BEP-20 is a token standard on Binance Smart Chain that extends ERC-20, the most common Ethereum token standard. You can think of it as a blueprint for tokens that defines how they can be spent, who can spend them, and other rules for their usage. Due to its similarity to Binance Chain’s BEP-2 and Ethereum’s ERC-20, it’s compatible with both.
BEP-20 was conceived as a technical specification for Binance Smart Chain, with the goal of providing a flexible format for developers to launch a range of different tokens. These could represent anything from shares in a business to dollars stored in a bank vault (i.e., a stablecoin).
Of course, one could equally create a native asset as a BEP-20 token, or even peg tokens from other blockchains to make them usable on Binance Smart Chain. This is what’s done with “Peggy” coins, which are essentially BEP-20 versions of other crypto assets (such as LINK or XRP).
Like BEP-2 tokens on Binance Chain, BEP-20 token transfers are fuelled with BNB. This provides an incentive for validators to include the transactions in the blockchain, as they’ll collect the BNB as a fee for their troubles.
You may know that Binance Smart Chain was envisioned as something of an extension to Binance Chain. With dual chain architecture, both chains are complementary – Binance Smart Chain caters to decentralized applications without congesting the original chain, which is optimized for ultra-fast trading.
Because of this architecture, heavy emphasis was placed on cross-chain compatibility. For that reason, BEP-2 tokens can be swapped for their BEP-20 equivalent. The easiest way to do so is perhaps via the Binance Chain Wallet extension, though more methods will undoubtedly emerge over time.
For a more detailed look at the BEP-20 standard, be sure to check out the draft proposal on GitHub.
Installing and setting up MetaMask
MetaMask can be downloaded on Chrome and Firefox, or on iOS and Android if you’re a mobile user. For the purposes of this tutorial, we’ll use the Firefox version, but the instructions will be more or less the same for every platform.
Firstly, you’ll want to head over to the MetaMask Download page. From there, select whichever platform you’re using, and follow the steps to install it on your device. Easy!
Next, follow along with the setup specified by the app. Go ahead and click Create a Wallet. Write down the backup seed phrase somewhere secret (preferably not on an Internet-connected device). Without this phrase, your funds can’t be recovered if your device is damaged or lost. Confirm that you’ve written them down on the next page.
And that’s it! You should now see your wallet, ready to send and receive funds.
We will create BEP20 Token on Binance Smart Chain Network. You will get BEP20 Token with source code in separate file with 100% ownership. BEP20 token supported by trust wallet, metamask, math wallet etc.
What are BEP20 Tokens?
BEP20 represents a token standard that is on the Binance Smart Chain 108. BEP20 is similar to ERC20 11 tokens that are issued and implemented on the Ethereum 11 blockchain. Binance Smart Chain is an Ethereum Virtual Machine-compatible blockchain, that allows DeFi projects and the other blockchains to participate in cross-chain interoperability.
You can check BscScan.com for projects that have already started utilizing Binance Smart Chain.
Where we can trade Bep20 Token:
You can start instant trading on some dex and all cmc supported cex support binance smart chain so exchange listing not issue.