BEP2 and BEP20 (Binance Smart Chain) Token Development – OG Software Solutions
OG Software Solutions is there to guide and define the rules on how the tokens can be used, spent and who can spend them.
To know more about our services please visit:
OG Software Solutions (India) Pvt .Ltd.,
www.ogsoftwaresolutions.com
Phone : +91 904 35 88 904
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.
As a chain that runs parallel to Binance Chain, Binance Smart Chain is specifically designed to cater to smart contracts. Binance Smart Chain is built for decentralized finance (DeFi) and decentralized applications (dApps).
Advantages of BEP20 Token Development
• It provides an extensible and flexible platform for developers to use this token as a blueprint and develop other tokens.
• These newly developed tokens can represent a range of things from shares, crypto assets, fiat currencies, etc.
• Another interesting feature of the BEP-20 token is that other tokens from other blockchains can be pegged on this token. In other words, developers can create other versions of crypto assets with these tokens.
• An important aspect of BEP-20 tokens is that they create a token contract on the smart chain network.