Phemex, a leading crypto exchange platform, is bolstering its exciting plans to transition from centralized to hybrid semi-centralized with the launch of their innovative Phemex Soul Pass. The non-transferable digital token creates massive potential for growth and value by empowering users with full and transparent ownership of their online identities and assets in the growing Web 3.0 space.
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Trust is imperative for any social environment to thrive, and in a decentralized world without a central authority, the need for it to be cultivated between all participants is vital. In early 2022, Ethereum co-founder Vitalik Buterin outlined his vision for a publicly verifiable and non-transferable token on the blockchain in a whitepaper on Soulbound Tokens (SBT). SBTs can create a more extensive Web 3.0 environment by functioning as the building blocks of decentralized credibility and trust-building by permanently binding someone’s genuine reputation and credentials to the Soul, a personal crypto wallet, that cannot be sold or transferred.
Phemex Soul Passes are non-transferable tokens that have meaningful reputation, relationships, affiliations, and credentials baked in that can secure accounts, verify identity, and reward community participation — the cornerstones of a thriving decentralized society (DeSoc). By initiating the Phemex Soul Pass, Phemex is setting the standards for the fundamental elements of a decentralized society within an exchange. The Phemex Soul Pass mechanisms will help facilitate a new ownership system that builds authentic trust and cooperation through a bottom-up approach with key incentives aligned. The Soul Pass grants access to pre-mined Phemex Tokens, contains important Phemex account-related credentials, and provides additional potential for users to earn through platform rewards, partnership gifts, and trading accolades, among others. This creates an avenue for experimentation with mechanisms that maximize community engagement and other goals, further enhancing a decentralized society.
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Phemex Soul Passes will be available through a whitelist invitation system which means they can only be minted after receiving a whitelist invitation through official Phemex social media, communities, platform activities, or through Phemex partners. Whitelisted users will also receive an airdropped reward of 100 Phemex xPT, which can be redeemed for Phemex Token, in the first batch of whitelists that are scheduled to be opened within 1-2 weeks, with less than 500 exclusive spots available.
Through the launch of Phemex Soul Pass as a means of decentralizing governance, Phemex seeks to forge an authentic Web 3.0 experience that emphasizes more than just short-term profit by realigning incentives to attract a community of true believers. This initiative, paired with the wholly transparent and self-proving Proof-of-Reserve and Proof-of-Solvency mechanisms Phemex launched in November 2022, provides citizens of the community with the necessary tools to independently verify and participate, rather than passively trust and consume, laying a strong foundation for the future of the Web 3.0 era with credentialed collaboration, transparency, and accountability at its core.
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