Crypto Terms:
Letter B
What is BEP-20?
Meaning:
BEP-20 -
a token standard for using tokens on the Binance Chain.
Let's find out BEP-20 meaning, definition in crypto, what is BEP-20, and all other detailed facts.
BEP-20 is an administrative model developed for using tokens on the Binance Chain. In other words, it is a set of regulations dictating the token's overall usage, and how it can be traded. It was developed with the aim to allow developers to launch different tokens through an adaptable token version.
The most commonly used token standard is ERC-20. However, BEP-20 is compatible with ERC-20, since BEP-20 was formed based on the Ethereum token standard. Thus, the code of the operations defining the BEP-20 standard is a variation of the ERC-20 code.
BEP-20 provides the fundamental configuration - seeing the owner of the token, returning a balance, trading, etc. By creating this token variation, the focus was to upgrade the protocol and keep the fast performance, as well as the price of the transaction. The BEP-20 tokens can become dollars kept in a bank cellar or even shares within the business.
Besides, it's possible to attach tokens from other blockchains to BEP-20 in order to make them function on the Binance Smart Chain.
Binance Smart Chain. The most important aspect is that it enables the development of <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-non-fungible-token-nft/">non-fungible tokens (NFTs<\/strong><\/a>). Moreover, the very first network that created a standard for NFTs is the <a href=https://www.bitdegree.org/"//crypto//buy-ethereum-eth/">Ethereum network.<\/p>\n<p>To be exact, collectibles or real estate tokens have a clear value. The <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-supply-and-demand/">ERC-721 token refers to these particular tokens that represent the ownership of NFTs. This is a great function since the popularity of non-fungible tokens is rapidly growing. It’s only reasonable that a variety of ecosystems follow along.<\/p>\n<p>BEP-721 tokens can showcase <strong>antiques, collectibles, items discovered in a game, physical and digital art, real estate, and lottery tickets<\/strong>.<\/p>\n<p>Furthermore, the tokens can be rendered on:<\/p>\n<ul>\n<li>Juggerworld platforms<\/li>\n<li>Bakery Swap<\/li>\n<li>Binance NFT Marketplace<\/li>\n<li>Others included in the Binance Smar Chain ecosystem<\/li>\n<\/ul>\n<p>BEP-721 is, in reality, a variant of Ethereum's ERC-721. To be more specific, ERC-721 is a prominent NFT standard, and tokens may be used to tokenize access control and grant it a distinct identity, differentiating these tokens from other BEP-20 tokens. Creators usually use BEP-20 tokens to reproduce the same tokens within a single <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-smart-contract/">smart contract<\/strong><\/a>.<\/p>\n<p>Every one of the NFTs is different (irreplaceable), and it’s impossible to trade them for another token. Furthermore, the standard always gives a different ID to each token.<\/p>\n<p>For example, the \"tokenMetadata\" option enables metadata to be placed in a token used to connect to a work of art or another valuable element of the NFT. These can be exchanged and transferred according to their market worth, which is defined by rarity or demand.<\/p>\n<p>Take <a href=https://www.bitdegree.org/"https:////www.bitdegree.org//crypto//goon//opensea-cryptopunks/" target=\"_blank\" rel=\"nofollow noindex noopener\"><strong>CryptoPunk<\/strong><\/a>, whereby each unit has data in the NFT that relate to a particular punk in a pattern of <strong>10,000 punks.<\/strong> CryptoPunks use metadata, regardless of the fact that they do not adhere to the BEP-721 token standard.<\/p>\n<p>Besides, BEP-721 tokens have a set of functionalities that determine how they interact with the Binance Smart Chain:<\/p>\n<ul>\n<li>Symbol: A short term for the token, similar to a ticker symbol.<\/li>\n<li>balanceOf: Displays the total token balance for a particular address.<\/li>\n<li>totalSupply: Displays the total number of tokens produced.<\/li>\n<\/ul>\n<p>It’s no secret that almost all of the <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-defi/">DeFi and NFT platforms require customers to obtain a <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-wallet/">digital wallet<\/strong><\/strong><\/a>, as well as pay for assets with cryptocurrencies. Those who don’t already have a digital wallet are required to create one in order to engage with Binance Smart Chain projects. All of the Binance Smart Chain tokens need BNB to pay the fees. That’s the reason users should always have some BNB in their wallets.<\/p>","definition":"BEP-721 is a Binance Smart Chain standard for tokens.","status":"published","meta_title":"What is BEP-721? Definition & Meaning | Crypto Wiki","meta_description":"BEP-721 meaning: BEP-721 - BEP-721 is a Binance Smart Chain standard for tokens.","meta_keywords":null}"
