Skip to main content

Binance launches Soulbound tokens: How to get involved and what to expect

 


Are you a Binance user and have you confirmed your identity using the KYC process? Then you can mint the Binance Account Bound (BAB) token! This means that you are not only part of new projects on the Binance Smart Chain (BSC), but also benefit from reward programs. You can read what you need to know about it here.


It is 09/08/2022: Binance introduces the BAB token as proof of identity on the BSC . Users can use it to participate in crypto exchange projects and become part of blockchain operations . Active participants are rewarded for this . Exactly what participation and rewards look like? To date, Binance has kept a low profile.


So far, Binance has commented on the function of the token: “The BAB token is non-transferable and has no monetary value. It will act as a digital verification tool for Binance users who have completed identity verification.” In short: The BAB token serves as a proof of identity (proof of authenticity).


The Binance “Soulbound Token”: This is what you need to know

Although the soulbound token “BAB” has only just seen the light of day on the Binance Chain, the first questions are burning on the tongues of users:


Does it cost me anything to mine the BAB? – If crypto wallet owners want to mint tokens, so-called “gas fees” arise. Gas is the fuel on the Binance network, commands on the blockchain cost gas. Actions on the blockchain ultimately cost the user money. This also applies to BAB minting and revoking.


Speaking of “Revoked”, why would you give up your BAB and therefore your proof of identity on the Binance network? This is useful if you lose access to the BAB token or wallet private key. Then you can revoke the BAB token with your Binance account and mint a new one 72 hours later.


The following applies: One BAB per user . Because in the nature of a soulbound token lies its uniqueness . Each user can therefore only mint one BAB. If you want to transfer this to a different wallet address, you must first revoke it and then transfer it to the new address.


Well. So you've minted your token. But: How and where is my proof of identity actually stored? Binance Chain's Soulbound token resides on the wallet used for minting. The wallet must support NFTs on the BSC. To enjoy the visual enjoyment of the BAB token, select the “BNB Smart Chain” wallet network. Would you like to mint your own BAB? This guide takes you step by step to your goal.


The children's shoe still pinches...

Crypto-Twitter reveals the teething problems of the new project: Binance is limited to the Binance app when it comes to the instructions for BAB minting. But some users prefer the desktop version of the crypto wallet. There seems to be a problem here.


Also, complications with wallet connectivity seem to disrupt the smooth minting process. But Binance is already cooperating with users to avert the small niggles in the process.

Soulbound token: what is it and what does Vitalik Buterin have to do with it?

Ethereum co-founder Vitalik Buterin has proposed the concept of the soulbound token (SBT) as a novelty, among other things. The white paper, titled Decentralized Society: Finding Web3's Soul, lays out the foundation of a fully decentralized society (DeSoc) governed by its users. In focus: The Soulbound Tokens (SBTs) as credentials that we use in everyday life.


SBTs are non-transferrable tokens that represent an individual's identity using blockchain technology. This can include medical records, work history, and all kinds of information that defines a person or business. The wallets that hold or display these records are called "souls". We see: Vitalik's "Soulbound" concept goes far beyond the application as a simple "proof of identity".


DISCLAIMER

All information contained on our website has been researched to the best of our knowledge and belief. The journalistic contributions are for general information purposes only. Any action taken by the reader based on the information found on our website is entirely at their own risk.

My Top Picks
Honeygain - Passive earner that pays in BTC or PayPal
MandalaExchange -The Best no KYC crypto Exchange! 
BetFury - Play And Earn BFG for daily Bitcoin and ETH dividends!
Pipeflare - Faucet that pays in ZCash and Matic, Games pay in DAI
Womplay - Mobile dApp gaming platform that rewards in EOS and Bitcoin
Cointiply - The #1 Crypto Earning Site
Torum - Join the latest Social Network and earn TRM for Free! 
LiteCoinPay - The #1 FaucetPay earner for Litecoin 
LBRY/Odysee - YouTube Alternative that lets you earn Money by viewing videos!
FaucetPay - The #1 Microwallet Platform
FREEBTC - The #1 FaucetPay earner for Satoshi's
FaucetCrypto - An earning/faucet site that pays out instantly
FireFaucet - An earning site that pays better for some than Cointiply
DogeFaucet - Dogecoin Faucet
xFaucet - BTC, ETH, LTC, Doge, Dash, Tron, DGB, BCH, BNB, ZEC, FEY - Claim every 5 minutes
Konstantinova - BTC, ETH, LTC, Doge, Dash, Tron, DGB, BNB, ZEC, USDT, FEY, 25 Claims Daily

Comments

Post a Comment

Popular posts from this blog

From offchain to offchain: Statechains meets Lightning

  Without a doubt, the most significant off-chain Bitcoin solution is the Lightning network. But in its wake, the statechain has emerged as an intriguing replacement. There is currently a proposal to link the two offchain networks. From an ocean, for example, you can see sunbeams glistening in the water, waves rippling, and possibly a jellyfish drifting toward the light. But you only see a small portion of it. The distance from the sea's surface to its bottom is hundreds of meters. It has dozens of different fish species swimming in it, crabs and starfish crawling on the bottom, shells clinging to rocks, and sea plants climbing up. A completely new world starts where your gaze diverges. You can picture a blockchain like Bitcoin, just like the sea. What you see on the outside is only a small portion of what is actually there; the set of UTXOs (coins) and transaction history that full nodes store are just the beginning of a much larger world. It's the plan, at least. With Bitcoin
Post a Comment
Read more

MSP Recovery and Tokenology aim to optimize healthcare with the help of Polygon

  MSP Recovery LLC, a Miami, US-based healthcare provider with an estimated enterprise value of $32.6 billion, is partnering with Web3 company Tokenology to jointly launch a new blockchain platform called Lifechain. Lifechain wants to leverage the verifiable and transparent nature of blockchain technology to aggregate medical care claims, medical expense reports and patient data and streamline their processing. For this purpose, MSP Recovery launched its own LifeWallet in January, which already has 1 million users. In addition to the wallet and blockchain platform, an associated crypto token called LifeCoin is also used. The press release explains that the primary purpose of the system is to enable secondary healthcare providers to more effectively bill health insurance companies for their costs. “The number of medical claims tokenized going forward will surpass $50 million per day by 2024. For this we need scalability, security and sustainability, which we have only found with Polygon
Post a Comment
Read more

Phishing attack on popular crypto sites tries to empty wallets

  Several major crypto sites such as Etherscan, CoinGecko, DeFi Pulse, and others report malicious pop-ups scammers use to try to trick users into connecting their MetaMask wallets. The phishing attack came from a domain displaying the Bored Ape Yacht Club (BAYC) logo. "We are investigating the root cause of this attack to fix the threat as soon as possible," CoinGecko founder Bobby Ong tweeted. The phishing attack appears to have been triggered by a malicious ad script from Coinzilla, a crypto ad network, according to CoinGecko. Etherscan also advises its users not to confirm any transactions that may appear on the website. The attackers attempted to use the hype around the “bored monkeys” non-fungible tokens (NFT) to gain access to the cryptocurrencies of unsuspecting website visitors. Although the websites affected by the scam attempt have reacted in the last few hours and deactivated the advertising pop-up, it is still recommended not to connect your MetaMask wallet to ne
Post a Comment
Read more