Cryptocurrency exchange Binance plans to issue a "soulbound" token on the BNB blockchain to all users who complete know-your-customer (KYC) requirements, according to an official announcement.
Soulbound tokens, which in this case act as an identity passport across the BNB chain, are unique and non-transferrable. Users who would prefer their identity not be shared across the entire network can opt out of the token.
Binance's soulbound token – named binance account bound (BAB) – will allow users to participate in "building projects" while earning rewards, according to the release.
The concept of soulbound tokens was first discussed in a blog post by Vitalik Buterin, a co-founder of the Ethereum blockchain, in January. He described the new asset class as non-transferable digital tokens that represent social identity in a decentralized society.
The use of KYC in crypto came under intense scrutiny this week when decentralized exchange dYdX prompted its users to complete a "liveness...
Your content is great. However, if any of the content contained herein violates any rights of yours, including those of copyright, please contact us immediately by e-mail at media[@]kissrpr.com.
INN caught up with cryptocurrency investment expert Dan Hoover to review the current landscape and where the market may be heading. The cryptocurrency investment marketplace has gone through severa...