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
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.
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