In general, each token is a type of digital currency created with a specific blockchain. Many blockchains worldwide now support specific tokens with certain standards, such as ERC-20 tokens based exactly on Ethereum blockchain and BEP2 tokens based on Binance Chain blockchain standards. Similarly, there are differences between the two measures. In this article, we intend to examine the type of user access, transaction approval, and token delivery system for each.
Differences between ERC-20 and BEP-2
In general, BEP-2 is a standard created after the ERC-20 standard by Ethereum and on the Binance Chain blockchain.
ERC is an acronym for Ethereum Request for Comment. To create a smart contract in Ethereum, you must follow the ERC-20 standards. Each smart contract is later used to develop a token or buy and sell it.
Among the most widely used Ethereum tokens are MKR and BAT.
Activities covered by the ERC-20 standard
1. Provides you with information about saving all tokens
2. It also has information about the total capital of the account holder.
3. This standard specifies how several tokens send to a specific address.
4. Withdrawal methods are also written and developed in this standard.
5. It also specifies the number of tokens sent to the contractor for the payer.
Advantage of ERC-20 standard
1. ERC-20 transactions are fast and integrated.
2. Confirmation of the transaction sets quickly.
3. The failure rate of the contract is as low as possible.
4. Implementing the ERC-20 process is simplified to connect to the web client and token.
BEP-20 Token Standard
On the other hand, BEP-20 and BEP-2 standards are written and set in the Binance Chain blockchain. These standards extend the ERC-20 standard and can be used for a share or a currency.
What is the advantage of BEP-2?
1. BEP-2 standard tokens are compatible with ERC-20 tokens and all platforms that accept this type of token.
2. BNB supports this standard.
3. The processes of this standard are supported through the BSC network.
4. It can also be exchanged for BEP-20 tokens.
5. Many wallets accept this standard.
What are the essential aspects of token development?
In general, any token that wants to develop according to one of the ERC-20 or BEP-2 standards must fully comply with the written contracts and defaults and be able to use the standard processes on the token.
Also, each token must have a maximum. In general, each token should be limited to measure competition.
There are different methods for extracting tokens that the developer can specify based on the ERC-20 or BEP-2 standard.
Tokens of both standards also have Burnt capability. This method works when the token supply depletes and the price is balanced.
So the main difference between ERC-20 token standards and BEP-2 is the blockchain that creates these. Other aspects are fully detailed in this article and you can choose one of theme for investment in cryptocurrency market.