PIP20: Community Project Incubation: Soulbound Protocol -- permissionless platform for non-transferable NFTs

PIP20: Community Project Incubation: Soulbound Protocol -- permissionless platform for non-transferable NFTs providing public goods, user experience, and privacy

Incubation Proposal Author: Diyway#5702 and 0xAA#2040 Reviewer: Incubation Committee Required Quorum: 100M (if votes don't exceed Quorum, then proposal will need more than 90% approval to pass) Vote Duration: 5 days

Soulbound Protocol is an NFT platform providing non-transferable NFTs that commemorate or represent a specific experience, event, or affiliation. This project is led by 0xAA, a core contributor skilled in smart contracts, and David, a PhD from Oxford with experience in blockchain technology, marketing, and computer engineering.

Vitalik Buterin articulated the use cases and benefits of non-transferable NFTs, called Soulbound Tokens (SBTs), in a January blog post. Aligned with this vision, Soulbound Protocol provides projects and users the ability to mint non-transferable NFTs for the following applications:

• Soulbound proof of attendance NFTs
• On-chain certificates
• Sybil resistant airdrops (“SoulDrop”)
• Governance (“Soul Gov”)

This project has an early-mover advantage and is among the first platforms putting SBTs into practice. The website is up and running as a demo product, giving Soulbound Protocol a head start on potential competitors: https://soulbound.life

Soulbound Protocol requests funding in the amount of 200,000 $PEOPLE to help with product development and marketing.

Funding will support development of a Plugin system for the distribution of Soulbound's Token Standard, ERC721S, and enable preparation for the Q3 2022 Mainnet launch.

Cold start funding will help the Soulbound team acquire the necessary hires to keep the team's progress on target with their goals for Q3 and Q4 of 2022.

2022 Q3

• Mainnet Launch
• Plugin system for ERC721S distribution

2022 Q4

• Verification System
• SoulDrop

In return for funding, this project offers membership NFTs to PeopleDAO and its subDAOs. Soulbound also commits to swapping at least 5% of its treasury to $PEOPLE.

Soulbound offers further ROI in the form of providing PeopleDAO 2% of its governance token and 5% of funding raised (capped at 50 ETH). Lastly, Soulbound will allocate a small proportion of its governance token to individuals within PeopleDAO who contributed to Soulbound Protocol.

The detailed proposal can be found here: https://docs.google.com/document/d/1AaARUeqWSAwI9IhhzY8FQuTJGUbtnuPOnWdB3BeLXag/