Binance présente un KYC sous forme de soulbound token (SBT) sur la BNB Chain

Binance présente un KYC sous forme de soulbound token (SBT) sur la BNB Chain

Cryptocurrency exchange Binance has revealed that it will soon implement KYC in the form of a soul-linked token (SBT) on the BNB chain. This non-transferable NFT can be used in the applications of this blockchain by investors who have completed their identity verification.

Binance will implement KYC pegged to a soul-pegged token

In a blog post, Binance revealed on Monday that the exchange was set to issue the first soul-linked token (STB) on the BNB chain. This one, called the Binance Linked Account (BAB)will be issued to mobile app users, once their Know Your Customer (KYC) verification has been completed.

The concept of SBT made its appearance this year under the leadership of Vitalik Buterin. It is a special form of non-fungible token (NFT) that is linked to an address and therefore an SBT cannot be transferred. Therefore, this technology is perfectly suited to the field of decentralized digital identity (dID).

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An SBT to browse the BNB Chain

With this soul-bound token, Binance is part pioneers use this innovation on a large scale. The objective of this initiative lies in the fact that it can be used in the various applications of the BNB Chain.

In fact, regulars of decentralized finance (DeFi) protocols know how tedious it is to constantly redo their KYC. For example, the latter is particularly tax on launch pads, namely project launch pads. And for good reason, the latter are, among other things, prohibited for residents of certain countries such as the United States. A KYC then makes it possible to prove that one you do not reside in one of these countries.

Binance Account Bound will allow this verification to be bypassed. In fact, all the information will be represented in this SBT, which saves considerable time. To configure your BAB, the user will have the option to link it to an existing address, or create a new one especially for the occasion.

Through this experiment, Binance offers just one of many application cases to be found for soul-pegged tokens. It is certain that this technology will tend to develop in the coming yearsin order to cover many fields.

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Source: BNB chain blog

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