Here are the answers to some of the most common questions we get asked when we talk to others about Souls and SBTs.
What is Soul
We brand this tech with a generic name "Soul", and projects can utilise the tech and issue their own flavour of Souls. The first flavour of it will be our own, and we'll be calling it "Ragster Soul". A Soul is a Cardano smart contract which is capable of handling our proprietary Soulbound Token standard, meaning that it is able to receive and correctly allow the binding of specific Soulbound Tokens to itself. It is also created to only allow a single wallet to control it so it allows projects a means to issue specific tokens to specific users and guarantee the holder's identity over time. This makes the Soul an identity wallet as well.
What is a Soul ID?
Soul ID is a Soulbound Token which we mint into each Ragster Soul at the point of creation. The Soul ID will contain information regarding the ownership of the Soul and also contains a whitelist of token policies the user has accepted for soulbinding. Each Soul ID can be customised to show an image and carry a unique human-readable name. In a way this is similar to ADA Handles, however ADA Handles does not guarantee the correctness of the intended recipient. For example, Moggie may have minted the moggie handle and told Raggie about it. Several months later Moggie decides to sell the handle, but has forgotten to tell Raggie about it. A year later, Raggie wants to send Moggie a gift and sends it to moggie handle, not knowing that the recipient is no longer Moggie. By having a Soul ID as an on-chain identifier which is also a soulbound token, we guarantee that the wallet linked to each Soul ID is always the intended one and will never change.
Will you be able to track everything I do across wallets?
No. We do not track wallets. The Soul is a smart contract and smart contracts cannot self-execute, and are not sentient. We do, however, track certain actions - be it on-chain or off-chain - and tokenise them as achievement SBTs minted into the user's Soul. As explained earlier on, each Soul is programmatically linked to one and only one wallet. Hence when we tokenise on-chain achievements, this will only apply to the wallet linked to the particular Soul that gets the achievement SBT. Let's say you have 2 wallets. One of it has 20 Raggies and qualifies for a holder achievement Tier 1. The other wallet has 30 Raggies and qualifies for the same achievement also at Tier 1. If Tier 2 requires 50 Raggies, then it is not possible to combine the on-chain record of both wallets into one achievement for one Soul. This is programmatically not possible because a Soul is always linked to only one wallet.
How is the smart contract tied to my address?
The smart contract is linked to your wallet using 2 pieces of information. Firstly we attach your staking key to the smart contract's validator hash to create a "Franken address". So your wallet identity is thereby linked to the smart contract by virtue of staking credential, i.e. you will see your Soul's contents on pool pm if you entered your wallet address. Secondly, every Soul will have a Soul ID which also contains your wallet's public key hash in its datum. This public key hash can be combined with your staking key to re-generate your full wallet address. At the same time, the smart contract's validation function requires this specific public key hash to be present as a signer in all spending transactions, meaning that only you will have spending rights to the smart contract's non-soulbound assets. Therefore at the very point of creating your Soul will be intrinsically tied to your wallet and your wallet alone.
How do I mint a soul?
Souls are smart contracts, not NFTs. They cannot be minted. We will deploy the generic Soul smart contract and every user who creates a Soul with us will receive their unique Soul smart contract address and a Soul ID minted into it.
What’s the mint price?
Soul IDs do not cost anything to mint, but require 1 Raggie to be perma-staked into the Soul.
What’s to stop anyone from sending me unwanted SBTs?
Each Soul ID contain a whitelist of policies eligible for soul-binding. This is whitelist needs to be approved by the user. Therefore any project that intends to tokenise a user's activities using SBTs need to request the user's permission to do so. Once approved, the Soul ID's datum will update and include the project's SBT policy ID. Only then will these tokens be soulbound when minted or sent to the Soul. Tokens from policies NOT whitelisted will not be soulbound and the user can send them away using our dedicated UI. These transactions will require the linked wallet to sign for.
What if my wallet gets hacked? Can I recover my soul?
We have planned an optional "trusted custodian" option which users can use to elect a trusted wallet to help them regain access to their Soul in the event that the wallet is hacked or lost for any reason.
Can I send my soul to another wallet?
Your Soul is a smart contract and does not reside in a wallet. Just like you cannot send the Minswap LP smart contract to a specific wallet, you also cannot send a Soul smart contract anywhere. If you are referring to the Soul ID, the answer is also no. Soul IDs are de facto SBTs minted straight into a user's Soul. Once minted it is immediately soulbound and will never leave the SC.
How will I use it in Raggies?
The first implementation will be our Achievements system. We will tokenise user interaction with our ecosystem and use achievement SBTs to apply a staking reward multiplier in our enhanced staking system.
Can other projects use this?
Yes. It will first launch in RaggieWorld first as Ragster Souls, then we will showcase it as an MVP to other projects and invite them to adopt the standard. In fact we have already been approached by several projects expressing their interest.
Do I need to make a new soul for every wallet?
If you want to have multiple identity wallets then yes. Remember Souls are not day-to-day wallets. They are not meant to be used for things like direct trading on DEXes, listing items on marketplaces etc. They are meant to be identity wallets to record your involvement in an ecosystem. Usually 1 of such wallet should suffice for most end users. If you are in a situation where you think you need more than 1 identity wallet then you will need a new Soul for every wallet you want to link as your identity.