Is the implementation of the Getaverse SBT concept and large-scale adoption approaching?

Source: Getaverse

Recently, the Getaverse DID platform launched multiple Web3 SBT minting activities, where users can participate in tasks and check-ins to earn SBT and gain points.

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 for check-in verification. By completing these steps, users can bind their SBT identity.

Getaverse is a blockchain credit system developed on multiple public chains, aiming to create a metaverse ecological service platform based on the Web3 digital certification engine protocol. Recently, the project has been very active, officially launching the Getaverse DID platform on March 22. After registering on Getaverse, users receive a DID identity, through which they begin to establish their own credit system and participate in the platform's ecological applications, construction, and governance. On April 21, the Getaverse DID platform was upgraded to 2.0, adding domain resolution, project ecological entry, API optimization, and core security calling functions.

The launch of the Web3 SBT minting activity is considered another significant advancement for the Getaverse project and may open the door for large-scale adoption of Web3 applications.

As of now, the number of SBT claims has exceeded 26,000+, and ID users have also surpassed 13,000+. So, what value does SBT minting bring to the Getaverse ecosystem? What changes can it bring to the Getaverse project?

Breaking Down 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, and currently, after nearly two years of iterative development, the DID track has been subdivided into three segments: identity authentication and management, identity applications, and underlying support and data labeling.

Getaverse's project goals are quite ambitious; it is a decentralized sovereign social practice aimed at establishing a reliable platform based on a DID credit system to support the landing of innovative Web3 products.

Functionally, Getaverse is a decentralized identity system that covers the three subfields of decentralized identity in the industry: identity authentication and management, identity applications, and underlying support and data labeling functions. This includes:

• Getaverse provides a unified identity platform and network based on SBT and designs a staking incentive model to bind to digital identities, featuring anonymity and autonomy, creating components for the Web3 credit system.
• Getaverse offers an event proof mechanism that allows Web3 developers to customize NFTs for event proofs based on on-chain behaviors 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 privacy issues in decentralized identity systems.
• Getaverse offers a credit scoring system based on on-chain identities and behaviors, 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 entry point based on decentralized identity.

• Getaverse is an SBT DID infrastructure, an iteratively updatable decentralized product component that provides reusable components for data management, identity management, and credit management.
• Getaverse is a unified open API interface that allows various innovative applications on Web3 to participate in the co-construction and governance of the Getaverse ecosystem.
• Getaverse is an open application platform that empowers Web3 users and innovative projects, bridging high-quality social channels between social and Web 3.0 fields and the metaverse.

This summarizes what Getaverse aims to achieve; overall, it wants to build an ecosystem based on decentralized identity. To achieve this goal, Getaverse is establishing various components of decentralized identity, including SBT, event proofs, privacy-protecting data control systems, etc., and then interoperate and iterate based on these components for multi-layered layout and design.

What is the Value of Getaverse SBT?

Let’s trace back to the introduction of the SBT concept. The concept of SBT was first proposed by Vitalik, inspired by the game "World of Warcraft," in a paper as a type of publicly visible, non-transferable token that can be revoked. The accounts bound to these SBTs are referred to as souls, which can correspond to individuals, institutions, organizations, etc., and a single soul can own multiple SBTs. SBT marks users' characteristics and achievements on-chain in the form of tokens, accompanied by verifiable information.

The first practical implementation of the SBT concept was by Binance, which launched the first soul-bound token, BAB, based on the BNB Chain in September 2022. BAB is bound to Binance accounts, follows the ERC-721 standard, and only users who have completed KYC on the trading platform can apply for it, with a single account ID allowed to mint only one, at a minting fee of 1 BUSD. Although BAB has only recently been created, its practical implementation has already brought some foreseeable opportunities.

The implementation of the Getaverse SBT concept is another practice of Vitalik's soul token idea. Users participating in activities to earn SBT will experience personal digital identity while using SBT applications to manage complex social activities and data analysis in Web3.0, ultimately achieving the goal of a Decentralized Society - DeSo, where users control their identities, ensure digital content ownership, and gain value.

Specifically, Getaverse SBT has two characteristics:

On-Chain Identity Labels

From an on-chain perspective, Getaverse SBT can be seen as a record book of on-chain activities, or more simply, an on-chain label, a label that cannot be transferred once attached. This label can represent a certain identity, a certificate, an activity, or a certain on-chain behavior.

With this label, Getaverse can do many things, such as packaging users' health status into an on-chain label. For example, based on user behavior, records and analyses can be made to refine SBT information, reflecting user operation amounts, risk preferences, time periods, usage durations, etc.

Unlike Binance's SBT, which only records behavior on a single BSC chain, Getaverse SBT records information more comprehensively. It can identify multi-chain behaviors and create clear, segmented user profiles based on on-chain behaviors of user addresses across multiple public chains, such as "Uniswap Super Trader," "Compound Lender," "OpenSea Artists," "Bored Ape Holder."

