Binance Soulbound

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Binance utilizes Soulbound Tokens to provide wallets with decentralized KYC

Binance Soulbound
Image Credit: CRYPKYP
Source: CryptoSlate
1659434114 02 Aug / 09:55

Binance has introduced BAB, a Soulbound Token on the BNB Chain, as a decentralized alternative for the exchange's KYC needs. Soulbound Tokens are non-fungible tokens that cannot be transferred between wallets.

Due to the NFT's inability to be traded, it may be used to identify the wallet owner on the blockchain. Data associated with the NFT may be used to identify recorded wallet activity, such as connecting with a decentralized application or smart contract.

The token will be known as the Binance Account Bound (BAB) token, and it "will confirm the wallet owner's verified user status on Binance and will also be accessible to third-party protocols." The ownership of BAB will be optional for Binance clients, who will have the option of completing a Know Your Customer (KYC) check using the Soulbound Token or by more conventional ways.

A BAB token’s possession will initially show that a wallet owner has passed Binance’s Know Your Customer (KYC) check, with no extra user data included within the token. In the future, though, “Binance may issue more BAB tokens” with expanded capabilities and use cases.

Regarding the debut of BAB, Changpeng Zhao, CEO of Binance, stated, “Soulbound Tokens will play a significant role in how web3 credentials will work in a Decentralized Society… 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.”

Not the first Souldbound Token to be released, but the first on the BNB Chain. In June, Phala Network announced the debut of Soulbound Tokens, which are tied to specific in-game avatars. Idexo has also just announced support for Soulbound Tokens within its web3 SDK, enabling developers to integrate the tokens “with only one line of code.”

During this bad market, innovation and forward impetus thrive in the NFT business. The NFT community is focused on discovering the underlying value proposition of non-fungible technologies, with “utility” being the latest buzzword in the area.

Will Soulbound Tokens demonstrate the fundamental value of NFTs in the blockchain industry? Binance feels they have a place since it has included KYC technology as a basic regulatory need in its business model.

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