Today we are here to explain what a BAB token is and how to mint it. The first Soulbound Token (SBT) ever created on the BNB Chain is the Binance Account Bound (BAB) token. The BAB token has no monetary value and cannot be transferred. For Binance users who have successfully passed Identity Verification, it will serve as a digital verification tool.
BAB tokens are non-transferable tokens that work as identity credentials for Binance users who have completed KYC verification.
— Binance (@binance) September 8, 2022
What is Binance Account Bound (BAB)?
For Binance users that have successfully completed KYC verification, Binance Account Bound (BAB) tokens serve as identity credentials. Binance will first issue it on the BNB Chain. The BAB tokens will be made available to communities by a few BNB Chain projects as identity credentials. After creating a BAB token, a verified Binance user can take part in developing the chain’s supporting projects and earn incentives. BNB Chain will provide further information at a later time.
Binance shared the features of the BAB Tokens
- Non-transferable: Users cannot transfer BAB tokens to other users.
- Revocable: Users can revoke their BAB tokens.
- Unique: One verified Binance user ID allows the user to mint one BAB token only on a certain 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.”
Recently, Vitalik Buterin co-authored a paper outlining Ethereum’s future including a concept known as Soulbound tokens (SBTs).
The non-fungible tokens (NFTs) known as soulbound tokens, or SBTs, are essentially NFTs with a specific use. But wait on, reader, these aren’t simply images from memes; SBTs might be the start of a new era that transforms DAOs and how we interact with one another in the future.
How to mint a BAB token on Binance?
Users of Binance who have successfully passed Identity Verification can mint BAB right from their wallets. Let’s see how to mint BAB on Binance:
- On the homepage of your Binance App, log in and select [More]. To find [Gift & Campaign] – [BAB Token], scroll down.
- You will notice a list of prerequisites, including identity verification completion, connecting a compatible wallet, and wallet ownership verification, before you can mint your BAB coin.
- Depending on the kind of wallet you’re using, there are three different ways to link it.
- A wallet is included in the Binance App as the Binance DeFi Wallet. Your DeFi Wallet will instantly connect when you tap [Binance Wallet].
- To confirm that you are the owner of the wallet, tap [Sign Message] – [Sign].
- Tap [TrustWallet] to connect your Trust Wallet.
- The pop-up seen below will take you to the Trust Wallet app. Click [Connect]. Please check to see whether your network is steady and try again if you still can’t see the pop-up.
- You must sign a message to confirm your wallet ownership after connecting your wallet. Hit [Sign Wallet] once. On the Trust Wallet pop-up, click [Confirm].
- Your token can now be created. Select [Get BAB Token].
- A pop-up window displaying the gas cost for minting your BAB token will appear. Select the currency for the transaction and decide whether to pay with your Spot Wallet or Funding Wallet. Select [Continue].
- You now own a BAB token. To view information, select [View on BSCScan].
The applications for BAB are virtually limitless. To begin with, a few BNB Chain projects will introduce the BAB tokens to their communities as identity credentials. The only people who can take part in those projects will be BAB token owners.
Future applications can mandate the use of the token to get rid of bots because users must complete KYC in order to receive the token.
The BAB coins can aid in addressing governance problems in addition to preventing bots from receiving airdrops. The current DAO (Decentralized Autonomous Organization) concept has a problem in that the governance structure is readily controlled and shifted away by purchasing power.
The BAB token’s non-transferable mechanism aids in ensuring an equitable allocation of governance power, which is optimum for decentralization.