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

LONDON, Aug. 9, 2022 /PRNewswire/ -- Idexo is pleased to announce that it has completed a smart contract that enables community recovery for Soulbound Tokens, a key element in the SBT whitepaper. Access to deploying 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 that is tied 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 then finalize the transfer

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

The approach taken is to focus on social recovery of the SBT itself rather than the wallet that holds it differing in that aspect from the whitepaper.

This approach means that the user doesn't need to trust giving access to the whole wallet for community recovery, lowering a potential friction barrier.

With this community recover mechanism a user who builds up significant credentials on their SBT need not lose it if their wallet has been comprised. They can rely on their operators to initiate and approve a transfer that can then be finalized by the smart contract operator (i.e., the operator set by the owner of the smart contract).

This functionality of having special operators chosen by token owners that control individual SBTs can later be modified to enable the operators to be generated and maintained in other ways besides direct token owner input, as outlined in the whitepaper.

Also, using these operators on individual SBTs can be expanded beyond recovery to other ways such as to have them act as validators of credentials tied to the SBTs.

Key use cases and applications of SBTs include

• Enabling classic loyalty, rewards and membership applications
• Building persistent, non-transferable community relationships and affiliations
• Establishing provenance, reputation, statuses, experiences and credentials
• Serving as a foundation of new Decentralized Society applications
• Providing a sybil-resistance mechanism and preventing overconcentration of authority in many existing crypto applications
• Enabling permissioned access to real world things (car, home rentals, ride shares, virtual equivalents)
• Building lending and funding networks based on accumulated reputation

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

"Idexo had a head start on SBT development having built our first one a bit more than 1 year before the whitepaper. Understanding the goals of the whitepaper and experience in the code helped us to complete this next step ahead of the whitepaper timelines," says Greg Marlin, CEO/CTO of idexo, "We already have a good idea about how to complete some other key parts and expect to have an announcement on those soon as well."

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

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

The fourth Avalanche launch is happening on Wednesday, August 10th.

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 spawn a new upgraded NFT that has the badges 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: United Kingdom
Website: https://idexo.com
Phone: +44 20 8089 1372

SOURCE idexo