Binance Issues First Soulbound Token on BNB Chain

Binance Issues First Soulbound Token on BNB Chain

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2022-08-03 01:33:43

Binance issues identity verification token BAB, which will initially only act as a proxy for user credentials.

Binance Issues First Soulbound Token on BNB Chain

Last night, the Binance exchange announced the launch of the Binance Account Bound (BAB) token, which aims to solve the problem of identity verification in the Decentralized Society (DeSoc).

BAB was initially designed only to certify verified user status on the platform, but will later be integrated with many other functions, according to the information released by the exchange.

BAB will be minted and transferred to the exchange wallet. In a nutshell, BAB is a token that authenticates users who have successfully completed KYC. Since each individual is unique, BAB is non-transferable.

In addition, BAB is likened to a Binance identity and can be verified by third-party protocols. This feature will help establish a safer, more accountable space and eliminate familiar problems related to bots, airdrops, admin voting, etc.

In contrast to traditional cryptocurrencies like Bitcoin (BTC), BAB is for online identification purposes only. In general, BAB has similar properties to Soulbound Token (SBT).Recommended by the founder of Ethereum Vitalik Buterin. But Binance is the first exchange that allows minting of tokens representing user identities.

BAB was introduced as a pilot project and is only accessible via the mobile app. “As DeSoc grows, Binance may issue more BAB tokens in the future,” the announcement noted.

Binance CEO Changpeng Zhao pointed out that SBT will play a key role in how Web3 credentials work in DeSoc, he states:

“This will change the way we connect, as blockchain technology gives society greater authority to determine how communities interact based on their credentials or associated with their identities.”

The CEO added that Binance will join the community to discuss new use cases for BAB to “develop this revolutionary vision for a decentralized social network.”

BAB was launched in the context of Binance losing up to 90% of customers and billions of USD after The exchange applies mandatory KYC verification from August 2021. But Binance declined to comment on this.

BAB is not the first Soulbound Token to be born, but a pioneering shot on BNB Chain. Previously, Phala Network launched SBT that attaches attributes to the avatar in the game. Idexo also recently announced support for the Soulbound Token, allowing developers to add the token to projects with a simple line of code.

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