The Web3 ecosystem is growing with the emergence of Blockchain like Binance Smart Chain. Ethereum was the first platform that introduced Smart Contract based ERC20 tokens. At the same time, Binance introduced the BEP20 token, which became immensely popular, thereby giving developers a chance to create tokens using the BEP20 token standard over Ethereum. Many of you might be wondering, “What is a BEP20 token” & “how can I create Binance Smart Chain Wallet using BEP20″?Continue reading to learn everything about BEP20 & steps to create a wallet using it:
An Introduction to BEP20 : The Basics
BEP stands for “Binance Smart Chain Evolution Proposal,” a token standard launched by Binance and integrated with a Smart Contract platform that operates in alliance with Binance Chain.
BEP20 is a standard that is used to create tokens on the Binance Smart Chain network. Tokens are an integral component of any Blockchain system, dApps, platform, and economy. They hold a value and note every activity occurring on the Blockchain network. In simple words, they are the key that helps users perform different kinds of transactions. Leaving these tokens as it is would make them susceptible to hacks or breaches. It is vital to keep them securely and manage them using Binance Smart Chain wallets.
Where Can We Apply BEP20 Token Standard?
BEP20 token standard can be applied to the tokens that have been launched or created using the bep20 platform. The tokens could be utility tokens, stablecoins, and security tokens. In addition, there is one more category known as “Peggy Coins” that is developed using the BEP20 token standard and can be tagged along with different assets.
To perform transactions on the Ethereum platform, the users are supposed to pay gas fees in ETH. However, In the case of BEP20 tokens, BNB is used to pay the fees.
BEP20 Vs ERC20 Standard
The BEP20 token standard can be distinguished from the ERC20 token standard based on the following parameters:
- Gas Fees
The gas fees is the main factor that differentiates BEP20 from the ERC20 standard. BEP20 levies a cheaper gas fee compared to ERC20. However, users get the option to pay Ethereum gas fees using BNB, which significantly drops the price.
- Speedier Transactions
BEP20 standard can be segregated from the ERC20 standard based on transaction fees. BEP 20 transactions take approx 3 seconds to complete. On the other hand, ERC20 takes approx 15 seconds to process, which is five times more than BEP20.
- Security
Before investing in any crypto solution, it is vital to determine its risk factors and security. BEP20 tokens take time to get verified so fraud activities might occur on the platform. A BEP20 Binance Smart Chain wallet can help you perform transactions in a secure environment. However, this isn’t the case with ERC20 standards as they are integrated with high-graded security features.
How Bep20 Wallet Works?
BEP20 wallet establishes a link between users and different blockchains. Every Blockchain has its own wallet address in which a cryptocurrency is stored and encrypted. The validators or miners obtain the transaction fees in return. In addition to this, you can store and manage different cryptos within the wallet in a hassle-free manner. Using the BEP20 Binance Smart Chain wallet helps users carry out trading and stalking activities smoothly.
Benefits of Bep20 Binance Smart Chain Wallet
- Can be Used to Access Various Currencies
When it comes to investing or holding virtual currencies, one of the biggest benefits of having a BEP20 Binance Smart Chain wallet is that you can store various currencies in it. An investor holding several coins can spread his assets while minimizing the risk and boosting his earning potential by developing wallet solutions.
- Simple and Easy to Use
The wallet can be used in a simple and straightforward manner. You can keep different currencies and customize features based on your preferences. Alternatively, you can hire a cryptocurrency wallet development professional who will develop the application by incorporating a stunning UI design that will leave an everlasting impression on the users.
- Account and Transaction Remains Confidential
Security has become a concern among crypto investors and traders. As an investor, you want to implement ways to protect your investments and buy your virtual currencies safely. Therefore, a highly secure sign-in feature has been implemented in the wallet. The contents of the wallet will be accessed by those who have been permitted to use the wallet.
- Instant Transfer Across Geographies
Transfer currencies without experiencing any concerns and intermediary involvement with the BEP20 Binance Smart Chain wallet.
