Digital currencies have become a widely embraced technology in the online marketplace. Every day, many people trade virtual currencies on well-known platforms and make money. There are various businesses connected to cryptocurrencies, including crypto marketplaces, tokenized communities, ICOs, payment gateways, and crypto trading consultations.
In particular, there are several crypto-related businesses like crowdfunding, decentralized exchanges, and more. They rely on crypto tokens as their core component. For such businesses, choosing the right token standard from popular blockchains is essential for creating a reliable token with exceptional features. Among the different token standards in the industry, BEP20 tokens stand out due to their extensive features and compatibility. BEP20 tokens are based on the Binance Smart Chain (BSC), a blockchain initiated by the popular crypto exchange, Binance, in April 2019.
What is the BEP20 token?
A BEP20 token is a type of cryptocurrency created on the Binance Smart Chain and can only exist on this particular blockchain. Binance Smart Chain has established standards for BEP20 tokens, outlining the basic rules for their development.You can tailor these tokens to match your specific preferences..
Similar to the ERC-20 standards used in the Ethereum network, BSC supports BEP20 for token creation. BEP20 tokens are interchangeable, which means they can be traded, adding to their value as assets in the cryptocurrency market.
Why is BEP20 popular?
BEP20 tokens are well-liked by crypto traders for several reasons. The native coin of the Binance Smart Chain, BNB, is built on BEP20 standards. BEP20 tokens offer various advantages to users, including the ability to stake BNB, cross-chain compatibility, and validator rewards. Additionally, BNB uses a more efficient proof-of-stake consensus mechanism instead of proof-of-work.
The Binance Smart Chain has not only introduced BEP20 tokens but has also created an ecosystem for trading and earning from these tokens. Decentralized networks like PancakeSwap and BakerySwap offer platforms for trading, swapping, and staking BEP20 tokens, enabling users to profit from their investments. Binance also supports 34 pegged BEP20 tokens, further expanding its utility.
Due to these benefits, BEP20 tokens have gained widespread use and are an excellent choice for integrating into various businesses.
Why should crypto startups choose BEP20 tokens?
There are several compelling reasons for crypto startups to consider using BEP20 tokens:
Popular Blockchain
BEP20 tokens are based on the Binance Smart Chain, a well-known and highly regarded decentralized exchange with a substantial trading volume and market capitalization. This familiarity can build trust with users and attract them to your business.
Speed and Cost Efficiency
BEP20 tokens on the Binance Smart Chain offer fast and cost-effective transactions. They are built on smart contracts, ensuring decentralized, quick, and transparent transactions. Importantly, the gas fees for BEP20 transactions are significantly lower than those on the Ethereum platform, encouraging innovation and user participation.
Extensive Compatibility
BEP20 tokens are compatible with various applications and widely accepted across countries. They are both native and Ethereum compatible, and Binance Smart Chain’s cross-chain infrastructure allows for easy movement across different chains. This broad acceptance makes BEP20 tokens appealing to a wide range of users.
Market Trends
Binance constantly adds new features and tokens to its network to engage users with BEP20 tokens. The ongoing development and introduction of popular tokens through decentralized networks like BUSD, CAKE, SAFEMOON, and BAKE keep BEP20 tokens in trend and attractive to crypto enthusiasts.
Mass Adoption
Binance Smart Chain’s proof-of-stake mechanism allows for fast and high-capacity transactions, making it suitable for mass adoption. Users seek quick solutions and widespread acceptance, making BEP20 tokens a popular choice.
How to Create a BEP20 Token for Your Business
Creating a BEP20 token for your business can be straightforward if you have knowledge of the Solidity programming language, which is commonly used for token development. You can develop it on the Binance Smart Chain by implementing code. However, you must carefully consider factors such as token name, symbol, decimals, supply, and accessibility options before creating your token.
If you are not confident in your coding skills, you can hire a professional BEP20 token Development Company to create a well-structured token for your business.
Features of BEP20 Token Development
When developing a BEP20 token, several important features must be considered:
- Verified and bug-free source code compliant with BEP20 standards.
- Customizable token details.
- The option to choose token decimals.
- The ability to change token counts and access controls.
- Burnable token functionality.
- Compatibility with multiple blockchain networks.
- Design suitable for listing on exchanges.
- Provision of ownership rights and role-based control.
Cost to Create a BEP20 Token
The cost of creating a BEP20 token depends on various factors, including your business type and plan, the features you want to integrate, the token’s design, the number of tokens, project complexity, the size and location of the development team, token distribution, and support and maintenance requirements.
The approximate cost of creating a BEP20 token on the Binance Smart Chain can range from $5,500 to $8,000, including any additional services such as a mobile app wallet for both iOS and Android.
In conclusion
BEP20 tokens offer fundamental capabilities and advanced features, making them an attractive choice for startups and businesses with unique ideas. Launching your business with BEP20 tokens can lead to extensive recognition and profitable results. To get started, choose a reputable BEP20 token development company to create a token tailored to your project’s needs.