Is BEP20 a Binance network?
This article explores the BEP20 network, providing an in-depth understanding of its features, benefits, and how it compares to the ERC-20 standard.
Is BEP20 a Binance network?
Yes, BEP20 is a Binance network, and it also stands for the token standard of any project that wishes to build on the BSC blockchain. The BEP20 token enables operators or users of the network to conduct a crypto transaction in a fast, cheap, and effective way without hindrance or network bugs of any kind. Unlike the ERC20 network, this system charges a higher fee for a minor transaction, it mostly occurs when the network is congested and for the top layer of the ETH blockchain to carry a transaction successfully one has to pay a higher gas fee. So far the best between the ERC20 network, and the BEP20 network making a choice between these two networks personally the BEP20 network is the best.
What is BEP20?
BEP20 is a token standard of the BNB smart chain (BSC) this network was built out of the need to solve the shortcomings of the ETH network and provide a better-improved network system for developers and users of the ETH network. This token standard aid in the development of smart contracts for developing blockchain technological projects that are aimed at building on the BSC blockchain and also provide revolutionary solutions that can help enhance users’ experiences on the BSC network.
Key Features of BEP20
The key features of the BEP20 are:
- The ability to write and re-write smart contracts.
- Cheap transaction fees.
- Fast transaction time of 3 sec.
- No intermediaries.
- The BEP20 network is entirely decentralized (immutability of the network.)
- Lastly, The BEP20 network has a very flexible system that enables developers to build and launch various tokens on the BEP20 token standard with DeFi protocols and use cases.
Comparison between BEP-20 and ERC-20
- BEP20 has a Low gas fee transactional method- ERC20 has a higher gas fee transaction plus operational method. This is due to the proof of stake authority.
- BEP20 has a 3-sec speed transaction system- ERC20 has a 5 minutes transaction time according to coinlist.
- BEP20 was built out of the need to provide solutions to the issues on the ERC20 network- ERC20 was built out of the need to criticize BTC’s infrastructural system and provide options for developers to build decentralized protocols and DApps.
- The only thing the BEP20 and ERC20 network share in common is the ETH network address format.
- BEP20 has a lower block time and higher throughput ability unlike the ERC20 network, this is due to the underlying infrastructural system.
About RoboFi
Robofi is a Defi platform that envisions a marketplace for revolutionary Dao crypto trading bots. Through its IBO (Initial Bot Offering) system, community members can maximize their earnings in an easy, simple, and secure way. We create a safe and transparent environment based on blockchain technologies that help developers bring crypto trading bot platforms to the market. In addition, individuals will have easy access to these bot applications, thereby generating more earning opportunities. RoboFi ecosystem is fueled by the VICS token.
About VICS
VICS token has a distinctive and enticing concept. VICS is the BEP-20 token, built on the Binance smart chain. It is a core utility token in the RoboFi ecosystem, the reliable crypto trading bot marketplace. One important utility is to own the governance token of DABots and participate in an IBO (Initial Bot Offering) to receive additional incentives. VICS is available on major exchanges for trading.
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