BEP2 and BEP20 (Binance Smart Chain) Token Development – Crypto Soft India

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BEP2 Token Development
BEP-2 is the token standard for Binance Chain, and it can be seen as the original Binance blockchain, which focuses on speedy transactions and supporting the Binance DEX.

Binance Chain’s native digital asset, Binance Coin (BNB), plays a role similar to Ethereum gas. Specifically, users can pay for fees or transfers of BEP-2 tokens with BNB. Just like the vast majority of other digital tokens, BEP-2 tokens can be stored in wallets. BEP-2 has support from various hardware wallets (such as Trezor Model T, Ledger Nano S, Ledger Nano X, and the Coolwallet S).

This goes even further in that Binance Chain and Binance Smart Chain feature certain ”cross-chain” functionality. So, what does this mean? Well, in short, it effectively means that BEP-2 tokens can be exchanged for BEP-20 token equivalents.

BEP-20 Token Development
BEP-20 is the token standard for the Binance Smart Chain , BEP-20 represents a token standard, just like Ethereum’s well-known, smart contract-compatible technical standard ERC-20 does. The token standard ensures basic functionality for the token, such as transferring, returning a balance, viewing token ownership, etc.

BEP20 is a developer-friendly token standard that allows anyone. With exorbitant Ethereum gas fees, there’s a sudden demand for a smart contract compatible DeFi platform with lower fees. Binance Smart Chain offers just that, as well as an environment that’s comparatively easy for developers to adapt their Ethereum dApps to.

BEP-20 sets a common set of rules for token management. The BEP-20 token is also found to be compatible with the ERC-20 and BEP-2 (Token of the Binance Chain) since they’re similar.

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