Binance launches Soulbound Token (SBT) KYC on the BNB chain
Cryptocurrency exchange Binance has announced that it will soon introduce KYC in the form of soul-bound tokens (SBT) on the BNB chain. This non-transferrable NFT can be used for the applications of this blockchain by investors who have completed their identity verification.
Binance will deploy KYC linked to a soul-bound token
In a blog post binance announced on Monday that the exchange would issue the first soulbound token (STB) on the BNB chain. This one with the name of Binance Account Bound (BAB)is issued to mobile application users once their Know Your Customer (KYC) verification is completed.
Building on the very first Soulbound token, Binance Account Bound (BAB). #BNBChain
The innovation could pave the way for a thriving decentralized society on the BNB chain.
Find out more about the exciting development here ⤵️https://t.co/gS4CmExrOp
— BNB Chain 🔶 (@BNBCHAIN) August 1, 2022
The concept of SBTs emerged this year under the direction of Vitalik Buterin. It is therefore a special form of non-fungible tokens (NFT). associated with an address and therefore an SBT cannot be transmitted. This technology is therefore perfectly suited to the field of decentralized digital identity (dID).
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An SBT to search the BNB chain
Binance is in with this soulbound token pioneers deploy this innovation on a large scale. The whole point of this initiative lies in the fact that it will be usable for the different applications of the BNB chain.
Indeed, regular customers of decentralized finance (DeFi) protocols know how tedious it is to constantly repeat your KYC. The latter, for example, is special imposed on launch pads, namely project launch platforms. And with good reason, the latter are banned for residents of certain countries such as the United States, among others. A KYC then makes it possible to prove this is not resident in one of these countries.
The Binance Account Bound thus makes it possible to bypass this check. In fact, all the information will be represented in this SBT, which saves a lot of time. To configure their BAB, the user has the choice of linking it to an existing address or creating a new one specifically for the occasion.
Through this experiment, Binance offers just one of the many use cases found for soul-bound tokens. What is certain is that this technology will tend to do so develop further in the years to cometo cover a variety of fields.
👉 Also in the news – Aave’s DAO unanimously confirms the launch of stablecoin GHO
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Source: BNB chain blog
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I shyly discovered the world of blockchain at the end of 2018 on my search for financial freedom. Initially investing moderately, it was only two years later that I dared to risk everything in the movement that was emerging at the time. In 2021 I will then dedicate myself to further training in order to acquire more knowledge and seriousness. As I often say, I still have a billion things to learn. And what I know, I want to share with you.
Vincent Mayor
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