The token standards are very much essential to convey to people how to create, issue, and trade the new tokens in a particular marketplace platform. So, it is necessary to understand the concept of the standard for token development. Here comes one of the most commonly used token standards in the Binance smart chain platform called BEP-20.
What is meant by BEP-20?
The BEP-20 token standard is created for the extension of the ERC-20 token to work on the Binance smart chain. Binance smart chain is the platform used for the crypto currency exchange in the DeFi platform. This protocol is designed specially to optimize the speed and to reduce the transaction cost. The basic functions of both the standards remain the same such as viewing the token ownership, Binance smart chain operates on the basis of BEP-20 token, whereas the Binance chain works on the basis of BEP-2.
It is possible to create a BEP-20 standard on the Binance smart chain that has exactly the same functionality as the existing token standard.
Steps involved in creating BEP-20 token standard:
- Select the token’s standard ID as BEP-20.
- Select the Binance smart chain for the blockchain selection option, the blockchain in which we are going to create the token standard.
- Opt for the desired wallet available in the BSC blockchain wallet. There are numerous wallets supporting the BSC such as Math Wallet, MetaWallet, Arkane Wallet, and many more.
- Create an account on the Binance network to enable the transaction at any time.
Benefits of using BEP-20:
- Decentralized platform with high end security
- It is compatible with all of the token standard
- No risk because of the integration of smart contract
- Lower transaction cost
- Secure staking mechanism
- Provides a better performance in the Binance platform
- Dual chain and cross chain bridging
- Growing token standard with numerous users at present
Why choose the Cryptocurrency exchange script to create a BEP-20 token?
We Cryptocurrency exchange script offers a premium range of token standard development, and BEP-20 is one among them. We develop the BEP-20 tokens that operate at a very high speed and recurrent minting modes promoting its usability. We do accept the multi payment gateway and 24 hours customer service support for the user convenience.