Tokens are an integral part of the cryptocurrency industry. They are a kind of smart contract that can be sent, received, and represent digital assets with a value.
Tokens being smart contracts do not have issues like downtime, fraud, censorship, or third-party interference. These contracts run as per their programming without any hindrances. These tokens are based on an underlying blockchain that provides the value, moves it around, and has the ownership of the tokens.
BEP-20 tokens are one of the few that have recently taken the market by storm after it was launched.
In this article, we will talk about the BEP-20 token in detail and understand how it differs from the other tokens in the market.
BEP-20 is an extension of ERC-20, the most popular token standard on the Ethereum Blockchain. Similarly, BEP-20 is the token standard on the smart chain of the Binance platform and was produced as a technical specification.
The primary motto behind launching this token was to facilitate the developers in developing similar tokens. These tokens can represent a company’s shares, the amount stored in a bank account, and anything of similar nature.
The transactions done and included by the validators on BSC are incentivized and facilitated by BNB.
Creating tokens similar to BEP-20 on the Binance smart chain is fairly simple.
The basic functionalities of the tokens can be measured by the standards of BEP-20. The basic functionalities will include –
There are multiple apps and sites used for this purpose. However, the process is similar for all:
Owner of the Token: Every token you create will have an owner who has the authority to mint new tokens and stop minting further tokens.
Capped BEP-20 Tokens: Before minting tokens, you must specify a limit or the maximum number of tokens you want to mint (create). Once that number is reached, you won’t be able to mint more tokens.
Burnable BEP-20 Tokens: You can even destroy some of the tokens. These tokens can be burnt when you need to reduce the number of tokens in the market.
Mintable BEP-20 Tokens: Mint the tokens which you want to generate- you can do so until the capped token number is reached.
Black-listing of tokens: The tokens can be black-listed as well. This can happen when the tokens or the site generating the tokens are found to be malicious.
Now let us see how creating your BEP-20 token can help –
BEP-20 and ERC-20 are compatible, and the former is an extension of the latter.
However, there are certain differences.
For example, the BEP-20 token standard is for the Binance Smart Chain, whereas the ERC-20 is the token standard on the Ethereum chain.
While ERC-20 can be used as a blueprint for any token generated on the Ethereum blockchain, the BEP-20 can only generate similar tokens like BEP-20 on the Binance smart chain.
Multiple wallets and sites support the minting of ERC-20, while only a handful of such sites allow the minting of BEP-20.
BEP-2 and BEOP-20 are like two sides of the same coin. Both are present on the Binance network and can be swapped.
While the former is on the Binance Chain, the latter is on the Binance smart chain. BEP-2 allows the issue of tokens on the Binance Chain along with the implementation of the tokens. The BEP-20 token does the same on the Binance smart chain.
Both are technical specifications created to represent different digital assets and goods that can be traded.
The BEP-20 token standard is dynamic with multiple features.
Being compatible with most of the tokens in the digital arena provides excellent grounds for developing new tokens. Furthermore, it is compatible with ERC-20 as well, and is known for its superior speed.
BEP-20 is known as the Peggy coin as different crypto tokens are on other blockchain but can be pegged for BEP-20.
The price is $349 for the Infrastructure Tool of the Binance Smart Chain Ecosystem, enabling token distribution to thousands of addresses.
The cost of creating a contract is also indicated in the field before creating a contract.
BEP–20 is a Binance Smart Chain token standard created with the intention of extending ERC-20.
The Smart Chain wallet will be enabled by default as soon as you create a new wallet.
If you do not see it, look for the “Smart Chain” option.
Open your Smart Chain wallet, and tap on Receive to get your BEP20 address.
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