Eps 1565: The Account bound token NFT

— The too lazy to register an account podcast

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Jordan Morrison

Jordan Morrison

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If the property information is hardcoded into an NFT, then this property can be transferred across chains, sending the tokens to a new owner, much as bitcoin or Ether can be sent across chains. NFTs can be used to keep track of everything that has property that can be recorded in a blockchain. While Non-fungible Tokens have different uses, SBTs have the potential to override NFTs entirely, eliminating the ability of participants to speculate in those digital assets. To explain, Vitalik Buterin, the co-founder of Ethereum, said in the Bulletin, Soulbound Tokens are also non-fungible tokens which can be earned by an individual in part according to his or her work and educational history.
Soulbound tokens work similarly to NFTs, except for the fact that they are not fungible, so Ethereums creator Vitalik Buterin refers to them as NFTs without transferability. This non-transferability element means that their use cases for soulbound tokens could extend beyond the cryptocurrency sector, including things like health data, educational achievements, and personal information, all using the Blockchain. Instead of an HR executive reaching out to an education institution to confirm an enrollment, they could check on a persons Coinbound tokens received after graduation. The proof would trigger a feeling of responsibility, with Binances BAB Soulbound tokens representing something beyond the sum of money, it would highlight relevant Web3 credentials that it represents.
These SBT tokens will act as the Binance identity, which could be used and verified for various purposes with 3rd-party protocols. The tokens will function as an binance crypto-exchange identity and can be used by third-party protocols to validate BAB tokens for various purposes, including avoiding bots, non-fungible token airdrops, voting, and more, Binance said. Binance announced on Monday that it has launched a Decentralized Society . The biggest cryptocurrency exchange in the world, Binance, announced it is ready to release the Binance Account Bound , the first-ever soul bound token built on top of BNB Chain.
According to the spokesperson, BAB tokens can be seen as a social identity on the BNB smartchain, giving users access to certain benefits of the BNB Chain including Airdrops. Owning the BAB token would at first only indicate the owner of a wallet has passed Binances KYC checks, with no further user data being held in the token. Given BABs property of not being fungible across accounts, should the users key to the account or contract become compromised or rot, a user could lose their ability to link themselves with a token.
In cases when implementers wish to make account-binding tokens shareable across accounts, for example, to avoid losing access if keys are compromised, we recommend issuing an account-binding token towards the contract account implementing multisignature feature. For soulbound token holders and their associated applications, I propose, in the event that keys are compromised, e.g., there is some form of account-to-account migration mechanism, which the app currently implements, by e.g., issuing a new soulbound token back to a new account. If soulbound tokens allowed for friendly transfers, it would mean we should let an owner move them to basically any other address -- since we would be in no position, at a standard paper-level, to figure out whether or not the two accounts are controlled by the same identity.
SoulBound NFTs would make sure users could not swap their social state across Web3 networks. The adoption of the SoulBound coin on a web3 landscape can contribute to promoting reasonable benefits to achieving decentralized societies.
The non-fungible token, SoulBound NFT, or SBT, can be used as a promising instrument to gain access to a variety of benefits for the social identity transformation in digital platforms. SoulBound is a novel, public-verifiable, and non-transferable digital token project that could act as an encapsulation of the social identity of a person online3. Soulbound is a new type of token standard which can potentially form a major building block of the decentralized society, or DeSoc.
The more SoulBound NFT tokens are amassed, the easier it is to validate NFTs for legitimacy, thus helping the creators and artists. The main point in working with SoulBound NFTs will refer to an SBT creator issuing tokens at the address of another Soul. SoulBound NFT tokens could address this by providing an airdrop on a detailed, analysis-based basis on SBTs to a users Soul.
SoulBound NFTs can solve the problem because the creators can mint the NFTs from his blockchain account or wallet, that is, the Soul. So, the more SBTs the creator holds, the easier it will be for buyers to confirm Souls legitimacy as being associated with the creator, thus validating the authenticity of NFTs. Because SBTs cannot be bought, sold, or traded as an NFT, SBTs are better used in situations in which a holder needs to confirm that he has completed a certain task .
Because SBTs are non-transferable, for instance, a whale would be unable to purchase required tokens in order to carry out the Sybil attack. Clarity regarding the value of SoulBound NFTs is a major point that may drive adoption. The Ethereum community has expressed a demand for a token that is not transferrable, not fungible, and has socially-priced, in the same way that SoulBound items do in WoW.