And bam, that’s an NFT – Theorized by Vitalik Buterin himself, soulbound tokens are starting to show up on the blockchain. This new form of NFT and its promising use cases could boost the non-fungible token sector. The Binance crypto exchange platform just announced that it intended to distribute to its verified users. Exit the angry pandas or the turtles with the effigy of characters from the Simpsons, make way for the SBT!
Binance innovates with soulbound tokens to remain a leader
The concept of soulbound tokens is on its way, several months after their theoretical development. These new kind of smart contracts are actually NFTs (non-fungible tokens). They therefore have a unique character, specific to NFTs, to which we have added a property of non-transferability. Yes, you read that right, this NFT is non-transferableand it is an innovation!
More and more traditional services are now available online all over the world. This poses the online identity verification question, while the time spent on the Internet is generally increasing. This is where these untransferable SBTs come into their own.
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Soulbound tokens, Binance and online identity
As obvious? After reading the theory posted by the founder of Ethereum about SBTs, we can imagine their role, at least in their first versions. Binance was quick to grab the ball on the leap and offer the first SBT from a centralized exchange.
Entitled B.A.B. (Binance Account Bound), this new token will be distributed to all users who have completed the KYC procedure. The latter was recently updated by the platform. This special NFT will act as proof of KYC associated with your account and can be minted directly from the app.
These BAB tokens are:
- Revocable (users can revoke the token)
Changpeng “CZ” Zhao and his Binance platform are still hitting a big blow in terms of communication. They again show their ambition to be at the forefront of the sector and to include some decentralized products in their ecosystem. The SBT also has a real interest in online authentication.
Whether you are a fan of stablecoins, Bitcoin or one of the many cryptocurrencies that exist on the market, it is essential that you have an account on Binance, the largest crypto exchange in the world (commercial link)