Mass Finance: The Future Of A Decentralized Web3 Society
Masa is a decentralized platform which was founded with the intention of using blockchain technology to unlock access to capital globally. After being founded by the immigrants, Masa was then built by a globally recognized decentralized team who believe that global economic opportunities are not supposed to be limited to certain geographical locations. According to this decentralized team, irrespective of where one is born or leaves, he should have equal economic opportunities with others from other regions without any form of restrictions.
Before the introduction of the current Masa 2.0, there was an already existing 1.0 product through which Masa engaged in building a truly decentralized credit bureau which will bring over 10,000 web3 and web2 data sources together, providing businesses, developers, and individuals with the needed tools to access credit on-chain.
In the course of building a more efficient worldwide credit bureau, the Masa team realized the absence of IDENTITY. This is a standardized web3 identity protocol which is supposed to seamlessly aggregate, attributes, and permits credit data on-chain. This led to the publication of a paper captioned Decentralized Society; finding web3 souls, this envisaged how and the possibility of Soulbound Tokens (SBTs) being Publicly Visible, Non Transferable, and Non Fungible Tokens can serve as a web3 User’s Identity.
Aim Of The Masa Soulbound Identity
The aim of Masa Soulbound Identity is to become a web3 user's passport for Defi, communities, games, dapps and more. In a decentralized society, one's soul name will serve the purpose of a pseudonymous, unique name which represents one's Masa Soulbound Identity (a domain for one's web3 Identity). As a user, one can use his Masa Soulbound Identity to build an in-game reputation, apply for a Defi loan, join in a Non Fungible Token allowlist as an authenticated user, vote in a decentralized autonomous organization as an authenticated user and many more.
Masa Finance bug bounty
Masa bug bounty was launched a few months ago and opened for community participation. With a special initial incentive boost of 20% bonus for those who submitted bugs between the 5th and 14th of December, 2022.
Participants who successfully submitted a GitHub Issue or Pull Request to any of the Masa public code repos, were rewarded accordingly.
10 million Masa Tokens $MASA and $25k USDC were initially allocated to the Bug Bounty Pool. It was calculated using a ratio of MASA to USDC of 1/400 for rewards, i.e. a Medium Risk bug got 100k MASA and $250 USDC. Submissions were rewarded based on Bug Bounty Tiers, excluding the highest tier, which was for Critical Vulnerabilities and assessed on a case-by-case basis.
Bug Bounty Tiers
Masa Mainnet Launch
Masa Mainnet was launched on January 17th at 4pm UTC // 11am
Masa Finance debuted on Ethereum mainnet on 17th of January, 2023. Just as in the development of Masa, total adherence to Soulbound Identity Protocol was duly followed. The mainnet launch has come with the development of an on-chain Soulbound Token Protocol to strengthen the web3 ecosystem. This Protocol will make it possible for tokens to be created on Ethereum for a series of use cases, such as KYC verification request, credit rating,etc.
Any user that signed up for the allowlist automatically got an exclusive 3-hour opportunity to mint .soul names before the public Mainnet Launch. Early access was made open at 1 pm UTC // 8 am on January 17th.
The first 50,000 users who minted their .soul names through the early access opportunity automatically qualified for Masa Token Airdrop.
Utilities Of The Launched Mainnet
Masa will be assisting innovations and other initiatives to continue to improve the Protocol, utilizing Masa as an institution to mint Soulbound Tokens for the majority of use cases effectively. This is Masa commitment to supporting the growth of cryptocurrency.
Any project built on the Masa can generate Soulbound Tokens for user verification, KYC, proof of participation, risk based DeFi lending, community reputation score, and decentralized autonomous organization (DAO).
Masa Key Products
Ethereum Goerli Testnet
With this product, a user can be able to mint a Masa Soulbound Identity, claim a .soul name, and also mint a web3 credit score on the Ethereum’s Goerli Testnet, and engage in .soul name trading on .Opensea
SBT Single Sign-On (September 2022)
This Masa product helps users to sign-up or sign-on to web3 applications with ease, and makes it as easy as signing a transaction with your wallet, with your privacy given an ultimate protection.
