![]() ![]() The BAB token is not the first Souldbound Token to be released, but it is the first on the BNB Chain. ![]() “Soulbound Tokens will play a significant role in the way 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.” ![]() Regarding the launch of BAB, the Binance CEO, Changpeng Zhao, commented, However, in future “Binance may issue other types of BAB tokens” with additional functionality and use cases. Ownership of a BAB token will initially simply indicate that a wallet owner has passed the Binance KYC check will no additional user data being present within the token. The token is to be called the Binance Account Bound (BAB) token and “will certify the wallet owner’s verified user status on Binance and will be also available for use by third-party protocols.” The ownership of BAB will be optional for Binance customers, who will be able to choose whether to complete a KYC check via the Soulbound Token or more traditional means. Data linked to the NFT can be utilized to pinpoint recorded actions by the wallet, such as interacting with a dApp or smart contract. The inability to trade the NFT allows it to be used to identify the wallet holder on the blockchain. Soulbound Tokens are NFTs that are non-transferrable between wallets. Binance launched BAB, a Soulbound Token on the BNB Chain, as a decentralized solution to the KYC requirements for the exchange. ![]()
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