{"id":7850,"date":"2022-06-05T17:23:11","date_gmt":"2022-06-05T11:53:11","guid":{"rendered":"https:\/\/aayushbhaskar.com\/?p=7850"},"modified":"2022-06-05T17:23:11","modified_gmt":"2022-06-05T11:53:11","slug":"dapps-that-could-use-sbts","status":"publish","type":"post","link":"https:\/\/aayushbhaskar.com\/dapps-that-could-use-sbts\/","title":{"rendered":"5 DApps Projects that Could use SBTs","gt_translate_keys":[{"key":"rendered","format":"text"}]},"content":{"rendered":"
Last week, I reviewed the latest innovation proposed by the Ethereum co-founder Vitalik Buterin – Soulbound Tokens or SBTs<\/a>.<\/p>\n As a follow-up, I decided to share with you 5 DApps that could use SBTs in the future.<\/p>\n If you are interested in SBTs and Web3, read on!<\/p>\n <\/p>\n AAVE<\/a> is a liquidity protocol that allows you to deposit crypto to earn interest & to borrow against your crypto deposit.<\/p>\n It is, in layman’s terms, a decentralized bank. As of the time of writing, more than US $16bn of liquidity is locked into AAVE.<\/p>\n SBTs will allow AAVE to develop protocols for lending and borrowing that look beyond the quality of collateral. In simple terms, as of today, the protocol accepts certain cryptos as collateral for lending against them.<\/p>\n However, it ignores the question as to \u201cwho\u201d is the borrower.<\/p>\n Digital identities through SBTs will allow the protocol to know more about their customer, and this could lead to risk-based pricing \u2013 just like with credit scores<\/a>.<\/p>\n For example, an SBT confirming the borrower is a highly educated Ivy League graduate makes the risk of default, all else equal, comparably less when compared to a person who is not offering up any information.<\/p>\n In terms of development, AAVE will have to establish protocols for SBT verification & consummate products to offer differentiated pricing.<\/p>\n Given the present infrastructure, this should not be too problematic for their development teams.<\/p>\n <\/p>\n Cryptonomica<\/a> is an identity verification service & database for verified entities. They serve the KYC<\/a>, electronic documents, and blockchain markets.<\/p>\n Specific to the blockchain, the service allows you to develop keys that verify your ownership of an Ethereum wallet address and your authority to conduct transactions with it.<\/p>\n This information serves the purpose of KYC documentation & can be used to create legally binding and enforceable documentation and contracts.<\/p>\n As of the time of writing, the service has more than 7,000 users and more than 7,800 private keys, of which 610 are verified online and 16 are verified offline.<\/p>\n With SBTs, the present system of obtaining and verifying keys will need an upgrade. For example, an Ethereum wallet holder applies for a key submitting their SBT, and post verification is issued a key.<\/p>\n This is not too different from the present model, except that disclosure is now verified, and the service does not need to undertake an elongated verification. Verifying the SBT itself would suffice.<\/p>\n This would represent a complete change of process for the service and could very well mean going back to the drawing board.<\/p>\n Effectively, the present electronic key infrastructure would prevail, but the allowance would be needed for SBT integration.<\/p>\n <\/p>\n Medicalchain<\/a> is a platform that uses blockchain technology to digitize patient medical records. The idea is to achieve a single, comprehensive source of medical information for every patient to reduce inefficiencies.<\/p>\n These inefficiencies manifest themselves in the form of fragmented information that is collected over time from different sources and is not curated. This makes it difficult for health professionals, researchers, pharmaceutical companies & insurance providers to work without a point of failure.<\/p>\n At the moment, the project issues electronic reports to participating institutions. This is a limiting factor with respect to growth outside of their present ecosystem.<\/p>\n Adoption of SBTs in their case shall allow users to take their patient data to other nonparticipating institutions, who may be comforted in the verification of submitted SBTs directly on-chain.<\/p>\n For example, as an insurance provider not on the medical chain network, I would need to order the report directly from Medicalchain instead of taking the client’s submission of the same report. The report issued on-chain as an SBT would change that.<\/p>\n Medicalchain is already on the Ethereum network, so the prime development would be to develop the reporting format as an SBT. This together with a portal for Nonparticipating third parties to log in and independently verify the SBT should suffice.<\/p>\n <\/p>\n1. AAVE<\/h2>\n
1.1. What is AAVE?<\/h3>\n
1.2. How could AAVE Use SBTs?<\/h3>\n
1.3. How to Integrate SBTs?<\/h3>\n
2. Cryptonomica<\/h2>\n
2.1. What is Cryptonomica?<\/h3>\n
2.2. How Could Cryptonomica Use SBTs?<\/h3>\n
2.3. How to Integrate SBTs?<\/h3>\n
3. Medicalchain<\/h2>\n
3.1. What is Medicalchain?<\/h3>\n
3.2. How Could Medicalchain Use SBTs?<\/h3>\n
3.3.How to Integrate SBTs?<\/h3>\n
4. Crypto Tickets<\/h2>\n
4.1. What us Crypto Tickets?<\/h3>\n