Centralized Identity Labels

The centralized identity label function of Getaverse SBT is expected to bring Web2 identities into the system based on users' on-chain interactions with projects and some proofs (work, activities, skills, etc.) for authentication, allowing projects to obtain more accurate user profiles.

For Web3 users, SBT tokens grant users reputation labels representing their contributions to projects. These labels are non-transferable and will always follow the user. Moreover, users do not need to create multiple accounts/addresses; they can log in through Getaverse and interact with projects.

Surrounding SBT, Getaverse also provides various mechanisms, including event proofs existing as NFTs; Getaverse DID as a bridge connecting on-chain behaviors and off-chain society; and a data control system that protects privacy using zero-knowledge proofs. With the launch of SBT, it will undoubtedly have a positive impact on the entire Getaverse ecosystem.

For users holding SBT, although the non-transferable nature of Getaverse SBT does not provide direct financial and wealth value, it represents the on-chain behavior credentials corresponding to that address and can be verified by others. This immutable characteristic provides an important trust guarantee for SBT holders, allowing users to confidently hold and display SBT, proving they have passed certain verifications, such as the KYC process.

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 demonstrating 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 do not face the risk of asset loss and can better protect their digital assets. Additionally, the traceability of SBT allows holders to better track and manage their digital assets and prove their on-chain activity records.

For the Getaverse platform, it can not only earn some on-chain revenue by providing SBT minting channels but also verify the time users mint SBT to assess their loyalty. In the future, it can provide precise services by analyzing the on-chain behaviors of holders. This will enable the platform to better understand users' needs and preferences, thus providing more personalized services and products. This analysis will not be limited to SBT holders.

For Getaverse ecosystem project parties, integrating their ecosystem with Getaverse SBT is a significant challenge but also a valuable opportunity. By airdropping or using other incentive methods to quickly integrate their ecosystem with SBT, they can attract a portion of real users, greatly aiding the construction of their community and project development.

Potential Use Cases for Getaverse SBT

For the ambitious Getaverse, SBT minting is just the first step. The next focus is on applying SBT and providing more SBT scenarios, aiming to form a more unified SBT application technical standard that fully utilizes information while protecting privacy, truly realizing the soul function of SBT.

Here are some potential SBT use cases that we believe Getaverse may launch.

Cross-Platform SBT Activities

The advantage of Getaverse SBT is its multi-chain operation, providing a solution for shared identity SBT in cross-application and platform scenarios. For example, a user of a running shoe game holds a founding shoe on the Solana chain, and now the project party plans to add a running shoe project on the BSC chain. To reward early users, the project party wants to airdrop shoes corresponding to the founding shoes on the BSC chain. The usual approach is to airdrop based on the game's Web2 account or to take a snapshot of the founding shoes in advance.

In this case, using Getaverse SBT makes it much simpler. The project can mint SBT identities for founding shoe users on the Getaverse Solana chain and, through Getaverse event proofs and Getaverse ID, leverage the advantages of multiple public chains to airdrop shoes corresponding to the SBT identities on the BSC chain.

More Precise Marketing

On-chain behaviors can be labeled and integrated into SBT, making Getaverse adept at precise marketing for users. Collaborative projects can operate entire activities on the Getaverse DID platform, using SBT to record details such as activity start and end times, task settings, rewards and expected participation numbers, community and media promotion, and tutorial creation. Project parties can also conduct more precise marketing activities based on more refined user profiles, finding the most suitable potential users at a lower cost.

Credit Loans (Unsecured Loans)

Unsecured loans and credit loans are another possible application scenario for Getaverse SBT. Currently, we know that most DeFi lending products operate on an over-collateralized basis, resulting in very low capital utilization. If combined with Getaverse SBT, we can depict a user's off-chain credit status, binding the user's SBT with real-world off-chain behaviors through KYC, thus obtaining a comprehensive credit situation that includes both off-chain and on-chain data. With this complete credit status, on-chain lending products can reduce collateral requirements or even offer unsecured loans.

Conclusion

Currently, many DID projects focus on domain narratives or one-stop aggregators for wallet addresses. While Getaverse also focuses on creating an aggregated identity, it places more emphasis on the application of SBT in DeFi activities, including credit assessments.

SBT can help users build a native digital identity in the Web3.0 world, ultimately realizing the vision of a decentralized society. SBT has many characteristics; technically, it has programmability and is likely to combine with dynamic NFTs in the future, introducing oracles for dynamic updates of attributes.

SBT is a key application direction for Getaverse. Currently, Getaverse has addressed data privacy protection and verifiability, bridging the on-chain and off-chain profile integration issues for ecological projects. The next step for Getaverse will be to leverage the advantages of the DID platform to standardize SBT technology and provide more SBT application use cases.