It is difficult to keep up with the constant new developments and launches in the blockchain industry, as blockchain technology keeps introducing new developments. The blockchain ecosystem has been introducing various new types of cryptocurrencies and tokens daily. Blockchain has major two types of platforms to develop tokens and coins for cryptocurrencies. These platforms are Ethereum and Binance smart chain exchanges.
In this write-up, we’ll share authentic knowledge about Binance smart chain exchanges. So let us get started!
Binance is a well-known platform for token development. It got huge acceptance in a short time. With the increasing popularity of the Binance token, ERC-20, in 2019, it got the title of Binance coin BNP.
It is a network based on the blockchain to run smart contract applications. Binance launched its public blockchain named the Binance chain. Thus, the Binance chain is an exchange platform to exchange cryptocurrencies.
The Binance Chain is a decentralized exchange platform for exchanging crypto assets. Moreover, it allows users to develop decentralized applications on top of the chain. It charges a low transaction fee with a transparent and decentralized blockchain. Using Binance Chain, you can store your crypto funds securely and create trading pairs with other cryptocurrencies.
Binance Smart Chain
After introducing the Binance blockchain and coin, the journey did not stop there. It kept going on and Binance launched another blockchain in September 2020. As Binance does not support Ethereum, the developers develop the Binance smart chain exchanges with the Ethereum virtual mechanism (EVM). It introduces its mechanism to facilitate the development of coins and the trading of digital assets in the form of the Binance Smart Chain.
Difference between Binance smart chain and the Binance chain
BSC works as the parallel blockchain to the Binance Chain. BSC is an Ethereum Virtual Machine (EVM) compatible BSc smart contract platform, unlike the Binance Chain. Even if the Binance Chain went offline, this blockchain would continue to function.
If we talk about the consensus mechanism, they both use Binance Chain uses delegated proof of stake (DPoS), whereas Binance Smart Chain uses proof of stacked authority (PoSA).
The working parameters of both chains are parallel. They designed their functions to perform together. Decentralized exchange, smart contracts, decentralized applications, and lower transaction costs are all provided by them.
What can you do with Binance Chain?
- Send and Receive BNB (Binance Coin)
- Issue New Tokens to Digitalize Assets
- Use Binance Chain as the Underlying Exchange Network for your Assets
- Send, Receive, Burn/mint, and Freeze/unfreeze Tokens
- Create Trading Pairs with Different Tokens
What can you do with the Binance Smart Chain development?
- Send and Receive BNB and Other BEP2 Tokens
- Investigate Transaction History and Blocks via API
- Stake BNB and Earn Block Rewards
- Issue new Tokens to Digitalize Assets
- Become a Validator for BSC
Token Standards of Binance Smart Chain
Binance Smart Chain development is the dedicated blockchain designed to operate smart contracts. The BSC and BC work in collaboration on the first blockchain of the Binance crypto exchange.
Ethereum has a set of standards for developing tokens and coins. Similarly, Binance also offers Standards to launch coins or tokens. The most widely used token Standards are BEP-20 and BEP-721.
– BEP20 Token Standard
BEP20 is a token standard of the Binance Chain, considered the extended version of ERC20. It identifies some basic rules to develop and launch tokens on BSC. It also offers the creation of utility tokens, stablecoins, and Peggy coins.
– BEP721 Token Standard
BEP 721 is a token standard of the Binance Smart chain, which offers the creation of NFTs. We also know it as the extended version of the ERC721 token standard, the most widely used token standard.
How Do Measure the Cost of BSC Token Development?
The cost is the foremost thing that comes into your mind when you think of token development. This is the most critical phase of project development. Here, we have a few factors that can help you determine the cost of creating a BSC token.
- What Type of business and use cases you are following?
- What token features are important to add to operate?
- The outer look or token’s appearance
- How many coins are required for development?
- The complexity of the project
- The number of people in the token development team
- The geographical location of the token development company
- Testing of coins
- Distribution of tokens
- Post-development support by a development company
Launching your cryptocurrency could be an exciting venture to get into the profit generation stream. For a reasonable launch of the cryptocurrency, explore different platforms based on your budget and interests. Binance smart chain is the best option to choose from with more effective perks.
If you have an idea to launch your token on Binance smart chain, contact Hashlogics. We have a proven record of developing Binance smart chain exchanges and tokens for cryptocurrencies. Therefore, start turning your dream currency into reality with Hashlogics right away.