Join 100,427 users already on read.cash

Binance Account Bound Tokens

0 32
Avatar for idiosyncratic
Written by   127
3 months ago

Binance has introduced account-bound tokens. The crypto ecosystem will no longer discuss non-fungible tokens in this new era; Soul-bound tokens will be the subject of much discussion! These tokens are distinct from tradable NFTs because they are non-tradable, as their name implies.

> POAP is a great illustration of an NFT that performs better when it is soulbound.It matters not whether you paid someone to attend an event if they are looking at your POAP.They would like to know if you actually attended that event**.The issue that is presented by proposals to chain "certificates" is similar:If someone could just go buy one from someone who does, they would be much less valuable.

Vitalik.ca

In essence, these soul-bound digital assets are unique because they are attributed a different kind of value, such as proof of attendance; however, they are not valuable for their prize. evidence of competence, management, etc.

The Account-Bound Tokens (BAB) offered by Binance

They are likely to be the first of their kind. These soul-bound exchange tokens will not be tradable, and their value will be equivalent to VIP treatment, priority at special events, and royalty.

> A verified Binance user will be able to participate in the construction of the supporting projects on the chain and receive rewards once they have created a BAB token.BNB Chain will provide additional information at a later time.

by Coinmarketcap

These tokens will be earned through KYC verification; all you have to do to obtain them is use your mobile Binance app and complete the required steps. If you want to learn how to mint BAB tokens, simply visit the Binance FAQ section and see the tutorial for you!) and pay just $1 BUSD to mint.

These tokens will enable you to actively participate in the projects that are constructed on the BNB Chain and those that are located on the launchpad. They could be thought of as a $ 1 lifetime membership.

An Example of a Use Case for BAB Tokens:

There are currently 14 projects on the BNB Chain that are prepared to grant privileges to BAB token holders (such as family members or private club members.

What can these projects offer cryptocurrency investors if they won't give them free money? In fact, at that point, your soul-bound digital assets begin to provide you with NFTs and airdrops, allowing you to profit even though you are unable to purchase or sell soul-bound tokens. The significance of soul-bound tokens and the manner in which the tokenized identities impact the crypto ecosystem.

Soul-bound tokens quickly and easily solve the issues that can arise from tradable digital assets, at a time when everyone was clamoring for stakeholder ownership and digital identities. I'll be glad to see the growing interest in the new idea, as I think we're witnessing history once more. Even though soul-bounds may initially appear primitive, you will never know how these tokens could directly connect our lives and crypto identities.

What are your expectations from Soul-bound tokens? Are they new NFTs of 2022?

3
$ 1.65
$ 1.64 from @TheRandomRewarder
$ 0.01 from @mypathtofire
Sponsors of idiosyncratic
empty
empty
Avatar for idiosyncratic
Written by   127
3 months ago
Enjoyed this article?  Earn Bitcoin Cash by sharing it! Explain
...and you will also help the author collect more tips.

Comments