Binance announced plans to issue the Binance Account Bound (BAB). The exchange announced the new offering in a blog post on its official website. As revealed, the BAB is the first Soulbound Token (SBT) developed on the Binance Smart Chain (BSC).
The blog post indicated that the BAB tokens would become available to users. However, they must first complete their “Know Your Customer” (KYC). Upon completion, the tokens will appear on users’ wallets to affirm the completion of the KYC process.
Also, the token will help illustrate the certification of users’ status on the crypto exchange, and it’s open to the use of third-party protocols. Binance published that users cannot transfer the tokens because of their uniqueness.
The announcement illustrated that such a move would emphasize accountability, making the tokens relevant above money value. It added that the intention is to help the SBT replicate the appropriate Web3 credentials they stand for. As disclosed, it can only be minted by users who have completed their KYC, giving them the right to cancel or revoke the token.
Additionally, the post reflected that the implementation would serve as a pilot project. Consequently, BAB can only be accessed by users using the Binance Mobile Application. This will allow verified users to mint their BNB tokens straight from their Binance wallets.
During the minting process, users will be asked to select a wallet address or generate a new one for the SBT. Binance divulged that the potential of the SBT is beyond the early phase of implementation. The crypto exchange reflected that building a decentralized community is far beyond the emphasis on finance. The company stated that building new incentives and projects beyond finance will help the blockchain stay relevant, Binance added.
With further emphasis on why users cannot transfer the tokens, Binance established that the BAB tokens would be for verification purposes. According to the firm, it implies that the token is Binance’s identity that third-party protocols can utilize for numerous purposes. Binance believes it will help extinct reoccurring issues about airdrops and bots while making the platform more secure.
Furthermore, the firm assumes the BAB tokens will help dApps to relate with their users. Subsequently opening up numerous opportunities for interactions with their users and helping build their communities. The crypto exchange maintained an optimistic posture regarding the utility of the token. The firm revealed that the utilization of the token would increase once an exploration of how credentials will work in Web3 commences. Binance added that the accountability that comes with the token would initiate a decentralized working community.
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