Masa Devnet(October 2022)
The Masa Devnet helps selected developers and projects to easily integrate Soulbound Tokens and Identity Management into the web3 through the Masa SDK. Through the boilerplate UI implementation of the Masa react SDK, select front-end developers can also interact with the Masa protocol.
Soulbound Tokens are digital assets or tokens that cannot be transferred from one wallet to another by what ever means. This is because the Ethereum creator, Vitalik Buterin, determines that the Soulbound Tokens could be utilized in the representation of leadership rights for decentralized finance (DeFi) Protocol or to show that somebody had noticed an event. The Soulbound Tokens are designed to serve as the intersection between the Masa unique identities, technology, and how Masa interacts within a decentralized society. The Soulbound Tokens SBTs are publicly visible, and Non Fungible Tokens that are able to serve as a web3 user’s identity specially connected to their owners. According to Masa Finance founders, Brendan Playford and Calanthia, Soulbound Tokens would create opportunities for DeFi users to develop credit and obtain loans.
What Are Masa Soul Names (MSN)?
Masa .Soul Names are your passport to web3. They are a one-of-one NFT, which are custom-branded, tradable, transferable and can be attributed to your identity SBT. Soul names simplify the highly technical SBTs into human-readable domain names for your Soulbound Identity.
As SBTs become the standard, your soul name will build reputation, notoriety, and keep track of your participation and achievements. Your soul name will be your moniker across communities, games, wallets, Dapps, and beyond.
What Makes Soul Names (.soul) Rare?
Masa Soul Names, by design, are rare because they are limited and unique.
Masa Finance is building an identity management layer that enables a plurality of SBTs, which will help individuals to build a web3 identity incrementally and unlock various utilities, such as credit, KYC, 2FA, and more. Masa enables the full vision laid out by Vitalik Buterin et al. as written in the paper Decentralized Society: Finding Web3's Soul.
The Masa developer tool will power web3 developers to mint soulbound tokens (SBTs) and interact with the Masa Protocol easily. Listed below are the Masa Developer Tools: CLI, SDK, Masa-react, and Masa-example. Any developer will be able to easily mint the following Masa SBTs:
Masa Soul Name (MMSN
A human-readable address, a domain name, that resolves to a person’s soul — think ENS for SBTs.
Masa Identity SBT (MID))
The soul of a user’s identity in web3. All the features of a user’s Soulbound Identity are linked and resolved through a user’s Masa Identity soulbound tokens.
Masa Web3 Credit Score SBT (MCR)
A web3-native credit score as recorded
from a user’s web3 activity on the Ethereum blockchain.
Masa Green (MG-X)
A token used represents a human-verified challenge. An example is the Masa Green-Phone (MG-P) which verifies that the holder of the MG-P SBT is a unique user who has done a 2FA authentication challenge with a unique phone number.
Masa Soulbound Identity Use Cases
Web3 KYC and Identity Verification
Soulbound Token Single Sign-On
One-click Non Fungible Token (NFT) Whitelist Registration
Soulbound Airdrops - Souldrops
Proof Of Identity For Decentralized Autonomous Organization (DAO) Governance Voting
Easy To Share Domain Name For a Web3 Identity.
Masa Green (Proof Of Uniqueness For Sybil Attack Prevention)
Masa has launched the Masa Allowlist sign-up which allowed its largely growing community members to get early access to mint their soul name NFT on the mainnet and also joined in the participation of Masa Airdrop. The airdrop came in celebration of the mainnet launch and also a way of appreciating its community members and token minters.
Those that joined the allowlist were given the opportunity to mint rare and highly valued soul names before they were opened to the public. The steps below were recommended for joining the Masa Allowlist:
Connect Your Metamask Wallet to the Goerli Testnet
For you to Receive Test Ethereum, go to https://goerlifaucet.com/
For you to mint your rare soul name on the Masa Dashboard go to https://beta.claimyoursoul.masa.finance/
The first set of 50,000 users to mint their unique soul names on the mainnet, automatically qualify to be registered for the airdrop.
What are you still waiting for? join the moving train of Masa to earn your rewards.
Masa with its 2.0 product is the first blockchain project to build bridges aimed at supporting people around the globe to have access to the latest web3 economy through Soulbound Identity. Masa empowers developers and users across the world with a Soulbound Identity. This is a typical foundation laying for a future decentralized society.
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