BEP 20 token development ideology has been hot talk in the crypto industry since its arrival. BEP20 token development is nothing but a process of developing cryptocurrency token using the BEP20 token standard on the Binance smart chain.
Over the past few years, Blockchain technology is coming up with several innovative and modern development concepts regularly that brings up commendable advancement across every industry. Well we can add binance smart chain and BEP20 token development perception in the list.
Binance smart chain(BSC) is a latest blockchain network of Binance that enables the execution of smart contract based applications. BSC runs in parallel with its associate Bianance chain(BC), former blockchain network of Bianance. With working together, BSC and BC allows its users to obtain the best of both, high transaction capability of Binance Chain as well as BSC’s smart contract functionalities. With utilizing BSC, anyone can develop and launch their crypto tokens in ease.
Transaction process done in Bianance smart chain is much faster while compared to other blockchain networks.
It is highly scalable and independent which means even if Binance Chain stops operating, BSC will continue to function.
Anyone can easily build, deploy smart contracts & tokens without difficulties in BSC.
BEP20 token is a cryptocurrency token built using the BEP20 token standard which comes under BSC. BEP20 standard is one of the fastest and most powerful token standards that exist in the cryptocurrency industry. By using token standard one can create a token as well as Dapps and smart contracts. We can say BEP20 is an update BEP2, token under Binance Chain.
These tokens are majorly used in decentralized sites and in swap websites like uniswap, sushi swap, Pancakeswap etc.. Moreover, BEP20 tokens can also be converted in Non-Fungible token in Binance blockchain. Binance coin BNB will be charged for token transfer as well as fee for their trading. The ultimate aim of this token is to provide flexible opportunities for token developers to create and launch BEP20 tokens in the Binance Smart Chain.
1. Comparatively very low gas fees for transactions.
2. It is possible to integrate BEP20 token into DeFi or Decentralized Finance project and also can list them in popular Decentralized Exchanges like PancakeSwap for free.
Using BEP20 token standard, it is possible to create utility token that functions with your platform(eg: internal payments).
Governance tokens can be built using this BEP20 token standard. Governance tokens enable the token holders to vote for the changes in your platform.
With BEP20, you can create a cryptocurrency where traders can sell and buy your coins.
Using the BEP20 standard, asset pegged crypto token can also be built. These asset pegged tokens will be connected with real world assets like Stocks, dollars, etc..
BEP20 is a token standard of Binance Smart chain and on other hand ERC20 is the token standard of Ethereum blockchain. The major difference between ERC20 and BEP20 is, ERC20 standard can be utilized as a blueprint for creating any token on Ethereum blockchain whereas BEP20 can be utilized to generate only similar tokens like BEP20.
It is a known fact that BEP20 tokens are gaining a greater impression from all parts of the globe. This is one of the major reasons for the businesses and entrepreneurs to march towards BEP20 token development. But the fact is, along with this, the BEP20 token upholds myriads of benefits with it.
Here we have listed some substantial reasons that you should know before going with BEP20 token development.
As BEP20 requires a minimum of gas, you can create a token using BEP20 at a low cost.
BEP20 token transactions will be quicker and also the trading will be trustworthy with high transparency.
BEP20 standard token is supported by the trust wallet app. So the users can easily receive, store and transfer BEP20 tokens globally with ease.
With the BEP20 standard token, it is possible to create a huge amount of tokens in a short period.
As binance smart chain and BEP20 tokes is the most trending concept, by developing BEP20, you can enter into the blockchain ecosystem and raise funds easily and quickly.
BEP20 token standard is more similar to ERC20 token standard and so creating your own BEP20 token will be compatible with both binance chain and Ethereum platforms.
BEP2 and BEP20 tokens can be easily swapped as both of them are generated by binance blockchain.
It is interchangeable with both Ethereum ERC20 token and Binance Chains BEP-2 as mentioned above and also can be used on both platforms.
In order to launch your own BEP20 token in the binance smart chain, you just need to stick with a reputed token development company . This is because, before getting into the development process, there is a lot to sort out and conclude several factors like languages, platform, type of token, symbol, supply etc. With the help of a leading token developer like Security tokenizer, you can fix all your needs and futurize what your token needs to be.
Go through the basic details of a token that you can create
Every token will have an owner. The owner will have the power to mint new tokens and also will have the authority to stop minting the tokens.
Initially the number of tokens should be specified i.e limit to create tokens. Once that number is reached, the minting process will not be placed.
Mintable is nothing but minting the tokens which you require to generate. Until the capped number, you can mint the tokens.
This is the process of destroying the tokens. These types of tokens can be burnt if you require to minimize the count of your token in the market.
Black-listing of tokens
Tokens will also be black-listed. If the tokens or the site generating these tokens looks malicious, then the token can be black-listed.
The BEP-20 token development process works with transparency which makes it entirely decentralized.
BEP-20 is compatible with Binance chains i.e BEP2 coins. So BEP-20 can be transferred between the two networks Binance smart chain and Binance chains.
Supports POS and DPOS
Both Proof of Stake and Distributed Proof of Stake will be supported by the platform developed using BEP20.
Quick in Transactions
This is one of the major advantages in BEP20 token development, as it supports high speed transactions. And also the transaction fee is low for BEP20 tokens.
Ease to List
The BEP20 token standard is more popular and reliable. And so the leading crypto exchanges will list these BEP20 tokens without any hassle.
Binance smart chain is performing effectively and filling up the space between other blockchains. Also BEP20 standard token is dynamic with a set of additional features and shines compatible for several tokens in the digital marketplace and sets up a perfect ground for creating new tokens. For sure, BEP20 tokens will circulate in the blockchain industry in huge numbers and investing in it will never take you down.