First Binance soulbound token BAB targets KYC user credentials
Binance's new Binance Account Bound token is aimed at many use cases in the decentralized society but will initially only serve as Binance KYC user credentials. Binance cryptocurrency exchange is moving towards decentralized identity tools by launching its first-ever token designed to certify verified user status on the platform.Binance on Monday announced the launch of the Binance Account Bound (BAB) token, aiming to address identity issues in the decentralized society (DeSoc).In contrast to traditional crypto assets like Bitcoin (BTC), the BAB token is introduced exclusively for online....
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Ethereum co-founder Vitalik Buterins Soulbound Token proposal for a robust identity and reputation system has stirred up the crypto community.Soulbound Tokens or SBTs are non-transferable, non-financialized tokens tied to a unique profile proving verifiable achievements and commitments. Still at the concept stage, its suggested SBTs will be capable of tracking memberships, credentials and affiliations with educational establishments, decentralized lenders and other entities.Supporters say that SBTs could be the use case for the next bull market. But others have likened the concept to....
Googling “What are online credentials?” is quite like taking a shot in the dark. Results may differ across the likes of “banking credentials”, or “one’s online username and password”. Although these versions are also correct, they only cover the very basics of online credentials. In a more expansive and elaborative sense, online credentials pertain to a user’s online behavioural patterns, looking at how they use an app, analysing different aspects such as how many hours they spend on certain features, which aspects of the app they use most, and so much more. What Are Online....
Are decentralized digital identities the future or are they a niche use case for blockchain technology doomed to solely be used by crypto natives? As users take advantage of online services and explore the internet, they eventually create a digital identity. This type of identity is then tied to central entities like Google and Facebook, which make it easier to share data with new services through simple sign-in buttons.While these digital identity management systems are convenient, they are relying on centralized intermediaries that hold and control user data. Personal identifiers and....