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BEP-20 like Token Development on Binance Smart cross-chain

Every year, the cryptocurrency landscape produces innovative and contemporary developments that challenge the current system and offer upgrades, especially in the Decentralized Finance space. One such recent development was the Binance Smart Chain - the Binance Chain’s equivalent, but offering incentives and benefits never before seen in the Decentralized Exchange spectrum. Our current product of interest is the standard token on the Binance Smart Chain (BSC) is the BEP-20 token. The BEP-20 token has a slew of benefits that make it a lucrative investment, and businesses looking to launch their own BEP-20 token are on the right track.

At Blockchain App Factory - a seasoned developer and connoisseur of all things Blockchain and DeFi, we create, develop, and launch prolific BEP-20 like tokens on the Binance Smart Chain. Having spent several years in the development industry and has launched products like DeFi smart contracts, Lending and Borrowing platforms, Yield farming, Token, and Tokenization development, our expertise has no bounds, making us the capital choice for your BEP-20 token development services.

Binance Exchange - The most popular Cryptocurrency Exchange

One of the most prominent cryptocurrency exchanges today, the Binance exchange boasts of a high trading volume for a myriad of cryptocurrencies like Bitcoin, Ethereum, Litecoin, and now Altcoin. It offers its users benefits like high liquidity, low transaction fees, and extra discounts for those trading with its native cryptocurrency BNB. Offering services like trading, listing, withdrawing and fundraising, Binance has launched its own blockchain network called Binance Chain, hosting a series of conveniences. The Binance Chain was specifically designed to support Binance DEX. Its primary goal was to facilitate faster transactions. Apart from that, the network allowed users to issue new tokens on the chain, send, receive, and mint tokens, creating trading pairs between two different tokens to name a few. With this network, the Binance DEX holds the capability to handle trading volumes much higher than centralized exchanges.

Binance Smart Chain - The sister network of Binance Chain

The Binance Smart Chain was built in tandem with the Binance chain. It runs parallel to the Binance chain and can also be considered an update to the existing network. It permits creating smart contracts on the blockchain and allows for new staking mechanisms to BNB. The Binance Smart Chain creates a network for traders, validators, token holders, and developers, who can enjoy the utility of both the Binance Network and the BNB token.

Another notable feature of the Binance Smart Chain would be its EVM (Ethereum Virtual Machine) integration that allows users and developers to deploy Ethereum decentralized applications or dApps on the Binance network. Following a Proof of Authority Consensus (PoA) mechanism and a 5 second block time, BSC furnishes its users with high-speed transactions that cost the participants on the network little to no money.

Manifold benefits of using the Binance Smart Chain Network

  • Enables creation of Smart Contracts
  • Robust staking mechanism for BNB
  • Broadens the utility of Binance Chain and BNB
  • Cheap transaction fees
  • Prolific ecosystem for validators, token holders, developers, and other users
  • Provides enhanced performance and copious room for innovations and upgrades
  • Increased reliance and acceptance of BSC for Decentralized protocols and applications
A compelling feature that is worth mentioning separately is the cross-chain compatibility aspect of the Binance Smart Chain. Since dual-chain architecture is employed in building this network, users can swiftly shift between different blockchain networks, facilitating rapid trading. This interoperability also allows for the swapping of BEP-2 and BEP-8 tokens with BEP-20, a sought-after feature.

The BEP-20 token and its umpteen benefits

The BEP-20 token is the native, standard token on the Binance Smart Chain Network. It takes after the Ethereum token ERC-20. This token’s main purpose is that it functions as a blueprint or framework that other tokens utilize and defines how tokens can be spent, who can spend them, and other regulations for its utility. This format is quite flexible and stands as an advantageous framework for developers to design and develop their own tokens. Therefore representation of anything in the likes of shares, fiat currencies, etc., is possible.

Listed below are the advantages and benefits of the BEP-20 token that makes it a worthy business investment.
  • The BEP-20 token is analogous to the Binance Chains BEP-2 token and Ethereum ERC-20, making it compatible with both platforms.
  • The BEP-20 tokens are backed and fuelled by BNB.
  • This stands as an incentive for traders and users to continue transacting on the Blockchain because they receive BNB as an additional fee.
  • BEP-20 allows other tokens within the BSC network to function on other DeFi protocols ranging from wallets, Decentralized exchanges (DEX), dApps, etc.
  • BEP-2 tokens can be swapped for their BEP-20 counterpart.
  • Wallets like the Trust wallet support the BEP-20 token so users can, with ease and accessibility, store and draw assets.
  • The creation of native tokens on the BEP-20 token can be facilitated.
  • Other tokens from different blockchains can be pegged on the BEP-20 token to be utilized on the Binance Smart Chain. This concept is known as “Peggy Coins,'' which are simply BEP-20 versions of other tokens, i.e., the pegged token.

All-inclusive features of our BEP-20 token development

Compatible tokens

The tokens that we develop are completely compliant with the standard BEP-20 token and adaptable with all BEP-20 Wallets. Our tokens will have names that can be customized, symbols, and the designated amount of decimals.

Token Cap

The number of tokens that are generated is predefined. So the users who buy tokens will have the assurance that more tokens than the declared amount will not be minted.

Token minting

You, as the token owner, will be able to mint tokens when and if necessary. You can also stop generating tokens if you wish to inflate the token value.

Token burning

With our BEP-20 tokens, you have the option to burn them if you want to reduce the circulating supply of them.

Ownership rights

As the owner of the tokens, you will have governance over the minting and burning rights to your tokens. It is your call to make.

Role-based access

Addresses to the Admin role and Minter role can be edited whenever you, as the token holder, deem fit.

Blockchain App Factory is a prodigious developer of BEP-20 like token on BSC

Having developed and launched a multifold number of applications and projects within the cryptocurrency and prolific DeFi ecosystem, we have the experience and proficiency required to take your BEP-20 token development project to mammoth heights. We closely follow the cryptocurrency landscape that is exponentially growing, and the latest trends reveal that the global blockchain market size is expected to surge USD 39.7 billion by 2025, at an effective Compound Annual Growth Rate (CAGR) of 67.3% during 2020–2025- In such a lucrative environment, launching BEP-20 like token is a prudent investment.

With several years of expertise up our sleeves and solutions that are completely scalable and customizable, our BEP-20 token development platform on the Binance Smart Chain is doubtless an astute choice. Give us a call soon or write to us so we can partner with you to take your venture in the right direction.

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