Co-Authored with: @MatiArazi
This is the discussion thread for EIP-5516 (Currently in Review):
This EIP proposes a standard interface for non-fungible double signature Soulbound multi-tokens. Previous account-bound token standards face the issue of users losing their account keys or having them rotated, thereby losing their tokens in the process. This EIP provides a solution to this issue that allows for the recycling of SBTs.
This EIP was inspired by the main characteristics of the EIP-1155 token and by articles in which benefits and potential use cases of Soulbound/Accountbound Tokens (SBTs) were presented. This design also allows for batch token transfers, saving on transaction costs. Trading of multiple tokens can be built on top of this standard and it removes the need to approve individual token contracts separately. It is also easy to describe and mix multiple fungible or non-fungible token types in a single contract.