⁉️Q&A

Q: What is the concept of "soul-bound"? What is the nature of Metavisa's growable, visualized soul-bound NFT?

A: "Soul-bound" refers to the process of associating specific tokens with publicly accessible, non-transferable tokens, which can be revoked by the issuer if needed. In this context, these associated accounts are known as "souls," and the tokens connected to them are called "soul-bound tokens."

Upon registering for the Metavisa identity system, a user named Metabings brings along all their past experiences. Consequently, they receive personalized, non-transferable labels, six dimensions (finance, meta, social, activity, wealth) based on their previous experiences and behavioral patterns, an on-chain score, and a unique NFT avatar. As Metabings engages in future on-chain and off-chain activities, their avatar will progressively grow and evolve, enabling a complete soul bond and dynamic development of their decentralized identity (DID).

Q: Why is the DID system critical to the Web3.0 space?

A: The Decentralized Identity (DID) system is at the core of Web3.0 and acts as a bottleneck for application layer development.

Currently, the wallet address serves as the foundation for interactions in Web3.0. However, due to the minimal cost of creating new addresses, users often hesitate to commit to a single identity. They can easily delete the "identity" represented by an address or create numerous address "identities" at no cost, leading to various issues.

In his paper "Centralized Society: Searching for the Soul of Web3.0," Ethereum founder Vitalik also pointed out this concern, highlighting that Web3.0 faces significant application-layer limitations due to the lack of representative "person identity and Native components of social relations." Consequently, many applications are compelled to replicate the constraints of the centralized Web2 architecture they initially aimed to replace, resulting in an incomplete Web3.0 ecosystem.

Metavisa aims to address the lack of a highly functional decentralized identity system by offering users a soul-bound, expandable, and visually appealing identity system. This approach fosters a diverse ecosystem of application possibilities within the Web3.0 space.