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Masa Finance, a blockchain protocol, announced on April 4 that its soulbound tokens will soon be accessible on Coinbase's Base network.
This development allows users to associate their wallet addresses with identifying and reputational details, enabling credit underwriting on the blockchain. The Soulbound Token protocol, previously available for Ethereum and Celer, has a wide range of use cases, including human-readable domain names, membership badges, loyalty programs, accomplishment badges, and even decentralized captcha bots.
To support developers in deploying and interacting with Soulbound Tokens on Base, Masa Finance will be launching a Base SBT Developer Toolkit in the coming weeks. This toolkit will include a quickstart manual, a command line interface for Masa, a software development kit, REACT developer tools, and examples of how to create applications using Masa's soulbound tokens.
Coinbase, the largest centralized cryptocurrency market in North America, launched the Base Network testnet on February 23 with the goal of using it as an Ethereum hopeful rollup layer 2.
In a recent Request for Builders published on March 23, Coinbase asked developers to build various types of protocols for Base, including an on-chain reputation system. Masa Finance responded to this request by working on a Base version of its soulbound protocol.
The creation of the Base Network has sparked optimism among Ethereum users, who hope that it will lead to increased adoption of Ethereum by Coinbase users. In an interview with Bloomberg Radio, Coinbase CEO Brian Armstrong mentioned that "centralized players" on Base will need to adopt identity verification for users, indicating a potential shift towards more robust security measures on the platform.
The integration of Masa Finance's soulbound tokens on Coinbase's Base network opens up exciting possibilities for credit underwriting on the blockchain, as users can now associate their wallet addresses with identifying information.
With the upcoming release of the Base SBT Developer Toolkit, developers will have the tools they need to seamlessly deploy and interact with soulbound tokens on Base, further expanding the use cases of this versatile protocol. As the Base Network gains traction, it could potentially lead to increased adoption of Ethereum and blockchain technology, with heightened emphasis on user identity verification for enhanced security.
Overall, this development marks an important step towards the broader adoption of decentralized applications and services powered by blockchain
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