What is BEP20?
BEP20 is a standard for tokens on the Binance Chain. It is similar to ERC20, which is a standard for tokens on the Ethereum blockchain.
BEP20 defines a set of rules that all Binance Chain tokens must follow. These rules include how the token is transferred, how it is stored, and what information is associated with the token.
BEP20 is not an Ethereum token. It is a Binance Chain token. Binance Chain is a blockchain developed by Binance, one of the world’s largest cryptocurrency exchanges.
NOTE: WARNING: BEP20 is NOT an Ethereum token. BEP20 is a token based on the Binance Chain and is not compatible with the Ethereum network. You should be very cautious if you are considering investing in any asset that claims to be an Ethereum token, but is not actually built on the Ethereum blockchain.
Binance Chain was designed to be a high performance blockchain that supports the trading of digital assets. Unlike Ethereum, which is a general purpose blockchain, Binance Chain was designed specifically for digital asset trading. .
While BEP20 and ERC20 are similar in some ways, there are also important differences. One key difference is that BEP20 uses the native Binance Coin (BNB) as its currency, while ERC20 uses Ether (ETH).
Another difference is that transactions on Binance Chain are confirmed much faster than transactions on Ethereum.
So, while BEP20 is not an Ethereum token, it is an important standard for tokens on the Binance Chain. This standard enables the development of new and innovative applications that can take advantage of the high performance of the Binance Chain.
6 Related Question Answers Found
Yes, ERC20 is an Ethereum token. Ethereum is a decentralized platform that runs smart contracts: applications that run exactly as programmed without any possibility of fraud or third party interference. ERC20 is a technical standard for tokens issued on the Ethereum blockchain.
In the cryptocurrency world, the term “Ethereum” is often used interchangeably with “ERC20”. But what exactly is ERC20, and how is it different from Ethereum? ERC20 is a technical standard that defines how tokens can be built on the Ethereum blockchain.
Ethereum is a decentralized platform that runs smart contracts: applications that run exactly as programmed without any possibility of fraud or third party interference. Ethereum is a BEP-20 token. A BEP-20 token is a digital asset that is developed on the Ethereum blockchain.
Ethereum and BSC both have their own unique benefits that make them ideal for different purposes. Ethereum is the original blockchain platform and has the most developers working on it. This means that there are more options for Ethereum-based applications and services.
As of July 2018, Ethereum’s native token, Ether (ETH), is still an ERC20 token. However, plans are in place to eventually transition it to a different standard called BEP2. The main difference between the two standards is that ERC20 tokens can only be transferred on Ethereum’s blockchain, while BEP2 tokens can be transferred on any blockchain that supports the Binance Chain protocol.
Decentralized finance—often called “DeFi”—refers to the shift from traditional, centralized financial systems to peer-to-peer finance enabled by decentralized technologies built on the Ethereum blockchain. From lending and borrowing platforms to stablecoins and tokenized BTC, the DeFi ecosystem has launched an expansive network of integrated protocols that are changing the way we interact with financial services. By deploying immutable smart contracts on Ethereum, DeFi developers can launch financial protocols and platforms that run exactly as programmed and that are available to anyone with an Internet connection.
