On September 8, 2022, Binance launched the Binance Account Bound (BAB) token, a Soulbound Token for onchain identification for Binance users who have successfully KYC.
What is BAB Souldbound Token?
Easy to understand BAB Souldbound Token is a type of token used to identify users.
What is BAB used for?
Users who can mint BAB tokens on the BNB chain have the opportunity to participate in projects built on the BNB chain and earn rewards.
Using BAB token, users can perform their Binance verification to third-party protocols, which works just like Facebook and Google's single sign-on.
In addition, third-party protocols will be able to use BAB to airdrop NFTs, prevent bots, enhance DAO governance, and many other use cases.
- Users cannot exchange or transfer their BAB tokens to others.
- Revokable: Users can revoke the generated BAB tokens.
- Unique: Each user on Binance will have only one unique ID and one unique on-chain BAB token.
The Rewards of Membership
Binance has committed to proliferating the use of BAB tokens and promoting their implementation through projects using BNB Chain (formerly Binance Smart Chain). They launched with fourteen projects using BAB tokens, including ApeSwap, Apollox PearDAO, Project Galaxy, X World Games, Summoner's Arena, Ultiverse, Cyberconnect, P12, Mathwallet, Liveart, OpenOcean, TinyWorld and The Harvest.
How to mint BAB
Step 1: Verify your identity
Step 2: Connect Binance Wallet or Metamask
Step 3: Sign the verification key
Step 4: Get BAB tokens with an gas fee of 1 BUSD
BAB Soulbound Tokens In Web3
"Soulbound Tokens will play a significant role in the way web3 credentials will work in a Decentralized Society (DeSoc). 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.
Yet the vision of what SBTs can be is much broader, from empowering the user to creating stronger Decentralized Societies out of converging Web3 ecosystems.
It can be said that accepting SBT from many protocols will help the user experience to switch between Web3 platforms easily without multiple logins.
SBT could be a permanent part of any future decentralized Web3 ecosystem. Decentralized services need SBT as a way of identifying customers to be able to interact, reward or bring benefits to users.