SoulRank for Comprehensive Credibility
Accessibility and discoverability aside, we realized the need to enhance security and trust for all our stakeholders, and thus we are happy to introduce SoulRank, a unique algorithm based ranking system that ensures credibility.
The Need for SBT Vetting
While it is now a commonly established fact that Soulbound tokens are a safe and secure way of giving out credentials to individuals, an often overlooked part is the issuer of these credentials. As Soulbound tokens can be created, launched and issued by anyone, there remains a question regarding the credibility of the issuer. Malicious actors in connivance with individuals can issue badges that mimic or display characteristics that aren’t true in reality, thus giving the individual a sort of fake identity.
Although it may be possible to identify these fake badges or credentials provided, the onus for verification falls on the seeker, rather than the holder, which makes it cumbersome especially for Web3 projects looking to hire people based on their credentials.
How does the SoulRank algorithm work
Well, the beauty of the algorithm lies in its secrecy. All we can say is that it is pretty secure, dynamic and takes into consideration the credibility of not just the issuer of the SBT, but also the user’s entire collection of SBTs including Soultags and other third party badges present in the wallet. It then compares these owned credentials across the entire user base of wallets to arrive at a unique ranking score, which projects can easily rely on for their specific needs.
SoulRank for everyone
You do not need to specifically sign up for this service, as we’re automating the generation of SoulRanks for all the wallets that have an SBT credential in them. Think of this like a credit score from a reliable bureau. The better the SBT credentials you possess, the higher your score (or in our terms, rank).