Masa Finance’s soulbound token will soon be available on Coinbase’s Base network, according to an April 4 announcement by Masa Finance. The new token will allow users to link identity and reputation characteristics to their wallet addresses, enabling credit underwriting on the blockchain, the company said.
In its announcement, Masa said the protocol could be used for a variety of applications, including human-readable domain names, membership badges, loyalty programs, achievement badges, decentralized captcha bots, and more.
It will release a Base SBT development kit in the next few weeks that "will support seamless deployment and interaction with SBT on Base", which will include a quick start guide, Masa command line interface, SDK, REACT development tools and examples to build applications using Masa soulbound tokens. Coinbase is the largest centralized cryptocurrency exchange in North America. It launched its basenet testnet on Feb. 23, which it plans to implement as an optimistic rollup layer 2 for ethereum. On March 23, Coinbase issued a builders request asking developers to create several protocol types for Base, including an on-chain reputation system.
In response to this request, Masa began developing a basic version of its soulbound protocol, the company said in its announcement. The announcement of the creation of the Base Network fueled bullish sentiment in the Ethereum community, with some users expressing hope that it would lead to more Coinbase users joining Ethereum. In an interview with Bloomberg Radio, Coinbase CEO Brian Armstrong claimed that “centralized players” on Base will need to implement some form of authentication for users.
