Develop your own BEP-20 Token on the Binance Smart Chain

BEP-20  is a token standard that enables the creation and deployment of fungible currencies on Binance Smart Chain (BSC). In this blog, we will review the key ideas to create binance smart chain token.

What is Binance Smart Chain?

Binance Smart Chain is a blockchain system developed by the crypto trading platform Binance. Some of the key features of Binance Smart Chain include smart contract functionality and compatibility with Ethereum Virtual Machine (EVM).

Binance Smart Chain is completely independent of the Binance system. This means that the Binance Smart Chain can still operate normally even if the Binance network is turned down. It is built on a dual-chain architecture. This allows users to develop decentralized applications and digital resources on a single blockchain.

Benefits of Having Binance Smart Chain

Binance Smart Chain has various advantages over other blockchains in terms of digital asset development. Some of the key advantages can be seen as follows.

• Reasonable fee for transactions worth only one cent.
• Binance Smart Chain allows for the development of smart contracts. 
• A wide ecosystem for validators, token holders, developers and other users.
• Improved performance with upgradeability.
• Equipped with a network that can produce blocks in three seconds.
• Supports chain DeFi mechanisms that can improve interoperability.
• Binance has a growing audience of millions of users across DEX.
• BNB’s powerful investment mechanism.

The BEP-20 Token Standard

The introduction of BEP-20 created healthy competition with ERC-20. Binance Smart Chain allows users to develop tokens in a simple and easy way. Each token meets a standard called BEP-20. This standard is essentially an extension of the Ethereum ERC-20 token standard. There is also information on who can use these tokens. BEP-20 provides a flexible standard for developing a wide range of tokens. For example, the BEP-20 token standard can be used to represent digital assets such as stable coins, and business stocks.

Token standards, such as BEP-20, can guarantee basic functions such as token transfer, balance recovery, and token holder control. Customers can exchange BSC tokens for simple BEP-2 compliant Binance Chain tokens. Binance requires a fee to be paid to BNB for all transactions made with these tokens in the chain. 

Difference between BEP-20 and BEP-2

The BEP-20 is a token standard that serves as an extension of the ERC-20 token standard. Surprisingly, BEP-20 is not the only token standard developed by Binance, but it is the most popular. BEP-20 tokens are similar to BEP-2 tokens in many ways. Both the BEP-2 token and the BEP-20 token work using Binance Coin (BNB). This is due to the fact that the BEP-2 and BEP-20 are built on a Binance Chain and Binance smart chain bep20 with a dual-circuit architecture that supports each other. 

The main difference between BEP-2 and BEP-20 is that they work on different blockchains. The BEP-2 token standard is for Binance Chain, while the BEP-20 token standard works with Binance Smart Chain. The BEP-20 token is compatible with ERC-20 and BEP-2 (Binance Chain Token) because they are similar.

Is Binance Smart Chain the future?

Given the remarkable growth of Binance Smart Chain in recent months, more BEP20 tokens are likely to enter the crypto sphere. Binance Smart Chain fills the gaps between various blockchains and dramatically increases the functionality of the original Binance Chain.

If you want to develop and deploy BEP-20 tokens on Binance Smart Chain, Antier Solutions can be your reliable technical partner. We have a team of seasoned blockchain developers and subject matter experts who work together to deliver world-class solutions aligned with your needs. 

Schedule Free Demo with our subject matter experts to share your business requirements.