferability and traceability of SBT also provide holders with more security and trust guarantees. Since SBT is non-transferable, only the holder can control and display it. This ensures that SBT holders will not face the risk of asset loss and can better protect their digital assets. In addition, the traceability of SBT also allows holders to better track and manage their digital assets, as well as prove on-chain activity records.
For the Getaverse platform, it can not only earn a certain amount of on-chain income by providing a channel for minting SBT, but also verify the time when the user mints SBT to judge the user's loyalty, and even provide precise services by analyzing the on-chain behavior of the holder in the future. In the future, the Getaverse platform can also provide precise services by analyzing the on-chain behavior of the holder. This will enable the platform to better understand the needs and preferences of users, thereby providing more personalized services and products. This analysis will not be limited to SBT holders,
For the Getaverse ecological project, integrating its own ecology with Getaverse SBT is a very important challenge, but also a very valuable opportunity. Through airdrops or other incentive methods, quickly integrating its own ecology with SBT can take on this part of real users, which will bring considerable help to the construction of its own community and project development.
Potential use cases for Getaverse SBT
For the ambitious Getaverse, SBT casting is just the first step. The next step is to focus on applying SBT and providing more SBT scenarios. Its goal is to form a more unified SBT application technology standard, make full use of information while protecting privacy, and truly play the soul role of SBT.
Here are some potential SBT use cases we think Getaverse could enable.
SBT activity across platforms
The advantage of Getaverse SBT is that it runs on multiple chains, providing a solution for SBT shared identity for scenarios shared across applications and platforms. For example, a user of a running shoe game holds the founding shoes of the Solana chain, and now the project team plans to add a running shoe project to the BSC chain. In order to give back to early users, the project team wants to airdrop BSC chain shoes to Solana's founding shoes. The usual practice is to airdrop based on the game's Web2 account, or the project team takes a snapshot of the founding shoes in advance.
In this case, it would be much simpler if Getaverse SBT was used. The project can cast SBT identities for the founding shoe users on the Getaverse Solana chain, and through Getaverse event proofs and Getaverse IDs, based on the advantages of multiple public chains, airdrop shoes corresponding to the SBT identities on the BSC chain.
More precise marketing
On-chain behaviors can be labeled and integrated into SBT, which makes Getaverse adept at user precision marketing. Partner projects can operate the entire event on the Getaverse DID platform, using SBT to record the start and end time of the event, task settings, rewards and expected number of participants, social media and media publicity, production tutorials, etc. Project owners can also carry out more precise marketing activities based on more detailed user portraits to find the most suitable potential users at a lower cost.
Credit loan (non-secured loan)
Unsecured loans and credit loans are another possible application scenario of Getaverse SBT. We know that the current DEFI lending products are basically over-collateralized, with extremely low capital utilization. If combined with Getaverse SBT, we can portray a user's off-chain credit status, and bind the user's SBT to the off-chain behavior in the real world through KYC, so that we can obtain a complete credit situation that combines off-chain and on-chain. With this complete credit status, on-chain lending products can reduce the amount of collateral and even achieve unsecured loans.
Summarize
Many current DID projects focus on the description of domain names, or are one-stop aggregators of wallet addresses. Although Getaverse also focuses on creating an aggregated identity, it considers SBT more in DeFi activities, including credit assessment.
SBT can help users build native digital identities in the web3.0 world and ultimately realize the vision of a decentralized society. SBT has many features. Technically, it is programmable and has great potential to be combined with dynamic NFTs in the future, introducing oracles for dynamic updates of properties.
SBT is the key application direction of Getaverse. At present, Getaverse has solved the data privacy protection and verifiability, and solved the problem of on-chain and off-chain portrait access for ecological projects. In the next step, Getaverse will give full play to the advantages of the DID platform, standardize the SBT technology, and provide more SBT application use cases.