Home
NFT

Binance deploys Soulbound tokens for immutable KYC validation

0 Comment

As the NFT industry continues to mature, many token ‘subspecies’ have begun to materialize. Last, the mighty see Binance Launched its first Soulbound Token (SBT). The BnB chain.

In essence, an SBT represents a non-fungible token tied to a single wallet for eternity, and cannot be bought, sold or transferred in regular ways. These tokens could then potentially form the backbone of a world of identity-related transactions, including passports, driving licenses and even tokenized voting rights.

Through its own SBT which it calls ‘Binance Account Bound (BAB)’, Binance aims to store its customers’ credentials, which will give them access to a range of gated Dapps tied to the KCY protocol. It will also provide NFT minting access, airdrop entitlements and exclusive content, all while negating the annoying pitfalls of bots!

Binance has launched a pilot of its exciting new project for KYC’d users of its native Binance mobile app. However, a successful trial run may launch it across the board in the near future. On minting, users can Designate a wallet To place the token, where it will remain forever.

“We foresee numerous use cases for the BAB token, and we will actively collaborate with the community to develop this revolutionary vision of a decentralized society,” – Changpeng Zhao – Binance CEO

Learn more >> here

Want more? Connect to NFT Plaza

Join the weekly newsletter
Join our Discord
Follow us on Twitter
Like us on Facebook
Follow us on Instagram

*All investment/financial opinions published by NFT Plaza are derived from the personal research and experience of our site moderators and are intended as educational material only. Individuals should do thorough research on any product before making any type of investment.



https://ift.tt/NYkGQRz

Baca juga

Post a Comment

Post a Comment