In early September, Binance launched the BAB Token, a Soulbound token that is similar to NFT, but is non-transferable. and will be with the user for life What is this coin? So what was the purpose of Vitalik and his friends who created this coin? How will it benefit the users? Soon, this article will tell you about it.
Soulbound, a coin that will be attached to the user for life.
In May 2022, Ethereum Foundation founders Vitalik, E. Glen Weyl, and Puja Ohlhaver published their joint research on “Decentralized Society: Finding Web3’s Soul”, the content will be related to the world of Web3, where financial transactions today use all assets to guarantee and cut off trust. The team therefore offers the option to create a Soulbound Token (SBT), a non-transferable NFT. (Non-Transferable)
With the token being tied to the user for life, SBT can be applied as a “covenant”, “certificate” or “obligation” with the coin holder. Make this coin like a proof of identity in the world. Decentralized Society (DeSoc) that requires the identity of real users. There is no sybil resistance, and there are different forms of voting in order to be as democratic as possible.
After this research was published, SBT has gained so much attention that some have even referred to it as “NFT 2.0”. Now, there are projects such as Project Galaxy and Galxe that view SBT as a collection of achievements. of the holder for certain activities such as game hours in Stream and quests on Optimism, etc.
So what is Binance’s BAB Token?
On September 8, 2022, Binance announced the launch of the BAB Token, an SBT where verified Binance (KYC) users can generate their own BAB Token on the BNB Smart Chain. Only one coin per account”. Token holders are privileged to participate in activities on the BNB Smart Chain that are only available to BAB Token holders. This coin is like an exclusive pass to be selected. Only real investors This allows events to only reach more real users while retaining their privacy.
What are the use cases of BAB Token?
As BAB Token is characterized as a special pass that is only available to real Binance users. Therefore, there are 14 official projects that want to make activities accessible to users directly: ApeSwap, Apollox, PearDAO, Project Galaxy, X World Games, Summoner’s Arena, Ultiverse, Cyberconnect , P12, Mathwallet, Liveart, OpenOcean, TinyWorld and The Harvest, which comprise all of DeFi, GameFi, Metaverse and Social Platform, will be visualized by some of the projects below:
Apeswap: ApeSwapNFT will be distributed to BAB Token holders, which will bring a lot of benefits. The first phase will be a random draw which will be received within 30 days, ending October 9, 2022.
Project Galaxy: This is a coin that helps verify identity in projects to prevent sybil attacks. It is also a coin that shows on the Galaxy ID that it has passed KYC from Binance. It may have privileges that will only be given to groups in the future
X World: is a GameFi Ecosystem with a wide variety of games inside. And every time BAB Token holders enter the game, they will receive one Airdrop and also get VIP access.
Ultiverse: Automatically passes Metaverse’s KYC process and also earns Bonus Points every day you enter Terminus City, along with many other benefits.
Cyberconnect: Decentralized Social Graph Protocol that verifies that you are not a bot, enabling Link3 to be used as a tool to create Stream Online events on here.
All in all, is the BAB Token interesting?
The BAB Token is a very effective solution to the Web3 authentication problem. This will unlock the activities that can reach the person who is the real user to be more targeted. The cost of doing so is only 1 BUSD, there are no lifetime maintenance costs, and the process is very convenient from direct push through the Binance App. It also facilitates investors who are unfamiliar with the DeFi world to use it more conveniently and safely.
Article written by Ok Preit Boonluen – Senior Researcher, Cryptomind Advisory Compiled by Bitcoin Addict Team