Understanding BEP-20 Tokens – The Token Standard for the Binance Smart Chain (BSC)

The BEP-20 is a technical specification for BSC, providing a flexible format for developers to launch a range of different tokens compatible with the BSC ecosystem. The token defines who can use them, spend them, and how.

0
93
JOIN US ON TELEGRAM

BEP-20 is the token standard for the Binance Smart Chain(BSC) and is an extension of Ethereum’s ERC-20.

Token standards help ensure smart contracts remain composable, so for instance when a new project issues a token, that it remains compatible with existing decentralized exchanges.

Popular token standards for the Ethereum blockhain include:

  • ERC-20 – A standard interface for fungible (interchangeable) tokens, like voting tokens, staking tokens or virtual currencies
  • ERC-721 – A standard interface for non-fungible tokens, like a deed for artwork or a song
  • ERC-777 – ERC-777 allows people to build extra functionality on top of tokens such as a mixer contract for improved transaction privacy or an emergency recover function to bail you out if you lose your private keys

The BEP-20 is a technical specification for BSC, providing a flexible format for developers to launch a range of different tokens compatible with the BSC ecosystem. The token defines who can use them, spend them, and how.

Tokens can represent virtually anything:

  • Reputation points in an online platform
  • Skills of a character in a game
  • Lottery tickets
  • Financial assets like a share in a company
  • A fiat currency like USD
  • An ounce of gold

___________________________________________________________________

SEE ALSO:  Binance Reveals the Top Projects Within the BSC Ecosystem at the Binance Awards 2021 Event

___________________________________________________________________

The transfers of these tokens get facilitated by BNB. The transactions done and included by the validators on BSC are incentivized by BNB.

BEP-20 tokens are also compatible with BEP-2, which is the token standard for the Binance blockchain. This is made possible by a dual chain architecture which makes both chains complementary.

Binance Smart Chain caters to decentralized applications without congesting the original chain which is optimized for ultra-fast trading.

BEP-2 tokens can be swapped for their BEP-20 equivalent.

Creating a Token is a simple process these days, with major wallets like Trust Wallet providing a token generator that easily adds new tokens. Alternatively, you can find token generators using a simple Google search.

The Steps for Making a BEP-20 Token:

  • Install a Wallet such as MetaMask or Trustwallet
  • Send BNB to your wallet to pay for the deployment of the contract
  • Enter details of the token you want to create, this includes a token name and its symbol
  • Deploy the token 

You can also set the tokens to be burnable or mintable.

___________________________________________________________________

RECOMMENDED READING: Over 73, 000 Bitcoins are Now Locked on the Binance Smart Chain (BSC)

___________________________________________________________________

Thank you for your support by helping us create content:

BTC address: 3CW75kjLYu7WpELdaqTv722vbobUswVtxT

____________________________________________________________________

Follow us on Twitter for latest posts and updates

Join and interact with our Telegram community

_____________________

Subscribe to the channel below to keep updated on latest news on video:

___________________________________________________________________

LEAVE A REPLY

Please enter your comment!
Please enter your name here