:prev-section="{"id":64,"wikipedia_url":"https:\/\/en.wikipedia.org\/wiki\/Binance","level":"medium","author_id":1,"created_at":"2023-06-19T06:58:58.000000Z","updated_at":"2023-12-25T16:44:19.000000Z","slug":"what-is-bep-2-binance-chain-tokenization-standard","title":"What is BEP-2 (Binance Chain Tokenization Standard)?","section":"B","keyword":"BEP-2 (Binance Chain Tokenization Standard)","content":"<p>The shortest definition of BEP-2 (Binance Chain Tokenization Standart) is that <strong>it is an administrative model for employing tokens on a Binance Chain.<\/strong> It also refers to the Binance Chain Evolution Proposal 2. BEP-2 explains layers of regulations that tokens must follow to perform well in the ecosystem of the Binance Chain.<\/p>\n<p>To put things into perspective, every one of the BEP-2 tokens has to have a source address that refers to the owner of the token. Also, the token has to have a name, which can be anything, as well as a symbol you can see on the token, which is the main identifier. The tokens also have a total supply which refers to the number of issued tokens. And lastly, every token has to be mintable. <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-minting/">Minting increases the total supply of the token.<\/p>\n<p>However, BEP-2 only describes the fundamental features of tokens released on the Binance Chain. They can also have unique approaches for the particular task they’re developed for.<\/p>\n<p>The tokenization standard makes sure that all of the tokens that symbolize unique trading goods and assets can be in harmony within the ecosystem. BEP-2 attached to <a href=https://www.bitdegree.org/"//crypto//buy-bitcoin-btc/">Bitcoin, BUSD, and other multichain projects is known to be implementing the advantages of the tokenization standard.<\/p>\n<p><strong>BNB<\/strong> <strong>is the essential asset of the Binance Chain.<\/strong> It essentially acts like gas that is used to pay for fees. For instance, to exchange BEP-2 tokens, it is required to have a small amount of BNB.<\/p>\n<p>Binance Smart Chain, on the other hand, is aimed at proceeding with <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-smart-contract/">smart contracts<\/strong><\/a> as well as <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-are-decentralized-applications-dapps/">decentralized applications<\/strong><\/strong><\/a>. That way avoiding blocking the original chain. BEP-2 tokens can be swapped for their BEP-20 counterpart as a result of the <strong>cross-chain adaptability.<\/strong><\/p>\n<p>A decentralized exchange that’s working on top of the Binance Chain, Binance DEX, is where the BEP-2 tokens can be exchanged.<\/p>\n<p><strong>Proof-of-stake and Tendermint BTF consensus<\/strong> are the two consensus algorithms that the Binance chain depends on. They are an effective, fast, and trustworthy alternative to proof-of-work.<\/p>","definition":"a management methodology for utilizing tokens on the Binance Chain.","status":"published","meta_title":"What is BEP-2 (Binance Chain Tokenization Standard)? Definition & Meaning | Crypto Wiki","meta_description":"BEP-2 (Binance Chain Tokenization Standard) meaning: BEP-2 (Binance Chain Tokenization Standard) - is a management methodology for utilizing tokens on the Binance Chain.","meta_keywords":null}"
:model="{"id":71,"wikipedia_url":"https:\/\/en.wikipedia.org\/wiki\/Binance","level":"easy","author_id":1,"created_at":"2023-06-19T06:58:59.000000Z","updated_at":"2024-01-01T08:27:07.000000Z","slug":"what-is-bep-20","title":"What is BEP-20?","section":"B","keyword":"BEP-20","content":"<p>BEP-20 is an administrative model developed for using tokens on the Binance Chain. In other words, it is <strong>a set of<\/strong> <strong>regulations dictating the token's overall usage<\/strong>, and how it can be traded. It was developed with the aim to allow developers to launch different tokens through an adaptable token version.<\/p>\n<p>The most commonly used token standard is <a href=https://www.bitdegree.org/"https:////www.bitdegree.org//crypto//learn//crypto-terms//what-is-erc-20/">ERC-20. However, BEP-20 is compatible with ERC-20, since <strong>BEP-20 was formed based on the Ethereum token standard.<\/strong> Thus, the code of the operations defining the BEP-20 standard is a variation of the ERC-20 code.<\/p>\n<p>BEP-20 provides the fundamental configuration - seeing the owner of the token, returning a balance, trading, etc. By creating this token variation, the focus was to upgrade the protocol and keep the fast performance, as well as the price of the transaction. The BEP-20 tokens can become dollars kept in a bank cellar or even shares within the business.<\/p>\n<p>Besides,<strong> it's possible to<\/strong> <strong>attach tokens from other blockchains to BEP-20 <\/strong>in order to make them function on the Binance Smart Chain.<\/p>","definition":"a token standard for using tokens on the Binance Chain.","status":"published","meta_title":"What is BEP-20? Definition & Meaning | Crypto Wiki","meta_description":"BEP-20 meaning: BEP-20 - is a token standard for using tokens on the Binance Chain.","meta_keywords":null,"author":{"id":1,"user_id":1,"created_at":"2023-05-03T14:30:55.000000Z","updated_at":"2023-05-11T07:18:20.000000Z","title":"Editor-In-Chief","slug":"aaron-s-editor-in-chief","description":"<p>Having completed a Master’s degree on Economics, Politics & Culture for the East Asia region, Aaron has written scientific papers with a comparative analysis of the differences between US’ Western and Japan’s Collective forms of capitalism, 1945-2020.