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By definition, tokens are cryptocurrencies that are built using the existing blockchain. While many blockchains support token development, they all have a particular token standard according to which a token is developed. For example, ERC20 token development is a standard of Ethereum Blockchain while BEP-2 and BEP-20 are the token standards of Binance Chain and Binance Smart Chain respectively. These standards define a common list of rules like what is the process of transferring a token, how will the transactions be approved, how can users access the token data, and what will be the total supply of tokens.
While BEP-20 is an extension of the ERC-20 token standard, both of them define the set of rules that define a token.
Basically, ERC stands for Ethereum Request for Comment. To create and issue a smart contract on the Ethereum blockchain, one must adhere to the ERC-20 token standard. These smart contracts are then used for Ethereum coin development or tokenizing assets that can be bought by the investors.
Some of the very popular Ethereum tokens are Maker (MKR), Basic Attention Token (BAT), and more.
Functions of ERC-20 token standard:
• It provides details of the total token supply.
• It provides the owner’s account balance.
• It defines how a specific number of tokens can be transferred to a specific address.
• It defines how an individual can withdraw tokens from an account.
• It defines how a set number of tokens can be sent from spender to owner.
• ERC20 token transactions are uniform and fast.
• Transaction confirmation is efficient.
• Contract breaking risk is reduced.
• ERC20 function implementation connects the web client and token efficiently.
It is a native token standard of the Binance Smart Chain. It acts as a blueprint of how the BEP-20 tokens can be utilized. Interestingly, it is an extension of the ERC-20 token standard and can be used to represent shares or fiat.
• BEP-20 tokens are compatible with both BEP-2 and ERC-20 platforms
• These are backed by BNB.
• It supports the function of tokens built using the BEP-20 standard to be used within the BSC network.
• It can be swapped with BEP-2, which is a native token of Binance Chain
• Many wallets support BEP-20 tokens
• Tokens from other blockchains can be pegged on the BEP-20 token. These are known as Peggy coins.
• Token compatibility
Whether it is ERC20 token development or BEP token development, the tokens must be designed to be compliant with ERC20 or BEP-20 standards.
• Token Cap
The maximum number of tokens that can be generated needs to be predefined. This ensures token buyers that the number of tokens is limited.
• Token minting
The token owner can define how the users can mint the tokens. They can also stop generating the tokens to inflate the value of the token.
• Burn the tokens
Tokens built using ERC-20 and BEP-20 standards can also be burnt. This reduces the supply of tokens and inflates the value of the token.
• Rights of token owners
A token owner can have governance rights. These rights can help him vote for token minting and burning.
• Token Migration
Testnet tokens need to be migrated to mainnet.
• Token listing
The process of token development also involves getting the tokens listed on exchanges.
At Antier Solutions, we hold experience in token development based on token standards like BEP-2, BEP-20, and ERC-20. As a team of seasoned blockchain developers, we can help you with Binance Smart Chain and Ethereum coin Development.
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