TYRANT is a decentralized Ethereum token project that aims to revolutionize digital identities via a Soulbound NFT platform called SoulFire.
The TYRANT project, or The Fable of the Dragon Tyrant, is inspired by the words of Vitalik Buterin, the founder of Ethereum. It aims to create an easy path for the world to join Web3 via a platform that lets them display unique NFTs via the first Soulbound Token marketplace.
How $TYRANT Is Linked to Vitalik Buterin
The entire TYRANT project is based on the story The Fable of the Dragon Tyrant, written by Nick Bostrom,
a Swedish Philosopher. In the story, published in 2005, Bostrom suggests that the inevitable end brought by death can be avoided or delayed.
In 2017, Vitalik Buterin (VB) shared the story on his Twitter feed. The story has inspired VB, who revealed his contribution to the Sens Research Project, which is working to reverse age-related disease.
Vitalik’s actions inspired the birth of the Fable of the Dragon ($TYRANT) Telegram group in October 2022. It later evolved into the TYRANT token. In November 2022, the project announced the launch of an NFT project consisting of 750 Fable Dragons. Half of the funds from the mint were hardwired to the Sens Research Ethereum wallet.
Upcoming Project Milestones
The project also plans to release Limited Edition Action Figures to commemorate VB’s effort to spread The Fable. It entails a 3D figurine of VB atop a dragon. Additionally, the project is working on a Hollywood produced animated film synonymous to the famous YouTube video created for the Fable of the Dragon Tyrant.
Understanding the Soulbound Tokens (SBTs)
Soulbound Tokens (SBTs) is an NFT concept first proposed by Vitalik Buterin. They operate like traditional NFTs. However, they cannot be traded, transferred or sold. The one that mints them owns them forever.
These SBTs are held in unique crypto wallets known as Souls. Buterin believes SBTs could have numerous use cases. For instance, they could be used for educational credentials or as Web3 credit scores.
Instead of checking LinkedIn, an unchangeable on-chain resume could instantly prove your credentials. Buterin believes they could establish provenance in the real world. He also believes they could boost individual freedoms. Instead of a centralized database holding all your credentials, you could hold them yourself.
How the SoulFire Trading Platform Works
The SoulFire project aims to be one of the main achievements of the TYRANT project. It aims to allow organizations to create Soulbound NFTs representing their mission statement. Each Soulbound NFT created via SoulFire will have three parts. These are The Cause, the Organization, and The Artwork.
Web3 users identifying with a mission statement can mint an SBT permanently minted into their wallet. Doing so allows them to bridge their Web2 identity to a cause they believe in.
SoulFire is designed as a marketplace where users can browse causes, organizations, and digital art to find an SBT that they connect with. Users can link their SoulFire profile to a social media platform like Twitter to tell the world what they are all about.
When an organization aims to launch an SBT collection, it sets the fee for the collection. Each purchase is permanent, and the buyer gets a unique piece of art. The fee is then distributed amongst various participants of the TYRANT ecosystem, with 50% going to charity.
About $TYRANT Tokens
The $TYRANT Tokens are the native token of The Fable of the Dragon Tyrant project. It is a 0% tax token with 100% decentralization. Despite being a niche project, it has been doing quite well. It has a market cap of over $1.2 million and a price increase of 11.85% in the past seven days.
[Click The $TYRANT Chart Above To Trade On DexTools]
As of June 30, 2023, the price had increased 7.87% in the past 24 hours. To say that $TYRANT is one of the hottest tokens right now would be an understatement. With many milestones planned for the project’s future, there is still room for growth.
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