Binance released its BAB token

[malcovi2]

Binance released its own version of Soulbound token, The concept was discussed first by Vitalik Buterin but CZ made the first move to deploy the idea, lets see how far will this go.

What is BAB token?
used as proof of identity for Binance users who have completed KYC verification, on 2022-09-08 at 09:00 (UTC). Users will be able to mint BAB tokens on BNB Chain as identity credentials, and participate in building multiple projects and earn rewards.

Features of the BAB Tokens:
Non-transferable: Users cannot transfer BAB tokens to other users.
Revocable: Users can revoke their BAB tokens.
Unique: One verified Binance user ID allows the user to mint one BAB token only on a certain chain.

additional info here: https://www.binance.com/en/support/announcement/0fe1e7c8781844e29f56cb674231dfd7

How to mint the BAB token:
https://www.binance.com/en/support/faq/bacaf9595b52440ea2b023195ba4a09c


take note: 1 BUSD is required to mint the token

[kasunrandil]

actually this is the next trend of cryptocurrency and this will be a one of real utility of NFTs. these are things real crypto influencers waiting for .  soulbound allows holders to prove ownership over an item, real or digital. this will be used as method for certificate offering , graduate offering and more which are used as nfts in the real world. we are still early for this trend and we are still in 2022. in upcoming years and bull markets these tokens and projects which offers soulbound tokens will pump to sky highs.

[Xal0lex]

actually this is the next trend of cryptocurrency and this will be a one of real utility of NFTs. these are things real crypto influencers waiting for .  soulbound allows holders to prove ownership over an item, real or digital. this will be used as method for certificate offering , graduate offering and more which are used as nfts in the real world. we are still early for this trend and we are still in 2022. in upcoming years and bull markets these tokens and projects which offers soulbound tokens will pump to sky highs.

Actually, there were enough of these NFTs released already in 2021 when NFTs had some real application: from confirmation of the right to buy some product in reality, to some tool to access a website or to perform some tasks on the Internet. I saw something similar on the Solana blockchain. This is the very application of NFT, just many people overlooked such properties and spoke only about the price, because the whole NFT industry is mired in trivial speculation and manipulation.

[JeromeTash]

Binance released its own version of Soulbound token, The concept was discussed first by Vitalik Buterin but CZ made the first move to deploy the idea, lets see how far will this go.

Sometimes I feel the CZ guy is just too overzealous. He wants to be everywhere and capitalize on everything. I think it's more top do with too much greed, and it's not healthy in the long run. You can't have everything.

KYC this and proof of identity that.... I still don't get the whole point about the token.

[bitcoin-shark]

a new token (bab) that will be issued by binance only to those who made the kyc and will not be transferable? mah in my opinion as useless as it is discriminatory

[Questcry]

I don't get it, why should your identity with @cz_binance be displayed with your address in on-chain? I don't get it and is BAB still protecting the users on helping the government to uncover the users? @binance

[Questcry]

What is the interest if iit s not transferable? What is the real value ? D'ont tell us "it is a new thing in binance and it will be... bla bla" what is the real project and how we can participate on clear basis?

[Imran232]

<......................>

Yes, I also know about this token, though we already know that it actually doesn't have any usecase, like you can't share it with others and you can't even trade this token. This is actually a fixed identification on binance for you. So yeah, it's a basic thing. But the hype it gets from the users is insane. As a holder of BAB, the users will get so many benefits. And this is actually a blessing for airdrop hunters because lots of projects are interested in giving rewards to bab holders. I think it's a good idea. Furthermore, this is how the company can encourage verified users to share and connect. Because we know about airdrop hunting cheaters and scammers now because of binance verification, it will be tough to cheat with those projects. So basically, it's really a great initiative by Binance, I personally think. Thank you. It's my opinion. Your opinion might be different.

[malcovi2]

Binance released its own version of Soulbound token, The concept was discussed first by Vitalik Buterin but CZ made the first move to deploy the idea, lets see how far will this go.

Sometimes I feel the CZ guy is just too overzealous. He wants to be everywhere and capitalize on everything. I think it's more top do with too much greed, and it's not healthy in the long run. You can't have everything.

