Press Release . 1 Aug 2022

Binance to Launch the First-Ever Soulbound Token, BAB, built on BNB Chain

by Blockonomist Editorial
Binance to Launch the First-Ever Soulbound Token, BAB, built on BNB Chain
Source: Unsplash (Adim Artyukhin)
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Binance, the world's leading blockchain ecosystem and cryptocurrency infrastructure provider, is to issue Binance Account Bound (BAB), the first-ever Soulbound Token (SBT) built on BNB Smart Chain.

Initially introduced as a pilot project, BAB will only be accessible via the Binance mobile app - as an opt-in feature, allowing  KYCed Binance users to mint their BAB directly on the wallets they use on the Binance platform. When minting, users will be required to select a wallet address - either a current one or a button to create a new one - where the SBT will reside.

Soulbound Tokens will play a significant role in the way web3 credentials will work in a Decentralized Society. This will transform how we connect, as blockchain technology will give society greater authority to determine how communities interact based on their credentials or affiliations. We foresee numerous use cases for the BAB token, and we will actively collaborate with the community to develop this revolutionary vision of decentralized society said Changpeng Zhao, Founder and CEO, Binance.

Binance will issue Binance Account Bound (BAB) tokens, which serve as Binance KYC user credentials. Initially, BABs would just indicate that Binance customers have passed the Know Your Customer (KYC) process, but as Decentralized Society (DeSoc) use cases evolve, Binance may issue other types of BAB tokens in the future. Dapps may also utilize BABs for a variety of security use cases, such as airdropping to addresses with BAB tokens or an NFT protocol that only allows minting from addresses with BAB tokens to prevent bots, etc.

BAB will function as a Binance identity and can be used by third-party protocols to verify BAB tokens for a variety of purposes, including avoiding bots, airdropping NFTs, and a DAO using it for quadratic voting, among others.

Soulbound tokens are a new type of tokenized credential, identity, or affiliation. SBT’s are non-transferable and non-financialized. Ethereum creator, Vitalik Buterin first introduced the idea along with  E. Glen Weyl and Puja