Soulbound Token (SBT) is a new concept proposed by Vitalik Buterin recently(Soul Bound idea and the recent paper about decentralized society). It will be a keystone for Web3 to go to the next level, "Decentralized Society" (DeSoc).
SBTs are most like NFTs we see today, but they have two key different properties.
- Non-transferable - When someone gets an SBT, He/She cannot transfer this SBT to another address.
- Revocable - SBTs can be revoked by issuers.
Suppose Binance issues Binance Account Bound(BAB) tokens which are credentials of Binance KYC users. So here are the potential scenarios to use these tokens:
- A new protocol only airdrops to addresses with BAB tokens since business cooperation.
- A NFT only allows minting from addresses with BAB tokens to avoid bots.
- A DAO only allows voting from addresses with BAB tokens, and each such address will have a cap of voting power to ensure governance fairness.
- A DAO uses Quadratic Voting, and only allows addresses with BAB tokens.
SBTs are still in the stage of concept. We have two purposes for this pilot project.
- Accumulate the influence in the cutting-edge technology field of the chain world.
- Introduce some new elements to promote the ecological prosperity of BSC.
We will give a practice about SBT by issuing BAB tokens. Users can mint, revoke and check BAB tokens on the Binance platform.