The ERC-20 standard is adopted by several well-known digital currencies.Plans on introducing new tokensBinance intends to give all users who satisfy the know-your-customer standards a “soulbound” token on the BNB blockchain.
Soulbound tokens are exclusive and non-transferable, serving in this instance as an identity passport within the BNB network. Users can choose not to use the token if they would rather keep their identity a secret from the rest of the network. According to the press release, Binance’s soulbound token, also known as Binance account bound , would enable users can take part in “creating projects” while collecting incentives.
Co-founder of the Ethereum network Vitalik Buterin first introduced the idea of soulbound tokens in a blog post in January. In a decentralized society, social identity is represented by non-transferable digital tokens, according to his description of the new asset class.Subscribe to get it daily in your inbox.
According to a formal release, Binance intends to give all users who satisfy the know-your-customer (KYC) standards a “soulbound” token on the BNB blockchain.