Binance will launch its first Soulbound Token (SBT) based on the BNB chain – Money Times

As DeSoc use cases evolve, Binance may issue other types of BAB tokens in the future (Image: Crypto Times)

A Binance, crypto exchangewill launch the Linked Binance Account (BAB)the first Soulbound Token (SBT) built on the BNB Smart Chain, as announced this Monday (1).

Binance Account Bound (BAB) will be displayed on wallets to indicate that the wallet owner has passed KYC on Binance. The BAB will certify the wallet owner’s verified user status on Binance and will also be available for use by third-party protocols.

Initially introduced as a pilot project, BAB will only be accessible through the Binance mobile app – as an optional feature, allowing users who have verified their Binance account to hit their BAB directly into the wallets they use on the platform Binance.

While typing, users will be prompted to select a wallet address – either a current address or a button to create a new one – where the SBT will reside.

“Soulbound Tokens” will play an important role in how Web3 credentials work in a decentralized society. It will transform the way we connect, as blockchain technology will give society greater authority to determine how communities interact based on their credentials or affiliations. We foresee multiple use cases for the BAB token and will actively collaborate with the community to develop this revolutionary vision of the decentralized society,” said Changpeng Zhao, Founder and CEO of Binance.

Binance will issue Binance Account Bound (BAB) tokens, which serve as Binance KYC user credentials. Initially, BABs would only indicate that Binance customers have passed the Know Your Customer (KYC) process, but, according to the exchange, as Decentralized Company (DeSoc) use cases evolve, Binance may issue other types of tokens. .

Bone decentralized applications (Dapps) can also use BABs for a variety of security use cases, such as distributions to addresses that have the tokens or a protocol NFT which only allows the typing of addresses containing BAB tokens, in order to avoid “robots”.

What is a soulbound token?

Soulbound tokens are a new type of tokenized credential, identity, or affiliation. SBTs are non-transferable and non-fundable. Ethereum creator Vitalik Buterin first pitched the idea with E. Glen Weyl and Puja Ohlhaver earlier this year.

“If someone shows you they have an NFT that can be obtained by doing X, you can’t tell if they did X themselves or just paid someone else to do X. Sometimes it’s not a problem {…} But what if we want to create NFT it’s not just about who has the most money and who is actually trying to report something else? ,” Vitalik wrote in a blog post in January of this year.

Vitalik’s proposal is precisely to create a personal identity on web 3.0, authenticated by the technology of block chain in the form of NFT without monetary value and non-transferable.

Learn more about Soulbound Tokens (SBT) click here

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