The Origin, Vision, Rationale

The Origin

Rh!noX was created and developed by BinaryX, a GameFi platform that develops their own games and launches Initial Game Offering (IGO) projects. Initially, the team wanted to repay the support of the BinaryX community by launching a small collection of NFTs and airdropping them to their supporters. Due to an overwhelming response from not just the community but also the public, the project eventually became much bigger and culminated in the release of 10,000 NFTs.

During the idealisation phase, the team wanted to make an NFT that was more than just a cool .jpeg. The idea was to make a Soulbound Token that could provide an immutable identity to connect anonymous individuals on the Web3.0 universe. The term 'Soulbound' originated from the World of Warcraft universe and the idea was further conceptualised in an article by Ethereum co-founder Vitalik Buterin.

The design of the NFT was inspired by the Rhinoceros, an animal that represents the intertwined spirits of Calmness and Stubbornness, Curiosity, and Belligerence of nature. This combination of soft and strong traits is what defines Rh!noX's vision: Staying calm amid a chaotic marketplace, building the foundation of social trust, meeting the undiscovered with curiosity, and daring to challenge existing NFT frameworks to create something new and better.

Ultimately, Rh!noX believes in realising the potential of NFTs and Web3.0 to build and aspire to significant innovations.

The Vision

As more than just an NFT, Rh!noX strives to play an essential role in creating trustworthy and useful identities within the Web3.0 universe. The team believes that a lack of credibility in the current digital environment is what hinders the full potential of Web3.0.

Rh!noX aims to create a layer of sustainable utility for NFTs in the form of 'soul' and by granting each exclusive 'soul' the capability to build trust and reputation within the current dubious and volatile Web3.0 environment.

Building this framework of trust is our contribution to the future of decentralization.

The Rationale

The existing framework of traditional society is highly dependent on an integrated credit system, where everyone is responsible for their actions and leverages their accumulated credit. The absence of a credit system can lead to difficulties in identifying good and bad actors on Web3.0, given that anonymity is highly valued within the blockchain ecosystem.

While decentralization is seen as the future, there is also a need for a credit system that not only preserves the anonymous identities of individual Web3.0 users, but also lead to better authentication and credibility for social and economic activities on Web3.0.

Soulbound Tokens are able to provide that middle ground between anonymity and credibility. Owning a Soulbound Tokens would be akin to owning a traditional identity card in the Web3.0 space, and it can be used by others to track every historical event and credit rating of users. This will allow for Web3.0 to function more like society where credit ratings are taken into account.