A token is a cryptocurrency that is developed with customized features by using an existing blockchain. These coins are usually built by companies to use for secure digital asset-holding purposes. But they use the existing blockchains to develop these tokens instead of initiating the whole process from the scratch. With the growing popularity of smart contracts and tokens, BEP20 and ERC20 tokens are far more popular tokens used in blockchain development.
ERC20 and BEP20 are crypto tokens in blockchain development. An ERC20 token is completely created using the powerful Ethereum blockchain. While BEP20 is a common standard for creating crypto tokens using Binance Smart Chain.
FUNGIBLE TOKENS
Fungible tokens are digital codes of assets that are non-divisible non-unique. These tokens hold the non-unique value which means their values cannot be constant. Tokens and coins are the best examples of fungible tokens. ERC 20 and EBR20 are standers of fungible tokens also known as crypto tokens.
A token is a cryptocurrency that is developed with customized features by using an existing blockchain. These coins are usually built by companies to use for secure digital asset-holding purposes. But they use the existing blockchains to develop these tokens instead of initiating the whole process from the scratch. With the growing popularity of smart contracts and tokens, BEP20 and ERC20 tokens are far more popular tokens used in blockchain development.
ERC20 and BEP20 are crypto tokens in blockchain development. An ERC20 token is completely created using the powerful Ethereum blockchain. While BEP20 is a common standard for creating crypto tokens using Binance Smart Chain.
FUNCTIONS OF CRYPTO TOKENS
- Process transactions
- Acting as a store of assets
- Facilitates buying assets on an online platform
- Voting on a decentralized application (dApp)
- Raising money
ERC20 TOKEN
ERC20 is a common Ethereum based digital crypto token.ERC20 is a widely used standard for creating crypto tokens and it defines a set of rules that apply to all Ethereum-based tokens. The crypto tokens of blockchain development that are developed by using the ERC20 standard are called ERC20 tokens. Here is the list of a few widely known Ethereum tokens such as Maker (MKR), Basic Attention Token (BAT), and more.
- Bytom
- VeChain
- OmiseGO
- Aeternity
- ICON
BEP-20 TOKEN STANDARDS
The Binance Smart Chain was initially coined as an alternative to Ethereum. BEP-20 is a Binance Smart Chain-based token that extends the most common Ethereum token standard. It provides a flexible framework to the developers to launch a range of different tokens. Which can help programmers to launch tokens of all varieties on the Binance Smart Chain.
ADVANTAGES OF BEP20 TOKEN
- BEP-20 tokens are identical with both BEP-2 and ERC-20 originated by BNP.
- It built tokens using the BEP-20 standard to be used within the BSC network.
- A native token of the Binance Chain is identical to BEP 20.
- It enjoys the support of BEP-20 tokens
- BEP20 followed the token standards of ERC20.
- BEP20 tokens also include Binance Coin (BNB), PancakeSwap (CAKE), and the Quidax Token (QDX).
POPULAR ERC20 TOKEN TO BUY IN 2022
- Bust
- Cack
- Bake
- SXP
- Alpha
- WBNB
- Bux
- Burger
- R.E.A.M
DIFFERENCE BETWEEN ERC AND EBC
- Cheaper gas fees
- Quick transaction
- Better security for ERC20 tokens
CHEAPER GAS FEES
The gas fees are the prime difference in both chains of tokens. When you make a transaction using an ERC20 token, you have to pay more gas fees in Ethereum, because the Ethereum gas fee is usually costly. But, if you’re transacting with a BEP20 token, your gas fees are paid in BNB which is considered cheaper than Ethereum.
QUICK TRANSACTION ON BEP-20
The execution period of BEP20 transactions is minimal which is 3 seconds per transaction. But ERC20 transaction period is 15 seconds which is far higher than the BEP transaction.
BETTER SECURITY FOR ERC20 TRANSACTIONS
Due to the quick transaction of BEP20, ERC20 tokens are considered more reliable because it takes a longer verification time in the transaction. Which ultimately minimizes the risk of fraudulent transactions.
IMPORTANT ASPECTS OF TOKEN DEVELOPMENT
- Compatibility
- Listing of tokens
- Low transaction fee
COMPATIBILITY
While developing token ether it is ERC20 token development or BEP token development, the tokens must be designed in the compatibility of ERC20 or BEP-20 standards.
LISTING OF TOKEN
Token development should also cover the listing feature on exchange to perform well.
LOW TRANSACTION FEE
Token development must come with low transaction cost so that your consumers should not pay large gas fees.
IDENTIFYING THE COST OF DEVELOPING THE TOKEN
The cost of creating an ERC20 or EBC20 token plays a major role.
Here cost analysis is dependent on a few things listed below:
Features of token
- The design of the token
- Number of tokens
- The complexity features of the token
- Role of team lead and their location in ERC20 token development
- Token testing for successful delivery
- Distribution mechanism of the token
FINAL THOUGHT
At Hashlogics, we are skilled in token development based on token standards like BEP-2, BEP-20, and ERC-20. Having a hub of seasoned blockchain developers, we can help you with Binance Smart Chain and Ethereum coin Development.
Connect with us to get a quote based on your subject.
