- BEP-20 is a token preferred on Binance Smart Chain that extends ERC-20. You can think of them as plans for tokens explaining how to use them, who can use them, and other rules for their use. Because of its similarity to Binance Chain's BEP-2 and Ethereum's ERC-20, it is well suited with both.
- BEP-20 seems to be conceived as a technical definition of Binance Smart Chain. This can constitute something from buying and selling shares to dollars saved in a bank vault (i.e., a stable coin).
- Of course, it is viable to in addition create a conventional property like BEP-20 tokens, or peg tokens from special blockchains to be used in Binance Smart Chain. This is what occurs with the "Peggy" coins, which are BEP-20 variations of different crypto assets (consisting of LINK or XRP).
- Like BEP-2 tokens in Binance Chain, the transfer of BEP-20 tokens is encouraged through BNB. This gives the guarantors an incentive to incorporate transactions into the blockchain, as they will collect BNB as payment for their problems.
- You may know that Binance Smart Chain was considered an extension of Binance Chain. With the construction of a dual chain, both chains are compatible - Binance Smart Chain takes care of the systems used without tightening the first chain, which is designed for fast trading.
- As a result of this architecture, much emphasis was placed on the coherence of the corresponding chains. For that reason, BEP-2 tokens may be exchanged for his or her BEP-20 equivalent. A smooth manner to do that might be with the Binance Chain Wallet extension, even though many alternatives will emerge over time.
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