Blockchain

How to create a BEP-20 token using Binance smart chain?

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Launching BEP20 tokens on Binance Smart Chain is easier than you think.

One of the best ways to learn about the inner workings of a cryptocurrency is undoubtedly to launch your own digital token. The good news is that anyone can create their own BEP20 tokens on Binance Smart Chain.

BEP-20 is a Binance Smart Chain token standard that allows token transfers between different blockchain networks. It is designed to provide a flexible framework for developers to create a variety of tokens. This article discusses the main concepts of the Binance Smart Chain and its token development.

Now let's get down to business and show you how it works.

What is Binance Smart Chain?

Binance Smart Chain (BSC) is a blockchain system developed by the cryptocurrency trading platform Binance. Since its dispatch in 2020, it has built up itself as one of the driving blockchains for DeFi and dApp development. Smart contract capability and compatibility with the Ethereum Virtual Machine (EVM) are its main features.

Binance SmartChain is totally autonomous of Binance Network. This means that even if the Binance network goes down, Binance SmartChain can function normally. It is based on a dual-chain architecture. This allows users to develop decentralized applications and digital assets on a single blockchain.

BSC is powered by a Proof of Stake (PoS) consensus algorithm that allows users to stake BNB tokens to become validators. It also allows you to quickly and easily transfer assets from one blockchain network to another. This interoperability enables numerous applications in the decentralized financial space. Some of the great features of Binance Smart Chain are:

Interoperability

BC and BSC are two independent blockchains running in parallel. This makes it easy to move cryptocurrencies between these two blockchain systems.

Stand-alone blockchain

Binance SmartChain is an independent blockchain that runs parallel to BC. This means that the BSC will continue to perform its technical and business functions even if the BC server fails.

Extended staking and community-based governance

Unlike other kinds of networks, which uses PoW (Proof-Of-Work) systems, BSC uses Proof-of-Stake that includes the enabling of the Binance chain to generate the transaction faster and better than the system that operates on P-o-W models. 

Compatible with the Ethereum network

This feature allows developers to build d-apps, tools, and other ecosystem components on BSC and seamlessly migrate them to the Ethereum blockchain.

Perks of using BSC

When it comes to developing digital assets, Binance SmartChain has many advantages over other blockchains. Here are some of the predominant benefits:

  • Transaction fees are affordable starting at one cent are available.

  • It allows the development of smart contracts.

  • A comprehensive ecosystem for validators, token holders, developers, and other users.

  • Improved performance with upgradeability.

  • Equipped with a network that can create a module in three seconds.

  • It supports DeFi cross-chain mechanism that can enhance interoperability.

  • The growing audience of millions of users on Binance and Binance DEX.

  • Trustworthy staking mechanism for BNB.

The BEP-20 token standard

The introduction of BEP-20 created a level of healthy competition with ERC-20. Binance SmartChain allows users to create tokens in a simple and convenient way. Each token conforms to a standard called BEP-20. This standard is an extension of the Ethereum ERC-20 token. It shows how the BEP-20-based token can be spent and used. It also contains information about who can spend these tokens. BEP-20 provides developers with a flexible token standard to create a variety of tokens. For example, developers can use BEP-20 tokens to represent various digital assets such as stablecoins, government tokens, stock transactions, and more.

A token standard like BEP-20 provides basic token functionality such as exchange, balance withdrawal, visibility of token ownership, etc. Users can exchange BSC tokens for regular Binance chain tokens according to their BEP-2. All transactions with these tokens in the financial chain require payment in BNB. This fee serves as compensation for checks that ensure network security. Alternatively, the BEP-20 token can be used to create a native asset or fixed token. BEP-20 tokens are also available for Bitcoin, Ethereum, USDT, LINK, BAND, ADA, DAI, LTC, EOS, and more.

Difference between BEP-20 and BEP-2

BEP-20 refers to the Binance Smart Chain token standard and serves as an extension of the ERC-20 token standard. Surprisingly, although BEP-20 is the most popular, it is not the only token standard developed by Binance.BEP-20 tokens are comparative to BEP-2 tokens in numerous ways. Both BEP-2 and BEP-20 tokens are powered by Binance Coin (BNB). This is because BEP-2 and BEP-20 are built on a dual-chain architecture where Binance Chain and Binance SmartChain support each other. Tokens work in the same way, and issuing tokens is charged a fee in terms of BNB, which serves as an incentive model for the consensus algorithm. Therefore, when BEP20 tokens are transferred, a transfer fee is charged to the validators in the BNB.

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

When creating a multi-coin account, the BEP-2 address will be the BNB address of the trusted wallet, and the BEP-20 address will be a coin called "SmartChain". BEP-2 addresses start with "bnb". On the other hand, BEP-20 addresses start with 0x just like Ethereum addresses.

Merits of BEP-20

Here are the benefits and advantages of the BEP-20 token that make it a very valuable trading asset.

  • BEP-20 is compatible with Binance and Ethereum platforms.

  • It provides a flexible platform that developers can use as a template for developing and launching tokens.

  • Fully backed by the BNB.

  • Supports various kinds of tokens on the BSC network.

  • Users receive BNB for an additional fee when using BEP-20.

  • BEP-20 tokens can facilitate the development of native tokens.

  • These tokens can be exchanged for BEP-2 tokens using the Binance Chain Wallet extension.

  • Smart contracts can be included in smart chain networks.

  • Other Binance SmartChain tokens can be easily connected to BEP-20.

  • These tokens can represent a wide range of assets such as crypto, fiat currencies, and more.

How to develop a BEP-20 token on Binance Smart Chain?

These BEP 20 tokens were created to represent decentralized financial management through a P2P monetary framework that provides ongoing support for the wider Smart Chain Enterprise.

BEP 20 Token Creation on Binance Smart Chain introduces management, token stamping, and token consumption systems that are compatible with BNB, the base fund of the BSC network.

A BEP 20 token can be generated using the following settings:

  1. Token Burn - If you plan to create your own BEP 20 with tokens from the burnt model, you should start working on the token design.

  2. Token Pause - Discontinue token development so users stop consuming, burning, making coins, etc. for a certain period of time.

  3. Token Mint - Users can mint BEP 20 tokens by an unspecified total supply, allowing token holders to generate more BEP 20 tokens in the token minting process.

Keep these things in mind before you start developing your own BEP 20 token.

  1. Token Name

  2. Token Supply

  3. Token Supply

  4. Initial supply and

  5. Decimal places

Bep-20 token development

BEP 20 Token Development is the process of developing tokens on the Binance Smart Chain with features that meet business requirements. Learn more about governance, token stamping, and the nature of BEP 20 token development. Knowing this, you can create successful BEP 20 tokens based on your needs.

If you are clear about the BEP 20 generation requirements and process, you can design and generate the best BEP 20 tokens with the help of a BEP 20 token development service provider like Clarisco.

Examples of BEP20 Tokens

Many BEP20 tokens have already been earned. The most popular tokens:

  • BURGER

  • CAKE

  • ALPHA

  • SAFEMOON

  • WBNB

  • BUSD

  • BUX

Final Words

Binance Smart Chain effectively bridges the gap between different blockchains and greatly expands the functionality of Binance's main chain. BNB's staking platform and EVM compatibility make it ideal for developers to build reliable decentralized applications.

We Clarisco - Leading BEP 20 Token Development Company offers the best BEP 20 token development services with advanced features and proper testing. So why wait for the right moment to act?

Contact an expert today to discuss your business requirements to develop your own BEP 20 token. Get a free quote from Clarisco now!!

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