Launch your own token as BEP-20 on Binance Smart Chain

Binance Exchange and Binance Chain: the superlatives of the DeFi ecosystem.

Anyone who is a fan of all things cryptocurrencies and decentralized projects will be familiar with Binance and the impact it has had on the DeFi community. Trading your crypto assets has never been easier or more secure, thanks to the most popular decentralized exchange (DEX), Binance Network. It is an exchange that offers more than 61 currencies to trade, buy and sell. It has a native currency, the BNB, and an inherent blockchain network, Binance Chain, renowned for the flexibility and speed it offers.

Binance Smart Chain: The Supreme Blockchain Network

An updated version, running in parallel to Binance Chain. Key aspects of this network are the accompanying Smart Contract functionality and compatibility with Ethereum Virtual Machine (EVM). Binance Smart Chain or BSC runs independently, which means that even if the Binance Chain went down, BSC would still run efficiently. Since the Binance Smart Chain network has the status of being integrated with EVM, developers can link their Ethereum-based projects and dApps with this platform.

The Binance Smart Chain contains some important functionalities that make up the inner workings of the network, the first being the proof-of-stake consensus algorithm that allows users to stake BNB tokens so that they can become validators. By proposing valid blocks, they get transaction fees. The second would be the compatibility between chains of the BSC network. Since dual chain architecture is used, users can easily transfer assets from one blockchain network to the next. This interoperability allows users a wide range of use cases within the DeFi space.

The BEP-20 token and its reputable nature

The BEP-20 token is the standard token of the Binance Smart Chain and is very similar in several respects to ERC-20, the standard Ethereum token. In other words, the BEP-20 establishes a common set of rules for token management. The BEP-20 token is also compatible with ERC-20 and BEP-2 (Binance Chain Token) as they are similar.

The BEP-20 token offers a number of advantages and benefits for token holders and those who wish to develop tokens such as the BEP-20. Blockchain App Factory’s BEP-20 Token Development Services offer these and more use cases with our BNB smart chain token creation like BEP-20.

Capital benefits and advantages of our BEP-20-like token on Binance Smart Chain

It provides an extensible and flexible platform for developers to use this token as a model and develop other tokens.

These newly developed tokens can represent a variety of things, from stocks, crypto assets, fiat currencies, etc.

Another interesting feature of the BEP-20 token is that other tokens from other blockchains can be linked to this token. In other words, developers can create other versions of crypto assets with these tokens.

As an incentive for those who act as validators transferring BEP-20 tokens, the BNB token is provided. It can be charged as a transaction fee, quite similar to what is seen with the BEP-2 token on the Binance Chain.

As mentioned above, the dual chain architecture that complements both the Binance Chain and the Binance Smart Chain Network allows users to get the best of both worlds. The former will provide super speed trading, while the latter allows DeFi developers to launch dApps without taxing the Binance network.

Cross-chain compatibility makes it easy to exchange BEP-2 tokens with their BEP-20 equivalents, thanks to the Binance Chain Wallet extensions.