ERC-20 vs. TRC-20 vs. BEP-20 Crypto Token Standard - Beginner's Guide

What Is A Token Standard?

A token standard is a collection of rules governing all tokens on that standard. To put it another way, token standards outline the process for creating, issuing, and developing new tokens on a certain blockchain.

For instance, ERC20 token creation is an ethereum token development standard that makes it simple for developers to create new tokens on the Ethereum network. ERC20 tokens will all have the same properties and be regulated by the same set of rules. Moreover, BEP20, and TRC20  are the other kinds of famous crypto token standards.

The main difference between the three most popular token standards like, ERC20 tokens are based on the Ethereum blockchain network, BEP20 tokens are built on Binance Smart Chain Network, and TRC20 tokens are based on the TRON blockchain network.

Comparison Between ERC20,BEP20 and TRC20 Tokens

Let us now know about the crypto tokens and compare the popular tokens in the crypto world. Such tokens are listed below, 

• ERC20

• BEP20

• TRC20

What Is ERC20?

ERC20  is the most commonly used and popular token standard of all history. The majority of the tokens featured on coinMarketCap.com are ERC20 tokens which are based on Ethereum. It is one of the most well-known token creation standards. ERC means Ethereum Request for Comment.

All tokens created and running on the ethereum platform must adhere to the ERC20 token standard. Ethereum smart contracts are used to produce ERC-20 tokens which may be purchased, sold, and swapped. The ERC-20 token standard included a lot of information.

Features Of ERC20

► Furthermore, ERC20 token transactions are swift with efficient quick transaction confirmation. 

► The Ethereum network also has a minimal risk of contract breakage. ERC20 transactions are quick, efficient, and global due to the capabilities of ethereum.

► You can expect more liquidity and revenue because of the global acceptability of ERC-20 tokens. The development of  ERC20 tokens is both cost-effective and time-saving.

► This technology produces tokens that are easy to use, safe, and come with specialized wallets. It is the simplest way to raise funding for cryptocurrency firms.

► Custom cryptocurrency built on the ethereum network and based on the ERC-20 standard might also be utilized on the BSC and TRON networks.

How To Create An ERC20 Token?

The process of creating an ERC20 token is simple and straightforward. Furthermore, if you have no prior experience with blockchain development, you will require professional support. Technical expertise and programming experience are required for the production of ERC-20 tokens.

Know More - ERC20 Token Development             

Coding Functions Of ERC20
The six basic codings are as follows:

• totalSupply()

• balanceOf()

• Transfer 

• Allowance 

• Transfer form 

• Approve

What Is BEP20?

The BEP20 standard is the second most popular token used for crypto token production. The binance smart chain is being used to develop many new coins, primarily because it is fast, most efficient, and allows cross-chain compatibility. BEP-20 was built as an extension of the ERC-20, therefore it has all of the features of ERC20.

BEP-20 is the basic token standard of the Binance smart chain which means that all tokens on the BSC are necessarily based on it. BEP20 specifies the procedures for transferring, approving, and managing a BEP20 token.

Features Of BEP20

► Although Binance chain, BSC offers smart contract capabilities for doing BEP2 tokens. BEP20 is a Binance smart chain token standard, whereas BEP-2 is linked to the Binance chain.

► All BEP-20 tokens are supported by the Binance smart chain which is a dedicated binance blockchain network created for hosting smart contracts and DApps.Developers can use the BSC to build decentralized applications based on smart contracts.

► BEP20 can be used to transfer a variety of other tokens such as Ether, Litecoin, Bitcoin, and USDT.

► Many people are unaware that BSC is compatible with ETH and provides a faster lower-cost method of transaction processing. That means you can utilize the BSC to send ERC20 tokens at a significantly faster and cheaper rate.

BEP20 Token Development 

The procedure of creating a BEP20 token is much simpler. Even if you have no prior technical or blockchain skills, you can create a simple BEP-20 token. Developing a customized, feature-rich BEP-20 token from the ground up would almost necessitate the assistance of a professional BEP20 token developer.

Security tokenizer, a professional blockchain company can help you develop BEP-20 tokens.       

Know More - BEP20 Token Development                  

Code Functions Of BEP20

The coding functions of BEP20 are as follows:

• totalSupply()

• balanceOf()

• Balance of 

• Name 

• Symbol

• Decimal 

• Transfer

• transferFrom

• Approve 

• Allowance

What Is TRC20?

The ERC-20 token standard is often used to create and manage tokens on the TRON blockchain. The TRC20 standard specifies the rules that all the tokens in the network must obey. Everything from issuing new tokens to executing and approving token trades to transmit and receive tokens is covered by the laws. TRON was created as a more efficient ethereum clone with lower transaction fees and better transaction speeds than ethereum.

Features of TRC20

► Specialized digital wallets will accommodate all TRC20 tokens allowing them to be swapped, moved, and shared. 

► The operating system for TRON smart contracts uses the same solidity language for contract construction as Ethereum because of the TRON virtual machine. All TRON currency and smart contracts are compatible with the Ethereum network.

► As a consequence, TRON and Ethereum tokens can be used on the Ethereum blockchain. 

► Despite Ethereum which used the Proof of Work(PoW) consensus method, the TRON network uses a Delegated Proof of Stake (DPoS) consensus mechanism which is not just faster but also less expensive.

TRC20 Token Development Process 

TRC-20 is the standard for issuing new tokens on the TRON blockchain. Because TRON is a public blockchain, anyone who follows the TRC-20 currencies can communicate with one another as well as other TRON tokens and applications. 

To do the same, the developer should develop TRC20 smart contract code, which needs technical understanding and programming language familiarity. Following the creation of the contract, it can be spread around the network and fresh tokens can be generated.

Know More - TRC20 Token Development

Functions Of TRC20 

• Token name 

• Token abbreviation

• Token precision

• totalsupply() 

• balanceOf()

• transfer()

• approve()

• transferFrom()

• allowance()

• Transfer 

• Approval

ERC-20 vs. TRC-20 vs. BEP-20 Crypto Token Standard