KYC this and proof of identity that.... I still don't get the whole point about the token.

the token is the identity.
It also brings advantages and disadvantages

- reduces multiple accounts or fake accounts participating in projects and people no-longer have to do KYC because the wallet or token has an identity linked to it.
- somewhat deanonymize wallets because they can track the wallets activity and agencies can reach out to Binance to seek out the personal data.

[Scripture]

Is this the new feature for security? I just don't get the purpose of this token though if the reason is not to transact without the consent of the owner, I think can work better but if it's just a utility token for what purpose? I wonder if this token has a real value since I read some NFTs like this before but I don't know if they are able to market their technology or they just remain as an NFT itself. Maybe I spend some time reading more details about this update, I'm sure BNB knows the importance of this and it will serve its purpose eventually.

[Yogee]

a new token (bab) that will be issued by binance only to those who made the kyc and will not be transferable? mah in my opinion as useless as it is discriminatory

You'll definitely find it useless if you're not a regular Binance user and how is it discriminatory? I don't see it that way. The purpose of the token is limited to them so it's already expected that it will only benefit a specific group. It's like a membership card to a club where the owner gets some exclusive perks.

[hd49728]

Finish KYC and receive a non-transferable NFT to anyone else. So do I need that NFT? Because my identity belong to myself and I accept to give it, share it to Binance in order to use their service at full rights. I don't do this for that NFT but now I can have it but what is if for?

And what benefit I can have if I claim the NFT with small fee? I see the NFT is useless and don't mind to claim it even with 1 BUSD.

[Busayo10]

yes
i did this, 2 days ago, but i use binance wallet, but, i still, can't find my BAB token on my spot wallet, why that???

[inanilujimi]

If only for our verified identity and have no value at all, what is this token for?
Imagine if 1 million users claim this then binance gets $1 million.

[malcovi2]

yes
i did this, 2 days ago, but i use binance wallet, but, i still, can't find my BAB token on my spot wallet, why that???

its on a external wallet, try checking trustwallet if it's the one you used to mint it.

Finish KYC and receive a non-transferable NFT to anyone else. So do I need that NFT? Because my identity belong to myself and I accept to give it, share it to Binance in order to use their service at full rights. I don't do this for that NFT but now I can have it but what is if for?

And what benefit I can have if I claim the NFT with small fee? I see the NFT is useless and don't mind to claim it even with 1 BUSD.

Its a non-transferable token and you don't need a NFT.
You can DYOR on which which projects that will give benefits to people who has a BAB token on their wallet.

[Jeger.Kiting]

The Binance Account Bound (BAB) token is the identity credential for Binance users who complete KYC verification. Several projects in the BNB Chain will introduce BAB tokens as identity credentials to their communities.

This token will be unique for each user who is required to pay a gas fee of 1 BUSD. Therefore, certified Binancians can only have one BAB token in the BNB Chain. Once minted, BAB tokens will be visible in the owner's on-chain wallet address. This will be the first soul-bound token to be built on the BNB Chain as Binance seeks to improve its security system.

[lvsca]

binance is now developing the concept of NFT which is more useful than the existing NFT. I hope this will work according to the goal of the BAB token itself. it's actually really good to have NFT as a user of a platform and now binance is making it. This NFT looks like it will be the best utility NFT since it was made by binance.

[cryptoaddictchie]

~snipped

Actually the use case cant be feel for now since everyone is really confuse about it. Me myself cant really see the usefulness of it. Yes KYC and proof of ownership its like an additional signature for each users but how does binance and related firm will make use of it. The description is quite good however until i see how this works and benefits users then I im not gonna touch mine.

[o48o]

Article doesn't say if it's going to be inside binance or are they using it for personal wallets for connecting id to previously pseudonymous wallets. If the latter i understand the need for it but the lack of privacy in bnb makes me feel uncomfortable about how exactly data is used and where is it used. In fact i see potentially dangerous scenes happening depending how they plan to build this system. I am assuming there's smart people in charge that have considered the confidential data angle already.

[makishart]

What is the interest if iit s not transferable? What is the real value ? D'ont tell us "it is a new thing in binance and it will be... bla bla" what is the real project and how we can participate on clear basis?

No real value at all and it's about proof of validation if you have been verifying your account to be fully verified with KYC. Im not sure about why binance was launching the token but im sure that if this proves if you have completed the KYC verification.
Binance was thinking about something that didn't even predicted by another exchange site but this token looks so weird.