Should I go with BEP2 or BEP20?

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.

Acquisition and Trading

Trading the financial market is one that has  brought so many to achieving their dreams of becoming successful in life.However, it is not as simple as it may seem to be. The financial market is one that is very tricky and can as well lead so many to becoming poorer than they were without the proper knowledge of how its functions. It is a largely broad and volatile market that needs to be studied before making an entry or executing  a trading. The financial market encompasses trading of just currency pairs and news… It is way beyond your nation’s economic system, hence deals with other foreign national economies, currency, financial policies, and banking ministries as well. 

Over the years we have seen organizations that go into bankruptcy and have no other option than to be sold or either merged with another organization that is financially capable of buying it off. This is a system that is often seen in the world of finance and trading. Acquisition of commodities, companies, etc. is a vital aspect of trading. Shares, bonds, and stocks are the common trades that have been traded.We can see the revolution of technology coming into play by the introduction of the blockchain tech and cryptocurrency, NFts, and metaverse lands are now sold and bought as digital assets on crypto exchanges. Not completely ignoring the era of gold, silver, diamonds, crude oil, etc. that are now tradeable through foreign exchanges (Forex).

Do I choose BEP2 or BEP20?

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.

What is BEP2?

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).

What is BEP20?

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.

Key Differences Between BEP2 and BEP20

Here are key features between BEP2 and BEP20 that will surprise you.

• Some cryptocurrency wallets applications do not support BEP2 tokens, While a wide range of these wallets softwares supports BEP20.
• BEP20 tokens are very cheap and easy to trade, unlike the BEP2 tokens which are very expensive to trade with a high rate of gas fees.
• With respect to the development aspect most developers prefer BEP20 than BEP2 because BEP2 does not support smart contracts while BEP20 does, making it the most built on and used token standard. And in the world of blockchain technology and cryptocurrency smart contracts are useful and needed as they help in the better functionality and development of DApps.

Features of BEP2

• The BEP2 token standard represents a wide range of digital and tradable assets.
• The BEP2 tokens can only be traded on the Binance decentralized exchanges built on the BSC chain.
• The BEP-2 standard also defines some of the basic and most essential features of tokens issued on BNB Beacon Chain. BEP2 is more of the Binance chain, While BEP20 is of the Binance smart chain.

You can get more resource from this link: Binance Academy

Features of BEP20

The BEP20 token standard has a wide range of feature such as;

• Fast speed transaction and highly scalable
• Cheap gas fee.
• Zero Intermediaries. 
• Totally Decentralized.
• Smart contract, You can get more information from this link resource. Features of BEP20

Use Cases for BEP2 and BEP20

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.   

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.

Official Link

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