xID: A New Identity
Before explaining 0xequity xID, it is necessary to understand the concept of SoulBound Tokens (SBT) proposed by Vitalik Buterin.
What are SoulBound Tokens (SBT) ?
Soulbound tokens are digital tokens that cannot be transferred and signify social identity within a decentralized society.
The concept of SBTs being issued by "Souls", which represent blockchain accounts or wallets. These "Souls" will manage or distribute these tokens (SBT's).
These tokens might represent different features of a person’s identity, including their employment history, health records, or educational qualifications. For example, a “Credentials Soul” could issue SBTs for someone’s job history, while a “Medical Soul” could issue SBTs for their medical records. This system could enable individuals to create a verifiable digital Web3 reputation based on their previous actions and experiences.
You may read the detailed article by Vitalik Buterin here https://vitalik.eth.limo/general/2022/01/26/soulbound.html
What is xID ?
xID is a function of 0xequity Protocol. Each xWallet account (or any wallet integrated with protocol) is an xID which stores the account user's KYC (Know Your Customer) information. All KYC credentials are stored in the form of SBTs with "Soul" as xID here. 0xequity Protocol uses xID to whitelist users. Only the whitelisted users will be able to fully use the protocol.
Why all this effort? 0xequity sorts and utilizes this data in its social engineering to provide an enhanced and personal investing experience.
xID's could be sorted and grouped using their matching SBTs. 0xequity's RETs (Real Estate Tokens) could be programmed to be only held, bought and sold within a specific set of xID's.
Usecase?
An Organization could allot their employees a specific number of RETs in a specific location. Now, only the xID's with a credential SBT of that organization will be able to hold and trade that RET and collect its yield.
Similarly, group of people of matching family credentials or interest could make group investment choices. e.g. buying and holding RETs of specific properties at specific time and selling them all at the time of their choice. The possibilities with xID's are endless !
(xID is a work in progress and has not been implemented yet, keep up with our social channels for an update regarding its integration)
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