Web3 adds semantic layer to Ethereum for a decentralized society
This new relation-based Web3 protocol integrates decentralized social graphs, identity and AI to add social context to Web3 profiles. Focusing too much on the tokenization of assets instead of encoding social relationships of trust was a key complaint regarding the current state of Web3 that found a clear voice in a mid-2022 paper published by Ethereum co-founder Vitalik Buterin along with E. Glen Weyl and Puja Ohlhaver. Titled “De centralized Society: Finding Web3's Soul,” the paper explores soulbound tokens (SBTs), a unique form of nonfungible tokens (NFTs) that represent the credentials of a user. Nontransferable by design, SBTs have the potential to play a key role in building a de centralized society , according to the authors. However, while an SBT verifies an individual’s credentials, affiliations and commitments, it lacks the social context required for a de centralized society — representing only half the answer by itself. Decentralized social graphs act as a bridge b...