Binance Account Bound (BAB) Tokens – An Introduction
In September, cryptocurrency exchange Binance, launched a new token called BAB. The Binance Account Bound (also known as BAB) is a non-fungible token (NFT) representing ownership of a verified account on the Binance blockchain.
BAB is a token that is “bound” to a user’s Binance account, meaning that it can only be traded, sold, or transferred by the owner of the Binance account to which it is linked.
The token is used to pay for fees on the Binance exchange, with each BAB token equivalent to 1 unit of the platform’s native currency, Binance Coin (BNB). Additionally, users who hold BAB may receive discounts on trading fees when using the token to pay for such fees on Binance.
The BAB token is not a transferable asset and does not hold any monetary value. Instead, it serves as a digital identifier for Binance users who have completed the necessary Know Your Customer (KYC) and Anti-Money Laundering (AML) procedures.
Soulbound tokens are a type of cryptocurrency token that are “bound” to a specific user’s account, similar to Binance Account Bound Token ( BAB Token ). This means that the token can only be traded, sold, or transferred by the owner of the account to which it is linked.
The idea behind soulbound tokens is to provide a level of security and scarcity, as the tokens cannot be easily transferred or sold without the owner’s consent.
Soulbound tokens are commonly used in decentralized applications (dApps) and online gaming platforms. For example, a gaming platform may issue soulbound tokens to players as a form of in-game currency, allowing them to purchase virtual items or access premium features. In this case, the soulbound tokens would only be usable by the player who received them, adding an extra layer of security and protection to the platform’s economy.
As the owner of BAB Tokens, you have the opportunity to actively contribute to the development of supporting projects and, as a result, receive rewards for your participation.
Minting BAB Tokens
Minting Binance Account Bound Token (BAB) involves minting new tokens and adding them to a user’s Binance account. The process typically involves the following steps:
- Creating a Binance account: In order to mint BAB, you will need to create a Binance account if you do not already have one.
- Depositing funds: You will need to deposit funds into your Binance account, which can be used to pay for the minting fees.
- Initiating the minting process: To mint BAB, you will need to navigate to the Binance platform and find the option to mint BAB tokens. You will be asked to specify the amount of BAB you want to mint and pay the associated fees.
- Confirming the transaction: Once you have initiated the minting process, you will need to confirm the transaction by providing your Binance account password or using a 2-factor authentication (2FA) method.
- Receiving the BAB tokens: After the transaction has been confirmed, the BAB tokens will be added to your Binance account. You will be able to see the BAB tokens in your account balance and use them to pay for fees on the Binance platform.