What are Soulbound tokens (SBTS)?

What Are SBTs? Soulbound tokens (SBTs) were conceived by Ethereum founder, Vitalik Buterin, in a blog post. He describes them as a way to "eschew today's hyper-financialization" of Web3.

What is a fungible currency token (SBT)?

In contrast to most popular token standards such as fungible currency tokens like Ether (ETH) and NFTs, an SBT is not designed to have a particular monetary value as it cannot be transferred from one person to another. Apart from the fact that SBTs are related to a non-transferable identity, these tokens would operate similarly to NFTs.

What are tokens used for?

They might be used in situations where the token holder has to verify that he or she completed a particular task. For example, you might use them as proof of a college degree, or to show medical records, or to demonstrate that you work at a particular company.

What is Binance account bound token (BABT)?

Binance Account Bound Tokens (BABT) are soulbound tokens on the BNB Chain. They are bound to the users that completed KYC verification and have no monetary value. BABT serves purely as a verifications tool for Binance users. What Happens If You Lose Your Soul? If you lose your Soul, your token (s) would be recovered through social recovery.