While much of Web3 is gearing toward decentralized finance, some in the space eye a new blockchain application - social identity.
Creator of Ethereum, Vitalik Buterin, has proposed essential building blocks for a Decentralized Society (DeSoc), Soulbound Tokens. Each token represents a credential or affiliation within DeSoc. Instead of a digital wallet, Soulbound Tokens link to Souls, a provenance establishing address. The technology would move Web3 development away from hyper-financialization and toward bottom-up community formation.