Hey! It’s time to learn something new about the crypto industry. So what do we have for today’s lesson? Difference between BEP20 & ERC20!
Robi is ready to lead you through the difficult definitions easily and clearly! Let’s begin. 😉
First of all, BEP20 and ERC20 are popular token standards.
A token standard is a list of rules, conditions, and functions that allow the development of tokens on different blockchain protocols. It means you can create a cryptocurrency smart contract on an already existing blockchain according to the specific guidelines and principal characteristics such as the token’s total supply, transaction process, validation method, e.t.c. In this way, token standards simplify the process of launching cryptocurrency for dApps and help to avoid technical failures.
What is the base for BEP20 &ERC20 tokens? Keep on reading!
ERC20 token is derived from the Ethereum blockchain, the standard of its development. All tokens created and running on the Ethereum platform must adhere to the ERC20 token standard.
BEP20 token is developed on the BNB blockchain standard. All tokens on the BNB chain are necessarily based on it. This standard is compatible with BEP2 (one more popular token standard) and ERC20 standard, ensuring compatibility with the Ethereum Virtual Machine (EVM).
The BEP20 standard is also known as an extension of ERC20. That is why this token’s standards have many functions in common.
- Token Total supply
- Token balance of an address on the network
- Define how tokens are sent to an address
- Define how tokens are sent from an address
- Specify if multiple withdrawals will be and how
- Limit on the amounts of the assets that address can withdraw from another address
BEP- 20 has four additional functions which specify the following information:
- The name of the token
- The token symbol
- The number of digits after the decimal place
- The address of the token contract
Example for BEP-20 extension | Robust BSW token!
BSW is a native token of Biswap, launched on the BNB Chain network according to BEP20 standard.
The name of the token: BSW
Token symbol: ’BSW’
The number of digits after the decimal place: 18
Token Contract address: 0x965F527D9159dCe6288a2219DB51fc6Eef120dD1
The BSW token has a wide variety of ways to gain profit! All of these utilities can be used by you to increase your crypto yields.
💵 Trade BSW with the lowest 0.2% fee
💵 Get 3 TOP tokens & 700% APY via Multi-Reward Pool
💵 Earn BSW via Farms & Launchpools
💵 Boost your BSW via the Multi-type Referral Program
💵 Gain via BSW Integration on other platforms
Explore more about BSW via the link: https://bit.ly/3zSbVqO
Key Differences Between ERC20 & BEP20 Tokens in Usage!
The main difference between these tokens lies in gas fees. The gas fees of BEP20 tokens are cheaper compared to ERC20 tokens. When you make ERC20 tokens transactions, you have to pay ETH, which has a high price. Analogically, you have to pay BNB, which costs less, to make transactions with BEP20 tokens.
Another difference between RC20 and BEP20 tokens that is notable for users is their transaction speed. BEP20 transactions happen very fast, approximately 3 seconds. For ERC20, the traction duration lasts about 15 seconds which is five times longer than the BEP20 case.
Take a minute to summarize main points:
Swap BEP20 tokens on Biswap DEX | The Best Exchange experience!
Biswap DEX is built on the BNB Chain, and more than 100 BEP20 tokens are officially listed on Biswap! So you can experience BEP20 tokens swaps via high-level service and exclusive benefits:
As you can see, there are many similar technical characteristics of BEP-20 and ERC-20 tokens. But still, as a user, you experience a difference while using them. It was an overview of the basic aspects. So you are free to decide which tokens are more truthful and convenient by doing your own research.
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