👥Introduction

After Vitalik Buterin revealed a whitepaper “Decentralized Society: Finding Web3’s Soul”. There has been some discussion about so-called “Soulbound Tokens” (SBTs) within the crypto space.

SBTs build upon the concept of NFTs by removing the transferability element that characterizes today’s ERC-721 smart contracts. The idea stems from the video game World of Warcraft, where some items can be “Soulbound” - e.g., players cannot sell or trade the items.

Vitalik Buterin and his team picked up that idea and brought it to the NFT space. Since their paper was first published in May, we saw how the concept has slowly gained attention and adoption.

Rather than wait around and follow the trend, we have decided to incorporate our own soulbound token into the El Dorado Exchange (EDE) ecosystem.

What is El Soul Bound Token?

El Soul Bound Token (ESBT) is your doorway into the El Dorado ecosystem and acts as a membership system for all users to take part in. ESBT aims to solve the user loyalty problem of decentralized trading platforms, providing EDE users with digital verification tools to maintain loyalty by automatically executing rewards and other incentivisation mechanisms.

We are also considering becoming compatible with the Binance BAB token ,enabling many new allies to be integrated into our ecosystem.