Idexo Announces Community Recover for Soulbound Tokens and Fifth MultiChain Gang NFT Launch on Polygon Taking Place on August 24, 2022

LONDON, 9 August 2022 /PRNewswire/ — Idexo is pleased to announce that it has completed a smart contract enabling community recovery for Soulbound Tokens, a key element of the SBT White Paper. Access to deploy this smart contract will be available through the idexo SDK and web application targeting the Arweave, Avalanche, BNBChain, Ethereum, Fantom and Polygon blockchains. With this new functionality, holders of SBTs can:

• Specify operators on the NFT they own and which are linked to them.
• Only these operators can initiate transfers and only a majority of them can approve the transfer.
• Once a transfer is approved, the contract operator can complete the transfer

In this way, neither the contract operator nor the token operators can unilaterally transfer SBT.

The approach taken is to focus on the social recovery of the SBT itself rather than the wallet holding it differs on that aspect from the White Paper.

This approach means that the user does not need to rely on providing access to the entire wallet for community recovery, reducing a potential frictional barrier.

With this community recovery mechanism, a user who builds up significant credentials on their SBT does not need to lose it if the wallet has been included. They can rely on their operators to initiate and authorize a transfer which can then be completed by the smart contract operator (ie the operator set by the owner of the smart contract).

This functionality of having special operators chosen by token holders controlling individual SBTs may later be modified to allow the operators to be generated and maintained by means other than direct token holder input, as outlined in the whitepaper.

Use of these operators on individual SBTs can also be extended beyond recovery to other means, such as having them act as validators of credentials associated with the SBTs.

Key use cases and applications of SBTs include

• Enables classic loyalty, reward and membership applications
• Build lasting, non-transferable community relationships and affiliations
• Establishing provenance, reputation, statuses, experiences and credentials
• Acts as the foundation for new Decentralized Society applications
• Provides a sybil resistance mechanism and prevents over-concentration of authority in many existing crypto applications
• Enabling permission for real-world things (car, rent, ride-sharing, virtual equivalents)
• Build lending and financing networks based on accumulated reputation

Customers and users of idexo can launch this new SBT contract in the idexo web app and/or using the SDK/API and can have it configured, extended and integrated into other systems using idexo’s consulting and support services.

“Idexo had a head start on SBT development having built our first a little more than 1 year before the white paper. Understanding the goals of the white paper and experience in the code helped us complete this next step ahead of the white paper timelines,” says Greg MarlinCEO/CTO of idexo, “We already have a good idea of ​​how to complete some other key parts and expect to have an announcement on these soon as well.”

To schedule a demo of the SBT functionality and to discuss applicability to your unique business, industry and use cases, see the idexo SBT demo order page.

Idexo is also pleased to announce the fifth blockchain launch of its MultiChain Gang NFT collection, launching on Polygon on August 24, and available for free embossing to followers of idexo on Twitter and members of the Telegram group. On Twitter, users can enter mint with a tweet and on Telegram through a simple command with their idexobot Telegram bot.

The fourth Avalanche launch occurs on Wednesday 10 August.

The MultiChain Gang NFT Collection spans multiple blockchains with each NFT unique across all chains. In addition, NFTs from different chains can be combined to create a new upgraded NFT that has the tokens of the chains visited. With this fifth blockchain launch, users will now be able to combine NFTs from Ethereum, BNBChain, Solana, Avalanche and Polygon to upgrade to MultiChain NFTs.

MEDIA CONTACT

Company: idexo
Name: Greg Marlin
Email: [email protected]
City: London
Country: Great Britain
Website: https://idexo.com
Telephone: +44 20 8089 1372

SOURCE idexo