Just like the ERC-20 token on the Ethereum Blockchain, BEP-20 is the token standard on the faster and cheaper blockchain by Binance, the Binance Smart Chain. The BEP-20 mimics the functionality of ERC-20 on the BSC, governing how all the other tokens are created on the blockchain, it specifies their tokenomics and how they operate. The already existing BEP-2 standard also works in the same way for Binance’s traditional blockchain and due to similar specifications, all three standards are compatible.
The BEP-20 was created as a blueprint for the tokens that will be created on the BSC, it governs their functionality and adds some technical specifications to the mix that these tokens must adhere to in order to operate in the BSC ecosystem. BSC has gained a lot of momentum recently due to its cheap fees and faster processing times. Created specifically to execute smart contracts and the creation of decentralized apps (dapps), it is quickly becoming the go-to blockchain for many developers.
There are different platforms available for people to create their own BEP-20 token, you don’t have to be a programmer or hire a programmer to use these tools. These are simple tools that can be used by anyone no matter the technical background. One of such tools is Mudra Token Creator, a next-generation platform to create BEP-20 tokens.
There are numerous options available to you, Mudra provides a comprehensive list of technical specifications for the tokens that you can use. You can change the number of tokens minted as well as how the token behaves. You can add deflationary mechanics, which decreases token supply with each transaction, and a hyper-deflationary mechanics which performs automatic buybacks to keep prices stable. You can send your holders rewards and collect donations for a good cause. All of these tokenomics can be added with the help of this simple platform.