Cryptocurrency exchange BINANCE has issued the very first soul-bound token on the BNB Chain (formerly Binance Smart Chain) network as proof of identity.
The new token called binance account bound (BAB) is issued for those Binance users who have completed KYC verification, on 2022-09-08 at 09:00 (UTC), the exchange said in a blog announcement Thursday. Binance says users can mint BAB tokens on the network and participate in "building multiple projects and earn rewards." After a token is minted, it's not transferable, but can be revoked, Binance explained.
Soul-bound tokens were first described by Ethereum Co-Founder, Vitalik Buterin, in his blog in January 2022. Such non-transferable NFTs could potentially help represent an identity in Web3 and open a "much wider door to blockchains being at the center of ecosystems that are collaborative and fun, and not just about money," Buterin said at the time.
