Create Your Own BEP20 Token on Binance Smart Chain (BSC)
Binance Smart Chain is a common blockchain network that allows the operation of Smart Contracts and the building of cryptocurrencies. The standard for these tokens to follow is known as BEP20. In this article, an explanation of the BEP20 Token will be discussed. Let’s get started.
After the first launch of the first crypto coin, Bitcoin, the market is filled with over 8,000 cryptocurrencies today. The Ethereum blockchain is one of the popular platforms used by developers for their token development because of its security and high-end flexibility. ERC-20 is a common name given to the tokens developed on this blockchain and they follow the specifications of the technology. There are different standards used during token development, however, ERC-20 is one of the most common preferred by developers. Another standard often used in the recent token development is BEP20.
BEP20 is the set of standards used for tokens developed on the Binance Smart Chain. Currently, this standard is listed as the second most popular in the industry and it is more preferred due to its speed and efficiency. Although there are differences between the two standards, BEP20 still exhibits the same features as ERC-20.
The BEP20 Token development process is quite easy, faster, and cheaper when combined with ERC-20. It’s interesting to know that the development process can be carried out by a non-technical individual when creating a basic BEP20 token. However, an advanced token will require an expert token developer. You should consider developing a token with this standard because of its prospects.
Winmotto Solutions is a pacesetter company for BEP20 Token Development. We specialize in developing the BEP20 tokens on the Binance Smart Chain for individuals to launch their cryptocurrencies and tokens. There are lots of unique features of the BEP20 token development as explained in the next section.
15Staking & Rewards Campaigns
This is one of the most unique features of this token standard. The BEP20 standard is compatible with other coins on the Binance Chain, also Bep2 coins. For example, as a user of this Binance blockchain, you can easily transition between the Binance smart chains and the Binance chain. This makes the process easier for lots of users.
Supports DPOS and POS
Ethereum blockchain is known for the Proof-of-Stake mining process. However, many new blockchains are adopting this process due to its numerous advantages and less gas fee payment for users. The Binance Smart Chain uses the BEP20 which supports the Distributed Proof of Stake (DPOS) and Proof of Stake (POS).
Reduced Transaction Fees
One of the biggest problems faced by users on a blockchain network is transaction fees. The first crypto coin and blockchain consumed lots of transaction and gas fees, but recent innovations are working to reduce the fees. On the Ethereum blockchain, the fees are reduced but lower on Binance Smart Chain (BEP20 token).
The operations in the crypto industry are decentralized, unlike the traditional market. this ensures a direct peer-to-peer interaction between users. The BEP20 token is also decentralized, which makes it operate with permission or third-party monitoring.
Swift Transactions and High Scalability
The scalability rate of BEP20 tokens is very high and transactions are processed within split seconds. This is another reason for the high acceptability of the token development standard.
Trading BEP20 tokens is also very swift and requires less effort.
Acceptable on Exchanges
The rate of users of these BEP20 tokens is quite high and this makes the tokens easily listed on exchange platforms. If you are familiar with the crypto market, you’ll perfectly understand the importance of listings on popular exchange platforms. BEP-20 tokens easily pass this stage without stress.
How to Create your BEP20 Token
The creation stage of a token is quite easy with the Winmotto Solutions Binance Smart Chain Development Company. There are some basic requirements important to your creative process. The first here is the token name. there are lots of tokens now and you have to form a unique name for your new development.
Thereafter, the token symbol is very important. Discussing the initial supply and decimal points are the last requirements to decide on. These four requirements are foundational to token development as it defines the need solved by the token.
There are other options to decide on for the token. features like burning the token, minting the token, and token pause will be discussed as well. The successful completion of these considerations leads to the major steps in the token development and these are discussed below.
Steps involved in BEP20 Token Development Services:
There are five major steps we follow to develop your BEP20 token. These steps are Wallet Integration, Multi coin Wallet enabling, Depositing BNB, and Smart Contract Code Compilation.
Wallet integration is the first step you have to follow in developing a crypto token for your business. This process allows your users to exchange their crypto coins and tokens on a secure platform and it is mostly API-driven.
Multi coin Wallet Enabling
The crypto wallet is the storage space for your users’ coins. After the wallet integration step, you have to enable the multi coin wallet feature. This multi coin wallet delivers the specific functionalities to the direct framework used. The BEP20 on the Binance Smart Chain gives the users a wide variety of framework opportunities.
Deposit your BNB
The next step for you is to deposit the accepted cryptocurrency. For the Binance Smart Chain, the coin for operation is BNB. The BNB will automatically activate the option to compile the necessary codes for the Smart Contracts.
Smart Contract Code Compilation
Smart Contracts will be created from the codes compiled with the BNB coin. smart contracts help eradicate volatility and immutability in the process. Volatility is a general feature in the crypto market. BEP20 tokens have a high rate of stability despite the fluctuations in the market. here, we make use of Solidity language because it helps developers establish strategies within the classes.
The processes may be quite technical, that’s why we are here to help you. really, there are numerous token development service companies around but you need more than that. Selecting the best company for your token development project is very important. Working with Winmotto Solutions, the best BEP-20 token development company assures you of quality tokens and satisfaction. Our BEP-20 developers take up the responsibility of building your BEP20 token at a reduced price.
How Much does it Cost to create a BEP20 Token?
The features of each BEP20 token vary and this determines their prices. Therefore, giving a standard price will be quite difficult. However, here’s a list of the features that could reduce or increase the price of your token:
- Support and Maintenance
- Number of BEP20 tokens to be created
- Special features of the BEP20 token
- Business Model for the BEP20 Token
- Location for the BEP20 token service provider
- Creation and Testing process for the BEP20 token
- Distribution process of the BEP20 Token.
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