INFORMATION
Project: Binance Account Bound (BAB) Token
Main objective:
Create a decentralized identity system. Unlike traditional identifications, this identity is linked to a wallet address on the blockchain. Its purpose is to verify that a user is real and has completed an identity verification process (KYC), without revealing personal information.
Issuing platform:
The BAB token is issued on the BNB Chain, the Binance blockchain. This directly integrates it with the platform's ecosystem.
How it works:
* A Binance user completes the identity verification process (KYC).
* Then, the user can "mint" or "forge" their BAB token through the Binance app.
* This token is a Soulbound Token (SBT), meaning that once issued, it is permanently tied to the user's wallet address and cannot be transferred or sold.
Project benefits:
* Combat bots and fake accounts: By requiring a user to have a BAB token to participate in activities, projects can ensure they are interacting with real people, not bots. This is especially useful in airdrops, governance voting, and other campaigns.
* Exclusive access: Other projects on the BNB Chain or even external ones can use the BAB token as a "pass" to grant access to exclusive features, benefits, or rewards to verified users. For example, a DeFi protocol could offer higher yields or an airdrop to users with a BAB token, knowing they are not anonymous.
* Security and trust: It fosters a safer and more reliable environment in the decentralized ecosystem while maintaining user privacy, as it only reveals that the person is verified without showing their personal data.
In summary, the BAB project does not aim to be an investment currency, but rather a utility tool for identity verification and creating a safer and more robust ecosystem on the BNB Chain.
