Quantitative trading robot system development

The public chain BNB Chain announced that it will issue the account binding token BinanceAccount Bound (BAB) for Binance users. This unique token cannot be traded and represents that the user has completed KYCverify.This may be the first large-scale adoption event since Ethereum founder Vitalik proposed the concept of soul binding.

Binance Account Bound(BAB)

BAB will be the first Soulbound Token (SBT) issued based on BNB Chain.According to the announcement, BAB has the following characteristics:

Non-transferable, tradable.

Select the current address or the newly created address.

Only users who have completed KYC verification can mint and withdraw.

BAB will attest to user authentication status and will be available to third party protocols.

1. Soul Binding

The announcement mentioned that Soulbound was proposed by Vitalik at the beginning of this year, and the non-transferable feature makes the token de-financial.Vitalik believes that including POAP, on-chain certificates (driver's license, education), etc., and even governance tokens should be implemented through soul binding: if governance power can be easily transferred, then very bad things will happen to the governance mechanism.You should be skeptical of transferable governance rights, which are likely to flow from docile talent to power-hungry troublemakers, vested interests.

The BNBChain announcement also mentioned the doubts about the tradable characteristics of general governance tokens, that is, the agreement should initially allocate governance rights properly, but the transferable characteristics mean that a party can exchange funds for a large amount of governance rights, which is not in line with decentralizationinterests.

2. Provide third-party access

BAB will be carried out as a pilot project in the initial stage, which can only be accessed through the Binance App, and a third-party protocol can verify the identity of BAB holders for any purpose. The announcement pointed out that this will help prevent the common witch in airdropsAttack (Sybil Attack), malicious robots and other issues.

3. Future of BAB

In addition to providing third-party verification, different dApps can also use soul-bound tokens to confirm the user's interaction and activity level in the future. For example, users will be able to obtain different BABs after completing specific tasks. This is a project management community.opens up another possibility.

Note: This announcement was issued by BNB Chain. Before the deadline, neither Binance nor its founder Changpeng Zhao (CZ) made any official statement or comment.