Binance BAB's First Soulbound Token Targets KYC User Credentials
The new Binance Account Bound token from Binance is intended for many use cases in the decentralized society, but will initially only serve as a Binance KYC user credentials.
New
Cryptocurrency exchange Binance is moving towards decentralized identity tools by launching its first-ever token designed to certify verified user status on the platform.
Binance on Monday announced the launch of the Binance Account Bound (BAB) token, aimed at solving identity issues in the decentralized society (DeSoc).
Unlike traditional crypto assets such as Bitcoin (BTC), the BAB token is introduced exclusively for online identification purposes and belongs to a type of Soulbound (SBT) tokens. Brought to you by Ethereum creator Vitalik Buterin, SBTs are non-transferable, non-financialized tokens designed for DeSoc.
According to Binance's announcement, the BAB token is the first-ever SBT issued on the BNB smart chain. The token is intended for many different use cases in the DeSoc, but will initially only serve as Binance Know Your Customer (KYC) user credentials.
The BAB token will be specifically displayed on wallets to indicate that the wallet owner has passed KYC verification on Binance. The token will function as a Binance identity and can be used by third-party protocols to verify BAB tokens for various purposes, including evading bots, tossing non-fungible tokens, voting and more, Binance said.
"As DeSoc use cases evolve, Binance may issue other types of BAB tokens in the future," the announcement notes.
The BAB token is being introduced as a pilot project and will only be accessible through the Binance mobile app, allowing KYCed Binance users to mint their BAB directly to their Binance wallets.
Binance CEO Changpeng Zhao pointed out that SBTs will play an important role in how Web3 credentials work in a DeSoc, stating:
“It will transform the way we connect, as blockchain technology will give society greater authority to determine how international communities...
The new Binance Account Bound token from Binance is intended for many use cases in the decentralized society, but will initially only serve as a Binance KYC user credentials.
New
Cryptocurrency exchange Binance is moving towards decentralized identity tools by launching its first-ever token designed to certify verified user status on the platform.
Binance on Monday announced the launch of the Binance Account Bound (BAB) token, aimed at solving identity issues in the decentralized society (DeSoc).
Unlike traditional crypto assets such as Bitcoin (BTC), the BAB token is introduced exclusively for online identification purposes and belongs to a type of Soulbound (SBT) tokens. Brought to you by Ethereum creator Vitalik Buterin, SBTs are non-transferable, non-financialized tokens designed for DeSoc.
According to Binance's announcement, the BAB token is the first-ever SBT issued on the BNB smart chain. The token is intended for many different use cases in the DeSoc, but will initially only serve as Binance Know Your Customer (KYC) user credentials.
The BAB token will be specifically displayed on wallets to indicate that the wallet owner has passed KYC verification on Binance. The token will function as a Binance identity and can be used by third-party protocols to verify BAB tokens for various purposes, including evading bots, tossing non-fungible tokens, voting and more, Binance said.
"As DeSoc use cases evolve, Binance may issue other types of BAB tokens in the future," the announcement notes.
The BAB token is being introduced as a pilot project and will only be accessible through the Binance mobile app, allowing KYCed Binance users to mint their BAB directly to their Binance wallets.
Binance CEO Changpeng Zhao pointed out that SBTs will play an important role in how Web3 credentials work in a DeSoc, stating:
“It will transform the way we connect, as blockchain technology will give society greater authority to determine how international communities...
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