In the crypto world, each crypto token is developed from blockchain technology. ERC20 and BEP20 are the popular token standards of Ethereum and BNB chain blockchain platforms. Today, we will briefly discuss those two standards and their differences.
The Ethereum platform is well-known for enabling the use of smart contracts and decentralized applications(Dapp). It is an encrypted blockchain that enhances transparency and efficiency. Ethereum has many standard tokens for crypto token creation. Among them, ERC20 is the best token standard and is used for creating fungible tokens.
Benefits of ERC20 token standards:
- Quick and efficient transactions.
- ERC20 tokens can be easily created and deployed.
- High liquidity for ERC20 tokens
- Token minting is possible
- Higher-level security
- ERC20 tokens can be used for a variety of things, including trading, staking, making purchases, and cryptocurrency crowdfunding (ICO).
The Binance Smart Chain (BSC), is a quick and economical platform created by the cryptocurrency exchange Binance. Binance has many token standards for crypto token creation. The best and most popular standard token is the BEP20 token standard.
Benefits of BEP20 token standards:
- When compared to other tokens, the gas fee is extremely minimal.
- provides compatibility for ERC20 and BEP2 tokens.
- Several wallets are compatible with BEP20 coins.
- Transactions will happen quickly.
Now, we discuss the difference between both token standards. ERC20 tokens work on the Ethereum platform, which has a stable network with a large development community as well as a variety of information and tools. On the other hand, the Binance Smart Chain, which has its own collection of tools, resources, and community support, is the foundation upon which BEP20 coins are developed.
In summary, BEP20 and ERC20 are both widely used standards for token development that have their own unique features and benefits. Whether choosing BEP20 or ERC20 token standard entirely depends on your specific needs. If you want to create an ERC20 token and BEP20 token for your business, then you can approach a proficient crypto token development company for better results!