What is a bep-20 token?

BEP-20 tokens represent a diverse range of crypto assets that don’t have their own blockchain but reside on top of the Binance Smart Chain (BSC). BEP-20 is a technical standard that emerged to use for all smart contracts on the Binance Smart Chain for token implementations. How to receive BEP-20 tokens?

What is BSc & bep20?

The BSC works in parallel or in collaboration with the Binance Chain, the first blockchain of the Binance crypto exchange. BEP20 basically refers to a token standard used for creating tokens on BSC, just like ERC20 for creating tokens on Ethereum. It is a critical tool for facilitating smart contract development on the Binance Smart Chain.

What should I know before creating a bep20 address?

The first thing you need to know before creating a BEP20 address would point at the definition of the BEP20 standard. It is a token standard for Binance Smart Chain and works like the ERC20 standard in many ways. The token standard specifies some clear rules for all BSC-based tokens.

Is bep20 a better alternative to ERC20?

Binance Smart Chain introduced the unique BEP20 token standard, which has been gaining unparalleled recognition in the web3 developer community. Interestingly, some developers have claimed that BEP20 is a better alternative in comparison to the ERC20 token standard on Ethereum.