Opium Cheshire cats support Binance proof of identity
It may proof humanity, KYC and region of a holder
You can mint your Cheshir (left bottom icon) or BAB token and participate in this experiment. If you are a holder of BAB your cat will automatically embed this information and change the color.
Intro
Last year the Opium team presented Cheshire cat NFTs that can be used as an access token and also acquire the reputation of the user, KYC, humanity checks, and much more. Those NFTs are only transferable to your other addresses and they provide an interesting basis for the development of decentralized compliance tools, opening new possibilities.
Even though not every project needs compliance or wants to implement, we are big fans of such developments. It is not only helping to implement necessary checks but also opens DeFi protocols for institutional investors and “pro/arc/regFi” version of protocols. We believe that this will make DeFi stronger and more mature, also leading to institutional adoption.
A few weeks ago, Binance introduced a great new feature — BAB tokens. These soul-bound tokens are used as proof of identity for Binance users who have completed KYC verification.
BAB tokens help Cheshire to implement humanity checks, regional checks, and KYC checks all at the same time. We couldn’t miss out on this great initiative, so we immediately implemented these standards into our Cheshire cats. We’re now ready for development and experimentation on this exciting journey*!
“BAB token will function as a Binance identity that can be used and verified by third-party protocols for a variety of purposes. This will help eradicate familiar issues relating to airdrops and even bots, helping establish a safer and more accountable space”, says Binance blog
If you have a Cheshire cat NFT and also have BAB tokens from Binance, your cat will become now “Binance style” — yellow with black stripes. You will also have access to certain products that other users don’t have. Projects will know that the yellow cat can only belong to someone who has passed the Binance verification. This means that the person is a real human and is not from the US or any other jurisdiction that is prohibited by Binance. Also, different yellow Cheshires cannot represent the same person.
If you have a Cheshire cat NFT and also have BAB tokens from Binance, your cat will become now“Binance style” — yellow with black stripes.
Our team sees it as a large and interesting step towards more sustainable systems and extra possibilities in crypto. The Opium community and a few other teams keep building and experimenting with Cheshire. New updates will follow soon.
BAB tokens
We believe that this initiative of Binance connects compliant CeFi with DeFi in a very simple, elegant, and convenient way. Existing verified users of the exchange without any additional effort can:
- participate in closed pools and special products/airdrops,
- get fair governance power and participate in smarter voting,
- participate in quadratic voting and other game-theory algorithms with increased “human power”,
- proof that they are not a bots etc;
You can mint your Cheshire or BAB token and participate in this experiment. If you are a holder of BAB your cat will automatically embed this information and change the color.
How Cheshire works
Cheshire cats are minted on Ethereum and they store a snapshot of several qualities in their DNA.
DNA and genes
There are two types of genes in DNA:
- unique genes that identify the cat, and
- genes that represent “acquired traits”
These acquired traits can be contributed by projects that the cat interacts with. The more you interact with your cat, the more acquired traits your cat may have. For example, if you are a verified user of 1inch, an active voter on AAVE, or a participant of Gitcoin, your cat may acquire this information. Your NFT becomes sort of a “digital passport” where projects can put their crypto-stamps, that correspond to your reputation, verification, achievements, etc.
Each gene can be added to store information from a participating provider or be aggregated from other blockchains via bridges. We worked with projects like Izyum, to bring data from the BNB chain to the Ethereum mainnet via a Merkle three.
Transfers
At first, when Vitalik Buterin introduced SBT idea early this year, initial comments were regarding transferability and we also see a great point of improvement there.
Normally, Soulbound Token (SBT) is not transferable, however, we see a great opportunity to transfer your digital ID/access token to your other wallets. In the current state, both sender and receiver must sign the statement that they are the same owner. However we are discussing different options here, please contact Opium Team to join the brainstorming. For instance, it could be a limited number of transfers with crypto signatures on both sides or delegation, etc.
“A soulbound item, once picked up, cannot be transferred or sold to another player”, says the article of Vitalik. However, we believe, there is no contradiction, as transfers to your own adress are not transfers to another player.
Looking forward
In order to grow and work with institutions, DeFi services need to have compliant instruments. However, due to blockchain limitations, it is not always possible to use old approaches. So, it is super interesting to build these instruments together with protocols.
We are also working on zk-verification so that banks and other financial institutions can provide certain cryptographic proofs on-chain without disclosing sensitive client data.
Stay tuned
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*Opium provides innovative, cutting-edge technology that is yet to be proved by time. As a beta version of innovative system, the Opium protocol serves only the community of experienced DeFi professionals and contributors, who are able to evaluate associated risks, including, but not limited to, the technical failure and permanent capital loss. Subject to Terms of service, Disclaimer and and regional restrictions. It is not allowed to access platforms if you are: a US person (as defined in the Securities Act of 1933, as amended); or a citizen or resident of Canada; or a citizen or resident of Japan.
**Third-party projects, protocols, DAOs, or dApps have sole authority and discretion to decide whether or not to use Cheshire NFTs and the purposes for which they will use it, without any involvement of Opium Team. ALWAYS DO YOUR OWN RESEARCH — you are only responsible for your investment decisions and your use developing DeFi technology at your own risk.
