In Binance, BABT stands for Binance Account Bound Token.
It is a type of "Soulbound Token" (SBT), a concept proposed by Vitalik Buterin (co-founder of Ethereum). Key features:
* Proof of Identity (KYC): The main function of the BABT is to serve as proof that a Binance user has completed identity verification (KYC - Know Your Customer). It is a way to link your verified Binance identity with a wallet address on the blockchain.
* Non-transferable: Unlike other tokens or cryptocurrencies, the BABT cannot be transferred from one address to another nor sold.
* No monetary value: The BABT has no intrinsic monetary value. You cannot trade it or use it as currency.
* Revocable: You can revoke (cancel) your BABT from your Binance account. If you do so, there is a waiting period (usually 72 hours) before you can mint a new one. This is useful if you lose access to your wallet.
* Uniqueness: A single Binance user ID (UID) can only have one BABT token at a time on a chain.
What is the purpose of the BABT? With no monetary value, it is an important tool in the Web3 ecosystem, for projects looking to verify users' identities without directly revealing personal data. Its utilities include:
* Identification in Web3: Acts as a digital credential on the blockchain
* Participation in projects: Some projects on BNB Chain (Binance's blockchain) may use the BABT as a requirement to access certain functionalities, participate in events, receive airdrops, or obtain exclusive rewards for verified users.
* Enhanced security and transparency: By linking KYC identity with an on-chain address, it helps improve transparency and combat illicit activities in the crypto space.
In summary, the BABT is a non-transferable token that demonstrates that you have completed the identity verification process on Binance, opening doors to different opportunities and functions in the Web3 world.
