What Is BEP-20?
BEP-20 is a token standard developed by the Binance Smart Chain (BSC) that enables users to create and issue tokens on the blockchain. It is based on Ethereum’s ERC-20 token standard, but with some additional features such as faster transaction speeds and lower fees. The main purpose of this new protocol is to make it easier for developers to build decentralized applications (dApps) on top of the BSC network. With its improved scalability, security, and interoperability, BEP-20 has become one of the most popular standards in DeFi projects today.
The primary advantage of using BEP-20 over other protocols like ERC-20 or TRC-10 is that it allows for much faster transactions at significantly lower costs than those offered by Ethereum or Tron networks. Additionally, since all tokens created under this protocol are compatible with each other, they can be easily exchanged between different wallets without any extra steps required from users. This makes trading more efficient and cost effective compared to traditional exchanges which require multiple steps before funds can be transferred between accounts.