Web 3 has forged a parallel system of finance yet the economic value finance trades on is generated by humans and their relationships. Web 3 lacks primitives to represent such social identity, so glenweyl RadxChange proposes some solutions. Opinion.
he co-wrote with Puja Ahluwalia Ohlhaver, a strategist at Flashbots, and Vitalik Buterin, the co-creator of Ethereum.
For example, a university could be a Soul that issues SBTs to graduates. A stadium could be a Soul that issues SBTs to longtime Dodgers baseball fans. An ecosystem of SBTs could unlock a censorship-resistant, bottom-up alternative to top-down commercial and “social” credit systems. SBTs that represent education credentials, previous work history and rental contracts, to name a few, could serve as a persistent record of credit-relevant history, allowing Souls to avoid collateral requirements by staking meaningful reputation to secure a loan.
A more robust solution is to tie Soul recovery to a Soul’s memberships across communities, not curating but instead drawing on a maximally broad set of real-time relationships for security. Recall that SBTs represent memberships to different communities. Some of these communities – like employers, clubs, colleges, or churches – might be more off-chain in nature, while others – like participation in a protocol governance or DAO – might be more on-chain.
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