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ERC20 vs BEP20 - An Exclusive Comparison Guide For Crypto Startups

Icoclone
Crypto Enthisiast
Updated on ・4 min read

In these modern times, many technologies are prevailing across the globe. Among them, blockchain technology is gaining prominence among startups and entrepreneurs. Because this technology offers high security, privacy, transparency, and also provides several business opportunities for budding startups and speculators. Speaking of which, crypto token development service is widely used by many people for creating a crypto token and raising funds.

Crypto tokens are also known as digital tokens which represent an investor's stake in the organization, can be used for an economic purpose, or like legal tender. This means token holders can use them to make purchases or they can exchange tokens like other securities to make money. The difference between a crypto token and a crypto coin is that coins allow individuals to make payments and they are built using a separate blockchain. Whereas people can use crypto tokens for many reasons. Like they can use them for trading, to hold or store value, and to use as a form of currency. Besides, they can be created only in the existing blockchain.

When it comes to crypto token creation, you should use the existing blockchain platform like Ethereum or Binance smart chain. Because these two blockchains are very popular in the global marketplace. Also, these two blockchains have the best token standards for developing tokens such as ERC20(Ethereum) and BEP20(binance smart chain). Both are ideal standards for token creation. Thus, people got confused about which to pick up for creating a token.

This article will help you to clear your doubts on ERC20 vs BEP20 with a clear explanation. So that you can select the right token standard for your crypto token business.

Let us begin with…

What are ERC20 Standard Tokens?

ERC stands for Ethereum Request Comments and the number 20 represents the Request ID, every crypto enthusiast might know this. ERC20 is a technical standard in the ethereum blockchain and one of the best ethereum token standards in the global marketplace. ERC20 standard is a set of rules programmed by a developer into a token’s smart contract. The tokens which are created using this standard are called ERC20 tokens. Besides, those who enter the crypto market will prefer this standard for creating crypto tokens and raising funds. As we know Ethereum is an open-source blockchain platform and has outstanding features with smart contract functionality. In ethereum, there are many token standards that a blockchain developer can select from when creating a token. But among them all, the ERC20 token standard is the most preferable one for developers.

Advantages of ERC20 Standard Tokens

  • ERC20 token transactions are smooth and fast.

  • Token Transaction confirmation is more efficient.

  • Contract breaking risk is reduced.

  • ERC20 feature implementation connects the token efficiently
  • Core Features of ERC20 Standard Tokens

    Here is the list of core features that you must integrate while creating an ERC20 token.

  • ERC20 Contract generation

  • Setting Initial Supply

  • Setting No of Issues

  • Setting Fractions

  • Deploy Contracts

  • Generate Tokens

  • Validate Contract

  • High-end security systems
  • Now, let us see…

    What are BEP20 Standard Tokens?

    BEP20 standard is the trending technical token standard that comes under the binance smart chain. It is recognized as an upgrade to the Binance chain. The tokens which are generated using the BEP20 standard are called BEP20 tokens. Experts in the blockchain community say that BEP20 tokens are fast when compared to other blockchain tokens. The BEP20 standard tokens will be developed and deployed only on the Binance Smart Chain. This kind of token will be compatible with both ERC20 and BEP2 standard tokens. The features that determine the BEP20 standard tokens are modifications of the ERC20 standard. Those modifications were completely done to optimize speed, enhance the ERC20 standard, and transaction cost.

    Benefits of BEP20 Standard Tokens

  • Compatible with both BEP2 and ERC20 platforms Backed by BNB.

  • Supports the tokens generated using the BEP20 standard and used within the Binance Smart Chain network.

  • It can be swapped with a BEP2 token

  • As of now, many crypto wallets support BEP20 tokens.

  • Crypto tokens from other blockchain platforms can be pegged on the BEP20 token.
  • Key Features of BEP20 Standard Token

    Here is the list of key features that you need to conjoin while making a BEP20 standard token.

  • Completely Decentralized

  • Interoperable with other frameworks

  • Smart Contracts Implementation

  • BEP20 Compliant

  • Verified Source Code

  • Details of the token

  • Customizable decimals

  • Supply Type

  • Access Type

  • Burnable

  • Cross-matching with BEP2

  • Dual Chain Architecture
  • Best BEP20 and ERC20 Tokens in 2021

    Here is the list of the best ERC20 and BEP20 standard tokens that are popular in the crypto marketplace.

  • Qtum

  • Zilliqa

  • Bytom

  • Vechain

  • ICON

  • Wrapped bitcoin

  • Binance PEG BUSD

  • Venus

  • Wrapped BNB

  • Bakery token

  • Safe moon

  • Swipe
  • These are popular ERC20 and BEP20 tokens that are ruling the entire marketplace.

    Summing it up

    I hope that I have discussed all the key features, advantages, and other important elements of BEP20 and ERC20 standard tokens. Both standards have plenty of advantages and excellent functions. So which is better? As per your business requirements, the choice is yours. As per today’s crypto market, both are the right token standards for developing a crypto token. The only part that lies in your hand is, hire a team of well-skilled blockchain developers from a genuine crypto token development service provider in the industry. They will help you to develop ERC20 or BEP20 tokens based on your business necessities at an affordable price.

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