Binance Smart Chain(BSC) is a blockchain technology developed by Binance, one of the largest cryptocurrency exchanges in the world. Binance Smart Chain(BSC) was introduced in September 2020 and was intended to facilitate the creation of decentralised applications (dApps) and smart contracts like Ethereum, but with an emphasis on low costs and high performance.
The original Binance Chain enables fast transactions, but smart contracts are not supported. However, Binance Smart Chain is compatible with the Ethereum Virtual Machine (EVM), allowing developers to rapidly and minimally modify Ethereum-based apps for BSC.
What is a Binance Smart Chain Token or a BEP-20 Token?
BEP-20 Token is a technical standard for creating and managing the Binance Smart Chain. This token defines how a token behaves, how it's transferred, and how balances are tracked.
Furthermore, a native asset or a pegged token can be created using the BEP20 token. Due to its popularity, the BEP-20 token option is now accessible for a variety of assets, including Bitcoin, Ethereum, USDT, LINK, BAND, ADA, DAI, LTC, EOS, and more.
Benefits of BEP-20 Token?
BEP-20 Token is similar to Ethereum’s ERC-20 and defines how it is spent, what its usage is, and who can spend it.
Low transaction fees
Ethereum network crowding and scalability issues have once again stimulated skyrocketing gas fees. BEP-20 Token delivers a major relief there as transactions cost less.
Fast Transaction Speed
BSC ensures fast confirmation times by processing blocks in roughly 3 seconds.
High-volume token transfers, gaming, and DeFi apps all benefit greatly from this speed.
Growing Ecosystem
BEP-20 Tokens increase utility and adoption opportunities and are widely used in DeFi, NFT platforms, and DEXs on BSC.
Easy Token Creation
BEP-20 Token speeds up deployment and allows developers to create tokens quickly with minimal coding with available tools and templates.
Wide wallet support
BEP-20 Tokens are fully accessible by popular wallets like MetaMask and Trust Wallet. Hence, users can easily store, send, and receive tokens.
Why BEP-20 Token?
Standardized and Reliable
The standard token on Binance Smart Chain is a BEP-20 Token. It greatly assures reliability, consistency, and compatibility.
EVM compatibility
BEP-20 tokens work seamlessly with Ethereum-based applications and allow developers to migrate smart contracts with minimal changes.
Broad wallet exchange support
Most major wallets like MetaMask, Trust Wallet, and Binance Wallet support BEP-20 and are widely traded on centralized and decentralized exchanges.
Wrapping Up
A popular platform for developing quick, affordable, and scalable blockchain applications is Binance Smart Chain (BSC). It gives users and developers a strong Ethereum substitute with its support for BEP-20 coins and EVM compatibility. BSC offers the resources, speed, and cost to realize your ideas, whether you're investigating DeFi or launching a new coin.
At Maticz, we offer Binance Smart Chain Development Services to enable the creation of a variety of BEP-20 tokens extensively. Partner with our experts to meet your business needs.