Masa Finance Partners With Celo Blockchain To Transform Digital Identity
Enhancing identity solutions for consumers has become a key area of interest for many in the Web3 community. The advent of SoulBound tokens (SBT) in 2022 gave users a fresh means of defining themselves.
Despite the waning hype around SBTs in recent months, they have not faded from the spotlight entirely. On March 1st, Masa Finance, an SBT protocol, revealed its plan to launch a new identity solution on Celo, a carbon-negative blockchain.
Masa To Unveil Soulbound Token-Enabled’ Prosperity Passports’ On Celo
With over 10 million active wallets in the Celo ecosystem, users can create a Masa “prosperity passport” using the new Web3 identity solution. This innovation enables users to mint a range of SBTs connected to their digital life, including a “.celo” domain name, an SBT for verified user authentication, community reputation, and credit score.
According to Calanthia Mei, Masa Finance co-founder, non-fungible tokens (NFTs) were the trailblazers for Web3 user customization. However, SBTs represent the next innovative technology in this domain.
“Trust is a critical challenge for Web3, and SBTs offer a flexible and expandable approach to constructing a trust layer among users and projects, as well as between users themselves,” Mei added.
In addition to its core benefits, the prosperity passport solution also unlocks access to features from Celo projects that have integrated this technology, such as micro-loans and universal basic income.
According to Mei, the identity solutions offered by SBTs will assist in bringing the next billion genuine users into Web3. Mei said, “We perceive SBTs as a means to establish connections for integrating global industries, economies, and users with Web3, effectively ushering in the new economy.”
Celo Foundation Executive Highlights Benefits Of SBTs
Meanwhile, Isha Varshney, the Celo Foundation’s Head of Decentralized Finance (DeFi), expressed enthusiasm for the ongoing partnership with Masa and the integration of Prosperity Passports into Celo’s ecosystem. “SBTs offer enhanced usability and engagement to Web3 users, enabling them to measure and track their regenerative finance (ReFi) activities throughout the Celo ecosystem,” Varshney added.
Masa has garnered significant attention for its mainnet and testnet launches since August last year, with nearly 300,000 Masa Soul Names and 250,000 Masa Soulbound Identities minted. Additionally, over 800 developers have signed up, and the global community boasts over 100,000 members.
Since its launch on the Ethereum Mainnet in January 2023, Masa has emerged as a leading player in the Soulbound Token realm, capturing the attention of the Web3 community. In late 2022, MetaMask Institutional, Gnosis DAO, and Cobo joined forces to develop an SBT project to provide users exclusive access and identity verification.
Additionally, in December, Sumitomo Mitsui, a Japanese financial firm, announced its interest in SBTs for social purposes. Digital assets are a potential solution for future digital identity in digital citizenship and the metaverse.
Last month, the European Union hinted at using zero-knowledge proofs for upcoming digital IDs without explicitly mentioning digital assets.
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