An Overview of Binance Account Bound (BAB)
Table of Contents
- Soulbound tokens are non-transferable NFTs; as such, they’re unique and permanently attached to their owners
- Binance Account Bound (BAB) is a non-transferable token that has no monetary value.
- BAB is the first ever Soulbound token developed on the Binance Smart Chain (BSC)
The emergence of SoulBound Token (SBT), opened up the possibility of possessing unique and non-transferable Nfts. Binance Account Bound (BAB) brings a real-world use of SBTs into the BNB Chain, as Binance uses BAB as a proof of verification for users on its chain, amongst many other possible uses now and in the nearest future.
What are SoulBound Tokens?
The first framework for SoulBound Tokens (SBTs) was first introduced by Vitalik Buterin, E. Glen Weyl, Puja Ohlhaver. In a whitepaper entitled “Decentralized Society: Finding Web3’s Soul,” released in May 2022. The whitepaper highlights how Soulbound tokens can be used as a great tool into achieving a fully decentralized society (DeSoc), in view of the amazing possibilities it presents.
SoulBound tokens (SBTs) are non-transferable digital tokens that represent an individual's identity in the Web3 ecosystem. SoulBound tokens (SBTs) can be said to be a form of Digital Curriculum Vitae (CV), as it gives detailed credentials of the user who owns it. These records are stored or distributed via wallets referred to as "Souls". Soul can be said to be a Blockchain wallet that stores publicly accessible, non-transferable tokens.
The logic behind soulbound originates from the popular online game World of Warcraft. Players cannot sell or transfer soulbound items. Once picked up, soulbound items are forever “bound” to the player’s “soul.”
Similar to Soulbound items on the "World of Warcraft'' game, owners of SoulBound tokens (SBTs) cannot transfer, buy or sell their tokens or status on any Web3 platform. The SoulBound NFTs have a unique design such that they are bound to a particular wallet for the entire time it exists.
How do Soulbound tokens work?
Except for their non-transferability, Soulbound tokens operate similarly to NFTs, which is why they are also referred to as non-transferable NFTs. Each token is distinct and non-transferable, making them non-fungible, which means they cannot be exchanged between users.
Some uses of Soulbound Tokens
Soulbound tokens have real-life application in fields like;
Soulbound tokens can be used as a digital proof, to verify academic credentials of students.
- DeFi Lending
By using a Soul's in-the-moment contacts with other members of various communities, the SoulBound token can allow DeFi protocols to offer uncollateralized loans.
Soulbound tokens can be employed to sell tickets to events, conduct special airdrops (also known as "Souldrops"), and provide other advantages to people in a particular group.
SBTs could also include a holder's medical background, details about their exclusive memberships, a list of their accolades etc. Soulbound tokens (SBTs) carry important information about the owner and hence it is therefore very essential that its users protect or If necessary hide their SBTs, making it difficult for digital identity theft.
What is Binance Account Bound (BAB)?
On 09/112022, Binance exchange, arguably the largest cryptocurrency trading platform by trading volume, announced the launch of its first-ever SoulBound Token on the BNB Chain.
Binance Account Bound (BAB) token is non-transferable and has no monetary value. It will function as a digital verification tool for Binance users who have completed Identity Verification. It is a distinct and permanent marker of account ownership and a sort of proof of account verification. Users can present BAB as proof of identity to applications that support the Binance SoulBound NFT.
Why mint Binance Account Bound (BAB)?
According to a report by Binance, about 14 projects will adopt the BAB token namely; ApeSwap, Apollox, PearDAO, Project Galaxy, X World Games, Summoner's Arena, Ultiverse, Cyberconnect, P12, Mathwallet, Liveart, OpenOcean, TinyWorld, and The Harvest. Owning a BAB token has advantages like access to newly introduced features across the Binance ecosystem, unique airdrops, voting rights, and VIP bonuses from projects that have adopted the token. Amongst many other amazing benifits.
How To Mint BAB Tokens On Binance Smart Chain
Minting BAB tokens on the Binance Smart Chain is easy, Below is a step-by-step guide to minting BAB Token if you have completed your KYC on Binance.
- Open your Binance app or go through your browser to navigate the trading platform. From the homepage, click ok the “More” button
- The next page users come across is that of “Services” available to Binance users. Scroll down towards the “Gift & Campaign” section. Click on the “BABT” icon
- Next is a page where users are to connect their wallets to the BNB Smart Chain network. Binance provides a list of wallet options for users, such as Trust Wallet, Binance Wallet and others on Wallet Connect; Metamask or using a QR Code. Using your choice wallet, click on “Connect Wallet”
- Once an account is in sync with a choice wallet, click on “Sign Message” and then the “Sign” button to mint a BAB Token. Make sure you have at least 1 BUSD in your Spot wallet to continue with the process.
- You can now mint your BAB token. Tap [Get BAB Token].
What to do when you lose BAB tokens and how to revoke BAB tokens.
A user can revoke their BAB token immediately from their Binance account if they misplace their BAB token. Once revoked, a fresh BAB token can be minted after 72 hours. To revoke your BAB token, go to the BAB token page on the Binance App and scroll down to the FAQ section. You will see a [Revoke Token] link. Visit the link to revoke your BAB token.
The BAB Token provides a new form of identity to its holders, opening access to exclusive applications and rewards. BAB Token enables owners to gain and retain access to special packages based on their reputation in the Web3 ecosystem, putting SoulBound tokens to one of its first ever real-world use. Opening up a whole new dynamics in the Web3 space.
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