What Is a Binance Account Bound (BAB) Token Binance? How To Get & Sell It?

2022-11-7 00:29

What’s the Binance Account Bound (BAB) Token? 

The Binance Account Bound (“BAB”) token is the first Soulbound Token (“SBT”) built on the Binance Chain. The BAB token is non-transferable and has no monetary value. It functions as a digital verification tool to authenticate Binance users who have successfully completed KYC/AML procedures.

How to get a BAB token?

Only those who pass the identity verification process on Binance can get a BAB token. You can claim the BAB token by checking the Gift & campaigns section on Binance App. Follow the steps to mint the token, which include connecting a non-custodial wallet (like MetaMask, Trust wallet, Binance DeFi Wallet, etc) and minting the BAB token directly into that wallet.

The cryptocurrency exchange Binance launched a new token called BAB on the 8th of Sept., 2022. The Binance Account Bound (also known as BAB) is a non-fungible token (NFT) representing ownership of a verified account on the Binance blockchain. 

Soulbound tokens are non-transferable NFTs; thus, they’re unique and forever tied to their owners. They’re used in applications where identification is necessary, like educational certificates. BAB owners can prove they’ve verified Binance accounts because only those who passed Binance’s identity verification process can mint BAB.

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What can you do with BAB? Use Cases and benefits of BAB Tokens

There are many use cases for BAB tokens, including participating in raffles, voting in DAO governance decisions, and enjoying exclusive rewards. Here are just a few examples of how BAB can be used:

Participate in Raffles

Raffles are a great way to give away prizes to lucky winners. However, only those who hold BAB tokens will be eligible to win.

Vote in Governance Decisions

The entire community makes governance decisions through consensus. Those who hold BAB tokens can cast votes for proposals that affect the entire network.

Enjoy Exclusive Rewards

Holders of BAB tokens will have access to exclusive rewards. These include free airdrops, early access to new projects, discounts at partner businesses, and more.

Protect Against Sybil Attacks

Sybil attacks occur when multiple accounts are created under one account. Such accounts are called sybils. By adding BAB tokens to their profile, users can prevent others from creating sybils using their identity.

Access Credentials Database

Those who hold BAB tokens on certain platforms will gain access to a credentials database where they can verify identities and prevent fraud.

Be Exempt From Repeated KYCs

Users who hold BAB tokens won’t need to undergo KYC verification on each new platform/protocol that requires it. This means they can avoid long wait times and save time during registration as the protocol can pull all the needed data from the BAB token carried information.

Display BAB Token on Profile

On certain platforms, BAB tokens will show up on user profiles to indicate that they are not bots and that they don’t require KYC verification.

How to sell BAB tokens? 

You can’t sell BAB tokens as they are tied to your account and identity on Binance (and its broader ecosystem, including the BNB chain).

Where is my BAB token?

Your BAB token will appear in the wallet you connected during the minting process. You can find your BAB token on a third-party wallet that supports NFTs on BNB Chain (MetaMask, Coinbase wallet, Trust wallet, etc).

The post What Is a Binance Account Bound (BAB) Token Binance? How To Get & Sell It? appeared first on CaptainAltcoin.

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