Monex Group, Inc. has revealed the open beta launch of its latest Web3 offering, branded under “Monex Web3.” This new initiative introduces Monex Web3 ID (MID), a blockchain-based digital identity designed to streamline interactions within the Web3 ecosystem. The platform aims to simplify blockchain use for individuals, even those with minimal familiarity with decentralized technologies.
MID functions as a digital ID linked to a personal blockchain wallet, allowing users to obtain it at no cost. The registration process involves submitting an email address, after which a wallet is automatically generated. Alternatively, users can integrate existing wallets, including MetaMask, to create their MID.
A New Era of Digital Identity: Soulbound Tokens
MID operates as a Soulbound Token (SBT), a non-transferable asset that serves as a personal digital identity on the blockchain. This type of token is inherently tied to its holder and cannot be transferred between wallets, emphasizing its role in personal identification within decentralized environments. Possessing an MID unlocks several benefits, including identity verification, access to a range of services, and participation in reward systems.
SBTs, such as MID, are distinct from typical NFTs due to their non-transferable nature. This characteristic ensures that digital identities remain unique and non-duplicable. By holding an MID, users gain the ability to interact with services and projects affiliated with Monex Group, leveraging their digital identity for access and exclusive privileges.
Integration and Incentives: Monex Web3 Score
In addition to providing identity functionality, MID introduces a reward mechanism through the Monex Web3 Score. This scoring system, directly tied to each MID, enables users to accumulate points by completing specific tasks or “quests” within the ecosystem. The scores not only enhance user engagement but also create a measurable metric for participation and contribution in Web3 services.
Monex Group has positioned the Web3 Score as an integral part of its digital ecosystem, designed to incentivize user activity and foster deeper interaction with its services. The score system aims to gamify the Web3 experience, encouraging consistent user participation and loyalty.
Simple Steps to Obtain an MID
The process of acquiring an MID has been made straightforward to cater to a broad audience, including those new to blockchain. Users can visit the official MID website and initiate the process by clicking the login button. After providing an email address for registration, a confirmation link is sent via email. Upon logging in, users can connect their preferred wallet. For those without an existing wallet, the system provides an in-service wallet option, while MetaMask integration is also supported. The issuance of the MID is finalized upon selecting the “Mint MID” option, making the digital ID ready for use.
Conclusion
Through Monex Web3 and the introduction of MID, Monex Group is reinforcing its commitment to fostering Web3 adoption. The user-friendly approach to digital identity creation, coupled with the integration of Soulbound Tokens, positions MID as a pioneering tool in the evolving blockchain landscape. The addition of a rewards-based scoring system further enriches the user experience, highlighting the potential for broader engagement within decentralized environments. Monex Group’s initiative is poised to contribute significantly to the mainstreaming of blockchain technologies.