These special NFTs represent a trusted membership in kycDAO. These web3 primitives is used by trusted dApps and services.
kycNFTs are unique, personalizable and owned.
NFT stands for Non-fungible token. It is a unique asset stored on the blockchain.
NFTs as a concept are prolific, and they exist on almost every blockchain. For this reason, kycDAO uses a particular type of NFTs to represent a user's verification.
Unlike most standard NFTs, kycNFTs represent identity verifications, which only make sense when associated with a specific account or address, therefore, our NFTs designed to be
SBT stands for Soulbound token. It is a
non-transferable asset stored on the blockchain.
The concept of an NFT, which is bound to an account, has been discussed at length on various blockchains and has been referred to by several names:
- Soulbound tokens (SBTs)
- Account/Address bound tokens (ABTs)
- Non-transferable NFTs (NTNFTs)
kycDAO supports multiple different blockchain types, and each blockchain has its own implementation or standard (and sometimes multiple!); we've attempted to use the most popular standard on each blockchain and tried to ensure the smart contract interface is as similar as possible.
For a more detailed explanation of the kycDAO smart contracts design, please visit On-chain gating
Why soulbound NFTs?
As the concept of a decentralized identity is such a common subject discussed in web3, solutions for how to implement it have also brought up some great discussions.
Another commonly recognized alternative for sharing information related to identity is verifiable credentials or VCs.
We've written a blog post summarizing our thoughts on the benefits and disadvantages of NFTs vs. VCs.