Practices of Community Vitalization Using SBT (Soulbound Token) and FT (Fungible Token) on Blockchain

Abstract

Among the tokens issued using blockchain, a token that can be identified and unique is called NFT (Non-fungible Token). And an NFT that cannot be transferred is called SBT (Soulbound Token). Since SBT cannot be transferred from an account, it can be used to indicate what the account is. Using SBT in this way reduces the anonymity of blockchain accounts and makes it easier for users to know information about the accounts. Transactions on the blockchain are essentially anonymous. While this brings benefits, it also has drawbacks. In particular, the general public feels uneasy about anonymous transactions, which discourages them from using blockchain. Reducing account anonymity with SBT brings safe and secure transactions to the blockchain. This will remove the anxiety of the general public and lead to mass adoption of blockchain. To verify this hypothesis, we conducted practice with our company's employees as the first effort. First, we prepared a blockchain account for employees who wanted to participate in the practice and issued an SBT to prove that they are employees. And we issued FT (Fungible Token) that is circulated only between accounts that have this SBT. And we have prepared a text chat-based community where only the SBT holders can gather and exchange opinions and information about blockchain. Participants shared their learnings and information about blockchain within this community. FT was actively sent as an acknowledgment for teaching within the community. A post-practice questionnaire suggested that the exchange of FT improved their motivation to learn about blockchain. On the other hand, the participants were more conscious of the UI/UX of sending FT. And they were not aware of the self-sovereignty of blockchain accounts and private keys. It was suggested that excellent UI/UX is important for the mass adoption of Web3 applications. and that only a few users who are interested in technologies may feel the value of self-sovereignty.