For those of you who have been in the cryptocurrency world for a long time, the BEP20 token is a familiar term and is often encountered in everyday life. However, BEP20 token is a term that some people may not know. This is not a big problem, because this article will discuss the BEP-20 token to make it easier to understand.
The BEP-20 token is the main topic of this article. However, before exploring further information about this token, we will first discuss the definition of the token itself.
Token is a cryptocurrency other than coins such as Bitcoin, Ether, or other altcoins. Although they are crypto assets, they differ in their purpose and function of use. Tokens are different from coins in that coins have their own blockchain whereas tokens are created on the blockchain owned by the coins.
Transactions involving tokens are generally cheaper than transactions using coins. Even so, keep in mind that there are some coins that have low transaction fees as well.
Tokens are native assets that can be transferred while operating in decentralized applications running on the underlying blockchain. These tokens can serve as a store of value, represent off-chain securities, and can be used to pay for services.
When cryptocurrency tokens are created, they must be created in such a way that they are expected to fit perfectly into the existing system. The format used to create tokens that will run on a platform is referred to as the token standard.
In the world of cryptocurrencies, there are many token standards. Each type is used for different purposes. One of the most popular types of tokens is ERC20 which is based on the Ethereum network. Most of the tokens in the crypto space are built on this standard.
The BEP-20 token is another token standard that is also used to create tokens, just like the ERC20 token. The BEP20 token is a relatively new type of token. But in terms of quality, the BEP20 token deserves to be compared to ERC20 when viewed in recent times.
The BEP-20 token is a token standard based on the Binance Smart Chain (BSC). The way these tokens work is similar to tokens on the Ethereum blockchain in many ways. In addition, BEP20 token is the type of token used to build comparable tokens in BSC.
Other token standards in BSC are ERC20 and BEP2. The BEP20 token is compatible with the ERC20 token and the BEP2 token. Developers are known to find it very effective and flexible in distributing comparable tokens that can be used for various purposes, including stablecoins.
Some examples of popular applications and BEP20 tokens built on BSC include Pancake SWAP (CAKE), Binance Coin (BNB), USDT (BEP-20), BurgerSwap (BURGER), Proton (XPR) and Others.
Pancake SWAP (CAKE) is a decentralized exchange where you can exchange your BEP20 tokens. The platform also allows you to earn native CAKE tokens through yield farming or staking.
Meanwhile, Binance Coin (BNB) was originally built on the Ethereum blockchain as an ERC20 token. However, currently BNB is the native coin of Binance Chain as a BEP2 token.
This token is often used to pay trading fees as well as transaction fees on the Binance exchange platform. In addition, this token can also function as a medium of exchange and store of value.
BurgerSwap (BURGER) is another decentralized exchange on this list that allows you to exchange tokens. This BurgerSwap gives you the possibility to exchange ERC20 and BEP20 tokens.
How to Create BEP20 Token
Until now, there are several ways that you can try to create BEP20 tokens. The way to create BEP20 tokens is manually and using an online token generator, such as the BEP20 Generator.
You can do the BEP20 token encoding process independently. Broadly speaking, the steps to encode the BEP20 token are as follows:
1. Install Metamask and Connect Your Metamask Wallet to BSC
The first step is to install Metamask and connect your Metamask wallet to the BSC. For the testing phase, you need to connect it to the BSC testnet.
2. Send Some BNB
The second step to self-encoding BEP20 tokens is to send some BNB to your Metamask wallet. This aims to cover transaction costs when used.
3. Navigate to Remix IDE
The next step is to navigate to the Remix IDE. This process is done completely online and does not need to be installed.
4. Create Your Token in Remix and Apply
The fourth stage of the BEP20 token self-coding process is to create your token in Remix, then deploy it.
5. Taking Contract Address
After applying the token, you need to retrieve the contract address and add the token to your wallet, either in Trust Wallet or Metamask.
Benefits of Using BEP20 Token
The first benefit that you can get from the BEP20 token is that the platform provides a very wide network. The good news is, this network can be expanded further to include a variety of other concepts.
You can also combine other blockchain-based technologies with this structure at the same time to come up with new and fresh concepts.
Another benefit of using the BEP20 token is that crypto trading becomes much more reliable as there will be more transparency and less time spent on transactions.
In addition, the BEP20 token is a token designed for fast transactions with relatively low transaction fees. Using this token, you can observe the market more easily because you can review multiple processes in just one data structure.
Another benefit of the BEP20 token is that the platform’s cross-chain compatibility features can help you work with alternatives to certain tokens such as NEO, Ethereum, Stellar, and others.
Currently, the BEP20 token is one of the tokens chosen by many traders when making transactions on the internet. These transactions include payment of salaries, transfers of funds, and various other types of payments that may involve small or large amounts of money.
To learn more about the BEP20 token, you can seek information from various other valid and credible sources. After that, you can immediately apply the knowledge gained when you have sufficient information.