<\/p>\n<p>With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.<\/p>\n<p>Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.<\/p>\n<p>Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.<\/p>","user":{"id":1,"first_name":"Aaron","last_name":"S.","email":"aaron@bitdegree.org","email_sanitized":"aaron@bitdegree.org","email_verified_at":"2023-12-01T09:40:20.000000Z","must_verify_email":false,"is_registered_with_wallet":false,"status":"active","country":"LT","last_connected_ip":"88.119.132.125","image_id":2641,"referral_token":"05TMu2NysXOCn525","referred_by":null,"created_at":"2023-05-03T14:30:55.000000Z","updated_at":"2024-01-09T15:22:21.000000Z","full_name":"Aaron S."}}}"
:chapter-list="[{"id":1,"title":"Blockchain","slug":"blockchain","updated":null,"chapter":"crypto\/assets\/crypto-book\/chapters\/learn-blockchain.jpg","chapter_simple":"crypto\/assets\/crypto-book\/chapters-simple\/blockchain-101.jpg","rating":100,"sections":[{"chapter_id":1,"order":1,"slug":"what-is-blockchain","title":"What is the Blockchain?","status":"published","modified_content":null},{"chapter_id":1,"order":2,"slug":"decentralized-blockchain","title":"Anonymous & Decentralized Blockchains: The Cornerstone of Crypto","status":"published","modified_content":null},{"chapter_id":1,"order":3,"slug":"blockchain-transaction","title":"What is a Blockchain Transaction in Crypto?","status":"published","modified_content":null},{"chapter_id":1,"order":4,"slug":"crypto-fees","title":"The Different Types of Crypto Fees Explained","status":"published","modified_content":null},{"chapter_id":1,"order":5,"slug":"what-is-bridging-in-crypto","title":"The Key Notion Behind the Concept of Bridging in Crypto","status":"published","modified_content":null},{"chapter_id":1,"order":6,"slug":"types-of-blockchains","title":"Different Types of Blockchains: What to Look Out For?","status":"published","modified_content":null}]},{"id":2,"title":"Cryptocurrencies","slug":"cryptocurrencies","updated":null,"chapter":"crypto\/assets\/crypto-book\/chapters\/learn-cryptocurrencies.jpg","chapter_simple":"crypto\/assets\/crypto-book\/chapters-simple\/cryptocurrencies-101.jpg","rating":100,"sections":[{"chapter_id":2,"order":1,"slug":"what-is-a-cryptocurrency","title":"What is a Cryptocurrency?","status":"published","modified_content":null},{"chapter_id":2,"order":2,"slug":"how-does-cryptocurrency-work","title":"How Does Cryptocurrency Work?","status":"published","modified_content":null},{"chapter_id":2,"order":3,"slug":"is-cryptocurrency-a-good-investment","title":"Is Cryptocurrency a Good Investment? 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Wallet?","status":"published","modified_content":null},{"chapter_id":4,"order":2,"slug":"hot-wallet-vs-cold-wallet","title":"Hot Wallet VS Cold Wallet: Which One to Pick?","status":"published","modified_content":null},{"chapter_id":4,"order":3,"slug":"non-custodial-wallet","title":"What are Non-Custodial Crypto Wallets?","status":"published","modified_content":null},{"chapter_id":4,"order":4,"slug":"what-is-metamask","title":"Metamask: The Leading Non-Custodial Wallet","status":"published","modified_content":null},{"chapter_id":4,"order":37,"slug":"how-safe-is-cryptocurrency","title":"The Key Crypto Wallet Safety Practices: How Safe Can Crypto Be?","status":"published","modified_content":null}]},{"id":5,"title":"NFTs","slug":"nfts","updated":null,"chapter":"crypto\/assets\/crypto-book\/chapters\/learn-nfts.jpg","chapter_simple":"crypto\/assets\/crypto-book\/chapters-simple\/nfts-101.jpg","rating":100,"sections":[{"chapter_id":5,"order":2,"slug":"how-to-trade-nfts","title":"NFT Trading: The Ins and Outs","status":"published","modified_content":null},{"chapter_id":5,"order":3,"slug":"buying-nft","title":"Tips and Tricks of Choosing the Right NFTs","status":"published","modified_content":null},{"chapter_id":5,"order":4,"slug":"how-to-store-nft","title":"How to Store NFTs: Best Practices","status":"published","modified_content":null},{"chapter_id":5,"order":5,"slug":"how-to-create-an-nft","title":"How to Create Your Own NFTs?","status":"published","modified_content":null},{"chapter_id":5,"order":6,"slug":"how-to-make-passive-money-with-nft","title":"Making Passive Money with NFTs","status":"published","modified_content":null}]},{"id":6,"title":"dApps & Defi","slug":"dapps-and-defi","updated":true,"chapter":"crypto\/assets\/crypto-book\/chapters\/learn-dapps.jpg","chapter_simple":"crypto\/assets\/crypto-book\/chapters-simple\/dapps-defi-101.jpg","rating":80,"sections":[{"chapter_id":6,"order":1,"slug":"what-are-nfts","title":"What are Non-Fungible Tokens 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current-chapter="B"
current-section="what-is-bep-20">
