- Summary:
- LongHashX is using soulbound tokens (SBTs), a concept first shared by Ethereum founder, Vitalik Buterin in 2022.
With the goal of rewarding contributors on-chain, LongHashX, the business accelerator arm of crypto VC company LongHash Ventures, has created a new program. Soulbound tokens (SBTs), which serve as digital identity tokens, are used as incentives in the LongHash Web project. SBTs are the on-chain equivalent of a person’s professional reputation and achievements. Furthermore, these tokens cannot be sold or traded and have no monetary value.
How LongHashX is executing the initiative
With the help of Syndicate, a DAO tooling firm, LongHashX has developed two SBTs: merit tokens and exemplary tokens. Merit tokens are entry-level tokens that can be awarded to mentors for whatever contribution they make. On the other hand, exemplary tokens are more advanced tokens that will be awarded for very noteworthy contributions. Contributors that help out with LongHashX initiatives will be rewarded with both tokens.
LongHashX says that industry heavyweights, including Arthur Cheong of DeFiance Capital, Fernando Martinelli of Balancer, and Miko Matsumura of Gumi Cryptos Capital, have signed on to support the initiative. Every two weeks, LongHashX will issue a batch of merit tokens, and at the end of each accelerator cohort, exemplary tokens will be minted.
LongHashX’s goal is to open up exciting opportunities for web3 ecosystems by making reputation-building through SBTs more accessible. Binance, the largest cryptocurrency exchange, and Sumitomo Mitsui, the second largest bank in Japan, are just two examples of the many noteworthy companies that have lately adopted SBTs. In addition to establishing a favorable standing within the blockchain community, participants will be eligible for airdrops and invitations to special events, as well as other perks.
For the time being, only LongHashX projects will have access to the LongHash Web initiative. The project kicks up with Axelar, LongHashX’s tenth cohort. Merit and excellent tokens will be given to those who show interest in guiding and mentoring Axelar initiatives. One can establish credibility on the blockchain by signing up to be a “mentor” or “community scout.”