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WHAT’S THE BINANCE ACCOUNT BOUND (BAB) TOKEN?

BINANCE ACCOUNT BOUND
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A soulbound token was launched on the BNB Chain by cryptocurrency exchange Binance on September 8th, 2022. Binance Account Bound is what we mean by BAB. 

Tokens with soulbound properties are non-transferable non-fungible tokens, which are permanent attachments that are attached to their owners. In the case of educational credentials, they are used to prove identity in applications where proof of identity is crucial. 

In order to mint BAB, users must pass Binance's identity verification process. Therefore, only verified Binance users can mint BABs. 

What are the benefits of minting Binance Account Bound tokens?

In addition to earning rewards, BAB holders can participate in supporting projects. BAB tokens will be adopted by 14 projects, with holders receiving exclusive benefits. There are a number of them

  • NFT raffles will be held at ApeSwap's Defi hub.
  • A reward program will be introduced by ApolloX, a cryptocurrency exchange.
  • By distributing GameFi tokens on PearDao, a decentralized marketplace, the GameFi tokens will get voting rights, exclusive NFT mints, as well as higher trading limits.
  • Using Galxe's credentials infrastructure, BAB holders will be added to the database to protect against sybil attacks. 
  • A one-time airdrop will be provided by X World Games for logging into each game. 
  • BAB tokens will be used in CyberConnect to verify that social media profiles linked to real people are not bots. As a POAP (proof of attendance protocol), BAB can also be used for live events. 

The BAB partners include Ultiverse and P12, NFT Art platform Liveart, GameFi GameFi Tiny World and Harvest, MathWallet and OpenOcean, as well as play-to-earn game Summoner's Arena. 

Information about the new partnerships can be found on the Binance announcement page. 

How to mint Binance Account Bound token?

BAB can only be minted if you've already verified your identity. Once your account has been verified, you can mint BAB directly through the Binance App. Only one token can be minted since it serves as proof of identity. 

As another requirement, the wallet must be compatible with Binance Smart Chain (BSC) and the wallet owner must be verified. 

It is also worth noting that minting requires gas fees, which be equated to approximately one binanceUSD, Binance's stablecoin that is pegged 1:1 to the US dollar. Your spot wallet is debited of the gas fee when Binance mints your token. 

How to view BAB tokens?

It will be issued to the wallet to which you connected when you mint your Binance Account Bound token. 

NFTs are, essentially, soulbound tokens. To view them, you need a crypto wallet that supports NFT. 

Third-party wallets supporting BSC NFTs are required for BAB. The token can be viewed in your wallet by selecting BNB Smart Chain as the network. 

Revoking BAB

It is not possible to send BAB to another person since it is a soulbound token and cannot be transferred. Suppose you want to transfer it between wallets? 

Binance solved this problem by allowing owners to cancel existing tokens and create new ones. The Binance App provides instructions on how to revoke BAB tokens. 

However, there is a 72-hour lockout period. After connecting the wallet where you wish to store your BAB token, you will be able to mint a new token.

Revoke your wallet's private keys if you lose them. You can only create a new token by revoking the existing one in this situation since you lose access to your wallet. 

Final thoughts

Among the first real-world applications of Vitalik Buterin's soulbound tokens, BAB represents a major advance for the web3 ecosystem.  

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