Anyone who is a fan of all things cryptocurrencies and decentralized projects will be familiar with Binance and the impact it has had on the DeFi community. Trading your crypto assets has never been easier or more secure, thanks to the most popular decentralized exchange (DEX), Binance Network. It is an exchange that offers more than 61 currencies to trade, buy and sell. It has a native currency, the BNB, and an inherent blockchain network, Binance Chain, renowned for the flexibility and speed it offers.
The Binance Chain is a boon for those traders and investors looking for more freedom to raise money and offer liquidity. Binance DEX runs on the Binance network and has a host of advantages such as a one-second block time, faster transactions, and a significantly secure environment. The Binance Chain network is optimized to handle trading volumes that are much more abundant than those found on centralized exchanges. Regarding BNB tokens, users can send, receive, mint, issue new tokens and create trading pairs between two different ones. The Binance Chain was prolific by nature and attracted a large number of traders and investors to Binance DEX. Then something even better entered the crypto sphere.
Binance Smart Chain: The Supreme Blockchain Network
An updated version, running in parallel to Binance Chain. Key aspects of this network are the accompanying Smart Contract functionality and compatibility with Ethereum Virtual Machine (EVM). Binance Smart Chain or BSC runs independently, which means that even if the Binance Chain went down, BSC would still run efficiently. Since the Binance Smart Chain network has the status of being integrated with EVM, developers can link their Ethereum-based projects and dApps with this platform.
The Binance Smart Chain contains some important functionalities that make up the inner workings of the network, the first being the proof-of-stake consensus algorithm that allows users to stake BNB tokens so that they can become validators. By proposing valid blocks, they get transaction fees. The second would be the compatibility between chains of the BSC network. Since dual chain architecture is used, users can easily transfer assets from one blockchain network to the next. This interoperability allows users a wide range of use cases within the DeFi space.
The BEP-20 token and its reputable nature
The BEP-20 token is the standard token of the Binance Smart Chain and is very similar in several respects to ERC-20, the standard Ethereum token. In other words, the BEP-20 establishes a common set of rules for token management. The BEP-20 token is also compatible with ERC-20 and BEP-2 (Binance Chain Token) as they are similar.
The BEP-20 token offers a number of advantages and benefits for token holders and those who wish to develop tokens such as the BEP-20. Blockchain App Factory’s BEP-20 Token Development Services offer these and more use cases with our BNB smart chain token creation like BEP-20.
Capital benefits and advantages of our BEP-20-like token on Binance Smart Chain
- It provides an extensible and flexible platform for developers to use this token as a model and develop other tokens.
- These newly developed tokens can represent a variety of things, from stocks, crypto assets, fiat currencies, etc.
- Another interesting feature of the BEP-20 token is that other tokens from other blockchains can be linked to this token. In other words, developers can create other versions of crypto assets with these tokens.
- As an incentive for those who act as validators transferring BEP-20 tokens, the BNB token is provided. It can be charged as a transaction fee, quite similar to what is seen with the BEP-2 token on the Binance Chain.
- As mentioned above, the dual chain architecture that complements both the Binance Chain and the Binance Smart Chain Network allows users to get the best of both worlds. The former will provide super speed trading, while the latter allows DeFi developers to launch dApps without taxing the Binance network.
- Cross-chain compatibility makes it easy to exchange BEP-2 tokens with their BEP-20 equivalents, thanks to the Binance Chain Wallet extensions.
Launch your own BEP-20 as Token on BSC Network with Blockchain App Factory!
To facilitate transactions and payments in various industries and companies, tokens like BEP-20 on Binance Smart Chain are the ideal choice. These tokens can be used in companies that trade and handle large amounts of assets. It makes transactions easy and completely eliminates the need for third parties or intermediaries. You can develop and launch your own tokens like BEP-20 and streamline financial transactions and services in various sectors. And we at Blockchain App Factory are a competent developer who is suitable to create your own Token as BEP-20 Token on Binance Smart Chain.
Having been in the field of Blockchain technology development for several years, we have the knowledge and experience to lead your company to success. And when it comes to token development, we are the best out there. From the creation of the source address to the minting of the token, our BAF technicians are competent and well-versed.