Binance Chain, the blockchain network of Binance, offers two token standards – BEP2 and BEP20. While both are similar in terms of their function, there are some key differences that you need to consider before choosing one over the other. In this article, we will discuss the differences between BEP2 and BEP20, and help you decide which one to choose.
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BEP2 and BEP20 are built on the same blockchain with an interoperability between each other, so choosing between BEP2 and BEP20 solely depends on you and if your funds are on any of the above mentioned token standards.
BEP20 is widely used than BEP2 because it is the most common and built on token standard on the BSC chain, not only is it the most built on token standard but also the most traded as well. So when making a decision to choose between either BEP2 and BEP20 also considered their wide use case and trading volumes in the crypto market.
BEP2 is a token standard on the BSC chain, it is a technical token standard for the issuance of a token. This standard has its own set of rules that serves as a guild for the development of any token on its standard. It is common in the development of crypto tokens on another blockchain so as to function as it should. BEP2 is not just a software but also a set of technical specifications on the BNB beacon chain (BSC).
BEP20 is a defined token standard that is widely used and built on the BSC chain, extending some features of the ERC20 token standard such as the development of smart contracts. You can think of the BEP20 tokens standard as the blue-print of the ERC20 token standard. The BEP20 standard has its set of rules, by which a token can be developed and function on its chain with the aid of smart contract deployment. Nevertheless, unlike the ERC20 tokens standard the BEP20 tokens standard have a cheaper gas fee and fast transaction feature which the ERC20 tokens standard does not.
Here are key features between BEP2 and BEP20 that will surprise you.
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The BEP20 token standard has a wide range of feature such as;
The use cases of both BEP2 and BEP20 token standards are very similar as they are built on the Binance blockchain, the slight difference between them is that the BEP20 token standard uses a set of development rules that has the smart contract feature. As this aid for the development of DApps, protocols, and token development.
While the BEP2 is more of strict digital assets collectibles and in a way seems centralized. However, developers can as well build their tokens on the BEP2 set of rules more like an issuance or token implementation but it does not support smart contracts.
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