Bep20 Token Development
What are BEP-20 tokens?
BEP20 tokens are the Binance Smart Chain (BSC) equivalent of the ERC20 token standard of the Ethereum blockchain. The BEP20 tokens standard is a direct fork of the ERC20 token standard, which means that you can code a smart contract for ERC20 in solidity and deploy the token directly on the Binance Smart Chain blockchain.
Why is BSC better than Ethereum?
The major problems with the Ethereum blockchain have always been the lack of scalability and the low transaction speeds. This means that when the network gets congested, transaction costs skyrocket.
BSC solves this by using a modified version of the Proof-of-Stake (PoS) consensus mechanism called Proof-of-Staked Authority (PoSA), which makes transactions faster and cheaper. The Binance Smart Chain has also popularized “Peggy Coins,” which are BEP20 tokens pegged to the price of any cryptocurrency. This allows users to send cryptocurrencies over the Binance Smart Chain, and avoid the high gas fees associated with the transactions.
Binance Smart Chain vs Ethereum
BSC and Ethereum are in essence the same kind of blockchains. The differences come in a few ways. One, BSC is much faster than Ethereum and the transaction fees are lower. While a typical transaction on Ethereum right now would cost you at least $20, you can make the same transaction on the Binance Smart Chain under a Dollar.
Although Ethereum has most of the market share in the cryptocurrency market, that spot is slowly being taken over by the Binance Smart Chain Blockchain.
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