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.
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.