Until yesteryears, whenever startup ventures used to fall short of funds, they would apply for loans from banks or financers. However, it takes a long time for loan approval and processing of payments. As the world entered the blockchain era, businesses started tech-friendly approaches to fundraising. ICO is now considered to be an ideal solution for raising capital. However, businesses must pay heed to token standards while planning the development of ICO tokens. If we compare existing token standards, BEP20 tokens outshine many of them because of their frictionless compatibility with different platforms and extensive features. Therefore, Binance Smart Chain DApps development is gaining prominence in the current pretext. Startup crypto ventures can choose a reliable BEP20 token development company for creating tokens and running their ICOs successfully.
As the blockchain started evolving and Ethereum blockchain-based smart contracts came into existence, it became easier to conduct financial transactions through decentralized applications or dApps. The popularity of dApps gained momentum within a short time as they helped the business to run fully automated smart contracts that can be coded as per the business requirements. However, people started realizing that the Ethereum blockchain has some drawbacks, as it has a slow transaction processing speed and the gas fees are high as compared to the Binance blockchain.
In April 2020, Binance introduced its new avatar, termed as Binance Smart Chain (BSC), and it intensified the Binance Smart Chain DApps development trends because it offers faster transaction speed, larger capacity, and lower latency as compared to Ethereum. Binance Smart Chain (BSC) is an advanced version of Binance Chain (BC), which was originally designed to enable decentralized crypto trading. However, the Binance blockchain did not have the required flexibility from a programming viewpoint. Therefore, people started switching to Binance Smart Chain. Anyone launching an ICO would now prefer hiring a BEP20 token development company to gain tracktion in the virtual market that aims at facilitating greater flexibility and compatibility.
BEP20 tokens can only be developed on the Binance Smart Chain (BSC). These tokens have to abide by some protocols set by BSC. However, BEP20 and Ethereum based ERC20 tokens are similar in many ways. Being compatible with Ethereum, it is easy to use BEP20 tokens through Etheruem based dApps as well.
Whosoever is involved in Binance Smart Chain DApps development must know that BEP20 tokens can customize the parameters as per the specific business requirements. In reality, BEP20 is a fungible token that can be interchanged. Therefore, these tokens have earned significant recognition in the crypto market as an effective trading asset. No wonder, the startups would look for the BEP20 token development company in order to start their fundraising efforts.
BSC’s BEP20 token standard is considered to be the most suitable standard for ICO token creation. Let’s understand the reasons for choosing the BEP20 standard for ICO token creation:
As we know, BSC is one of the top-class exchanges having greater market capitalization, advanced features, and higher trading volume. It provides the right platform for Binance Smart Chain DApps development. BSC-based dApps have a retail favoring structure that enables crypto users to trade easily.
BEP20 tokens have high scalability and feasibility. Therefore, a BEP20 token development company can create highly performative tokens for startup crypto ventures. These tokens are powered by smart contracts, therefore, buying and selling processes can be carried out automatically, without involving intermediaries. Speed and transparency are yet other aspects that makes them secure.
If we talk about transaction cost, the gas fees for processing the BEP20 token are approximately 20 times lower than its Ethereum based counterpart, ERC20 token. This feature encourages Binance Smart Chain DApps development in the current times.
BEP20 tokens are cross-platform compatible, which makes them popular worldwide. They can function properly on Ethereum and BSC, so the users can move them easily between these two blockchains.
BEP20 tokens are accepted by popular crypto wallets, such as Metamask. Thus, it would be easier for the startup ICO to pool a good deal of investors towards its platform.
BSC network upgrades itself regularly, therefore, it fulfills the current market requirements appropriately. It is needless to say that a BEP20 token development company would help an ICO initiative make the best use of its fundraising activities.
Unlike several other blockchains, BSC uses proof of stake consensus mechanism that saves a lot of time and cost. This is the reason why it can handle huge number of transactions within a set limit of time. In the proof of stake mechanism, 21 validators can produce a new block in just 3 seconds. Isn’t it unbelievably exciting?
As the BEP20 token is loaded with multiple features and benefits, ICOs will always look towards it for quick fundraising solutions. If you too are interested in utilizing BEP20 tokens for business growth then you should not make any delay in finding the best Binance Smart Chain DApps development partner.
Antier, one of the top class blockchain service providers and one of its kind BEP20 token development company can help achieve profitable business results. Speak to our experts now!
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