The Web3 ecosystem is growing with the emergence of Blockchain like Binance Smart Chain. Ethereum was the first platform that introduced Smart Contract based ERC20 tokens. At the same time, Binance introduced the BEP20 token, which became immensely popular, thereby giving developers a chance to create tokens using the BEP20 token standard over Ethereum. Many of you might be wondering, “What is a BEP20 token” & “how can I create Binance Smart Chain Wallet using BEP20″?Continue reading to learn everything about BEP20 & steps to create a wallet using it:
BEP stands for “Binance Smart Chain Evolution Proposal,” a token standard launched by Binance and integrated with a Smart Contract platform that operates in alliance with Binance Chain.
BEP20 is a standard that is used to create tokens on the Binance Smart Chain network. Tokens are an integral component of any Blockchain system, dApps, platform, and economy. They hold a value and note every activity occurring on the Blockchain network. In simple words, they are the key that helps users perform different kinds of transactions. Leaving these tokens as it is would make them susceptible to hacks or breaches. It is vital to keep them securely and manage them using Binance Smart Chain wallets.
BEP20 token standard can be applied to the tokens that have been launched or created using the bep20 platform. The tokens could be utility tokens, stablecoins, and security tokens. In addition, there is one more category known as “Peggy Coins” that is developed using the BEP20 token standard and can be tagged along with different assets.
To perform transactions on the Ethereum platform, the users are supposed to pay gas fees in ETH. However, In the case of BEP20 tokens, BNB is used to pay the fees.
The BEP20 token standard can be distinguished from the ERC20 token standard based on the following parameters:
The gas fees is the main factor that differentiates BEP20 from the ERC20 standard. BEP20 levies a cheaper gas fee compared to ERC20. However, users get the option to pay Ethereum gas fees using BNB, which significantly drops the price.
BEP20 standard can be segregated from the ERC20 standard based on transaction fees. BEP 20 transactions take approx 3 seconds to complete. On the other hand, ERC20 takes approx 15 seconds to process, which is five times more than BEP20.
Before investing in any crypto solution, it is vital to determine its risk factors and security. BEP20 tokens take time to get verified so fraud activities might occur on the platform. A BEP20 Binance Smart Chain wallet can help you perform transactions in a secure environment. However, this isn’t the case with ERC20 standards as they are integrated with high-graded security features.
BEP20 wallet establishes a link between users and different blockchains. Every Blockchain has its own wallet address in which a cryptocurrency is stored and encrypted. The validators or miners obtain the transaction fees in return. In addition to this, you can store and manage different cryptos within the wallet in a hassle-free manner. Using the BEP20 Binance Smart Chain wallet helps users carry out trading and stalking activities smoothly.
When it comes to investing or holding virtual currencies, one of the biggest benefits of having a BEP20 Binance Smart Chain wallet is that you can store various currencies in it. An investor holding several coins can spread his assets while minimizing the risk and boosting his earning potential by developing wallet solutions.
The wallet can be used in a simple and straightforward manner. You can keep different currencies and customize features based on your preferences. Alternatively, you can hire a cryptocurrency wallet development professional who will develop the application by incorporating a stunning UI design that will leave an everlasting impression on the users.
Security has become a concern among crypto investors and traders. As an investor, you want to implement ways to protect your investments and buy your virtual currencies safely. Therefore, a highly secure sign-in feature has been implemented in the wallet. The contents of the wallet will be accessed by those who have been permitted to use the wallet.
Transfer currencies without experiencing any concerns and intermediary involvement with the BEP20 Binance Smart Chain wallet.
Below is the step-by-step process of developing a BEP20 Binance Smart Chain wallet:
The first step of developing a wallet begins with the planning stage. This is when you must decide the features you wish to include during cryptocurrency wallet development. Furthermore, You can hire technical experts who can integrate features based on your preferences.
Before commencing the development process make sure that the budget is duly considered. Many businesses don’t consider this aspect and experience several issues later on. Ensure that MVP features are integrated during the process.
UI/UX designing is one of the most significant aspects of the BEP 20 Binance Smart Chain wallet development process. The success or failure of the project depends on UI/UX design. Include a clear and crisp UI along with powerful UX. In this way, the user is going to come back and use the product.
Make sure that the development is performed using advanced programming languages like Solidity. During this stage make sure that the entire process becomes seamless and fluid.
After successful development, the product undergoes multiple tests and audits. In case there are bugs and glitches they are eliminated during the process. Make sure that the end result is free from errors.
If you have a robust product in hand, release it. An ideal cryptocurrency wallet development agency would maintain the application from time to time so that it runs in a hassle-free manner. If you are experiencing any downtimes or concerns the team will eliminate them for you.
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