What is bep20?

Asked 21-Jul-2021
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BEP-20 is a popular Binance Smart Chain token standard developed with the aim of expanding ERC-20 token standards.

BEP-20 tokens ensure that it is completely congruent with ERC-20 standards to improve this network's efficiency.

In BEP-20 tokens changes are done frequently to improve the speed. It delivers token flexibility for allowing developers to launch different tokens.

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oliver lucas
asked by oliver lucas in business & finance
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BEP20 is the industry standard for producing tokens on the Binance Smart Chain (BSC) or through Binance Smart Chain development. Tokens are an important part of any blockchain-based system, decentralized application, platform, or economy. They help track every activity on the blockchain and ease the movement of value. In other words, they're necessary for a variety of transactions.

'Binance Smart Chain Evolution Proposal' is the abbreviation for 'Binance Smart Chain Evolution Proposal.' Binance designed the BEP20 token standard for Binance Smart Chain, a smart contract platform that runs alongside the original Binance Chain. Later in this essay, we'll go through the BEP2 token standard. However, in order to truly appreciate Binance Smart Chain, you must first grasp its history.

BSC (Binance Smart Chain) is a blockchain designed to handle smart contracts. Binance Chain, Binance's initial blockchain utilized on its non-custodial exchange, works alongside or in tandem with it.

Binance realized they needed to create a separate blockchain designed exclusively for smart contracts that automate transactions. Binance Smart Chain was built specifically for this purpose (BSC). BSC now acts as the foundation for the DEX project, which is a decentralized exchange.

Binance's dual chain design enables two chains: Binance Chain and Binance Smart Chain. The architecture is powered by a native token (BNB).
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Harshal Vispute
answered 13-Dec-2021 by Harshal Vispute