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.
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.