BNB Smart Chain based Token Creation like BEP-20 token is something that will be welcomed by every crypto enthusiast who would like to start their own project in the newly launched Binance Smart Chain. We, all know Binance as the leading Crypto Exchange in the world and presently the Binance has Launched BNB Smart Chain. This Blockchain is run in a parallel manner to the existing Binance chain without altering the current ecosystem.
Below you can find the Complete details about Binance Smart Chain ecosystem that supports smart contracts and why to opt for BNB Smart Chain based Token Creation like BEP-20 for the newly launched Binance branded Blockchain.
The Binance Smart Chain empowered with dual-chain architecture helps the participants of the Binance ecosystem to deploy Smart contract based Decentralized Applications. Because of this reason, the Binance Smart Chain is now suited to serve as a new stage for Decentralized Finance protocols.
We, Pulsehyip one of the Top DeFi development Company have extended our services to create BNB Smart Chain based token like BEP-20. Before hand lets get into the details of Binance smart Chain and BEP-20 Token.
Functionality of BNB Smart Chain
Binance Smart Chain takes up the functionality of Binance Chain with added support of high performance Decentralized Applications. It also enables the Staking mechanism for BNB, thus any individual or organizations can surely gather the BNB Stakes to rise as a validator of the BNB Blockchain.
In essence, the BNB Smart Chain supports smart contract functionality and is also highly compatible with Ethereum Virtual Machine or also called as Ethereum Network.
Since its compatible with EVM, it ultimately stands as a stage to support the Ethereum tools and DApps. Factually, this makes it easy for the developers to port their projects from Ethereum. Users can use the applications like metamask in the Binance Smart Chain (BSC) when its configured to work in such manner.
Working Rule - Explained
Binance Smart Chain achieve rapid block times with the Proof of Stake Consensus Algorithm, which utilizes a process known as Proof of Staked Authority (PoSA), that enables the participants who stake BNB to become validators. The users who propose a block will be able to earn a transaction fees from the transactions included in that block.
Unlike other Blockchain protocols there won’t be any subsidy for newly created BNB, as BNB is not used as a inflationary digital currency.
.Here is the Gest of Binance Smart Chain-
Use of Proof of Stake (POS) consensus
Cross-Chain Contract Event (Trade, Transfer)
Block time ~5 seconds
Bridged interoperability with Ethereum Virtual Machine (EVM).
High performance and low fees blockchain platform
Ability to implement smart contracts
And the newly proposed usecases of BNB Tokens include execution of transactions, mode of payment for transaction charges, For proposing and voting on new trading pairs, staking for governance on the chain etc.
Cross Chain Compatibility in Smart Chain
In Cross chain compatibility that is supported by the Dual-Chain Architecture, not only the individuals get to transfer assets from one blockchain to other, but also they will be exposed interoperability that can cater to myriad of use cases.
This also allows the swapping of BEP-2 and BEP-8 tokens for BEP-20 tokens, the new standard introduced for BSC. This format completely similar to ERC-20 Tokens. This uses the same functions as the Ethereum counterpart. The user can transfer the tokens from either chains by using the Binance chain wallet
Benefits of Binance Smart Chain for the Users
This system can be said as a New Decentralized Machine with numerable assets. Some of those are listed below.
Cheap transaction fee which is as low as 1 cent
Very high performance with a network that’s capable of producing a block in every three seconds
Supports cross chain DeFI mechanisms that will increase the DeFI interoperability.
The Binance ecosystem also supports the funds and bootstraps of many other DeFi Projects.
Includes a Big growing ecosystem of millons of users across Binance and Binance DEX
BSC adds up as a strong pillar to the Binance network that already houses major crypto projects.
Binance Smart Chain and DeFi Revolution
The launch of Binance Smart Chain in a time of DeFi revolution has increased the public interest in a over all manner as an alternative financial solutions powered by Blockchain. The DeFi Projects can leverage the best that BSC has to offer with smart contract support and cross chain interoperability along with many other advantages that BSC brings. Because of this reason the Smart Chain community welcomes the DApp developers and projects to this new field.
Read more about DeFi Development!!
The BEP is issued as an interface stand in order to create token contracts on Binance Smart Chain.
Binance Smart Chain has launched the BEP-20 token standard like an extension of ERC-20, which is the most common Ethereum token standard. It’s like a blueprint for the tokens that defines the way they can be spent, who can spent them and also the other rules of usage. Because of its similarity to the Binance Chain’s BEP-2 and Ethereum-20, its compatible with both.
"The BEP-20 token was conceive mainly as a technical specification for Binance Smart Chain, along with a flexible format for developers to launch a range of Different Tokens. This can be for anything, ranging from shares in the project to the dollars stored in a vault."
This reasons to why one could equally create a native asset as BEP-20 token. One can even peg the token from other respective blockchain to make them useable on the Binance Smart Contract.
If you are to launch a new project in the Binance Smart Chain with a featured Token like BEP-20 to run the smart contract powered Blockchain platform, then you can develop your own token similar to BEP-20. Since BSC supports the creation of smart contracts for tokens on the Binance-branded blockchain, launching a new BSC token in the platform can be beneficial to your new project. These tokens will be Fungible as well as Flexible based on the requirement of its applications. They can be used as digital collectibles or represent fine art and property rights.
Pulsehyip, the leading Crypto token Development Company can help you launch a token similar to BSE-20. Since we hold expertise in developing Smart contracts and Blockchain, we can very well support and guide you in launching your own BEP based Token. Our Team of Experts can help you Launch the Token within 5 days!