Step by Step BEP20 Binance Smart Chain Wallet Development
Below is the step-by-step process of developing a BEP20 Binance Smart Chain wallet:
- Planning
The first step of developing a wallet begins with the planning stage. This is when you must decide the features you wish to include during cryptocurrency wallet development. Furthermore, You can hire technical experts who can integrate features based on your preferences.
- Setting the Budget
Before commencing the development process make sure that the budget is duly considered. Many businesses don’t consider this aspect and experience several issues later on. Ensure that MVP features are integrated during the process.
- UI/UX Designing
UI/UX designing is one of the most significant aspects of the BEP 20 Binance Smart Chain wallet development process. The success or failure of the project depends on UI/UX design. Include a clear and crisp UI along with powerful UX. In this way, the user is going to come back and use the product.
- Coding
Make sure that the development is performed using advanced programming languages like Solidity. During this stage make sure that the entire process becomes seamless and fluid.
- Testing and Audits
After successful development, the product undergoes multiple tests and audits. In case there are bugs and glitches they are eliminated during the process. Make sure that the end result is free from errors.
- Deploy and Support
If you have a robust product in hand, release it. An ideal cryptocurrency wallet development agency would maintain the application from time to time so that it runs in a hassle-free manner. If you are experiencing any downtimes or concerns the team will eliminate them for you.
Launch Your BEP20 Binance Smart Chain Wallet with Antier
Launch your own BEP20 Binance Smart Chain wallet with leading Blockchain firm Antier. We develop highly-secure, cross-platform compatible, and interoperable wallet solutions considering the business requirements. We have been delivering world-class and futuristic wallet solutions for more than 7 years to all sized enterprises. Incorporating stunning UI/UX designs and development is what our development team primarily focuses on. Our wallets are integrated with private keys that help you securely access the wallet.
Explore exquisite features of our wallet by consulting our subject matter experts today!
As an enthusiast with extensive knowledge in blockchain and cryptocurrency ecosystems, I'd like to delve into the concepts mentioned in the article, providing a comprehensive understanding of the Web3 ecosystem, BEP20 tokens, and the process of creating a Binance Smart Chain wallet.
Web3 Ecosystem: The Web3 ecosystem refers to the third era of the internet, focusing on decentralized, peer-to-peer interactions using blockchain technology. In this context, the mention of blockchain platforms like Binance Smart Chain (BSC) and Ethereum highlights their role in facilitating decentralized applications (dApps) through smart contracts.
BEP20 Token Standard: BEP20, short for "Binance Smart Chain Evolution Proposal," is a token standard introduced by Binance. It operates within the Binance Smart Chain, providing a framework for the creation of tokens. Tokens, in this context, are units of value representing assets or utilities within the blockchain network. BEP20 is analogous to Ethereum's ERC20 standard, which was the first to introduce smart contract-based tokens.
Utility of BEP20 Token Standard: BEP20 tokens can be applied to various token categories, including utility tokens, stablecoins, security tokens, and "Peggy Coins." These tokens leverage the BEP20 standard and can be associated with different assets within the Binance Smart Chain ecosystem.
Gas Fees in BEP20 vs. ERC20: One significant distinction between BEP20 and ERC20 is the gas fee structure. Gas fees are transaction fees paid to validators or miners. BEP20 tokens utilize BNB (Binance Coin) for transaction fees, providing a cost advantage over ERC20, which relies on ETH (Ethereum) for gas fees.
Transaction Speed: BEP20 transactions are noted for their speed, taking approximately 3 seconds to complete. In contrast, ERC20 transactions typically take around 15 seconds. This faster transaction speed in BEP20 enhances the efficiency of the Binance Smart Chain.
Security Considerations: The article touches on security aspects, noting that BEP20 tokens may take time to get verified, posing potential risks of fraud. In contrast, ERC20 standards are mentioned to have integrated high-graded security features. This emphasizes the importance of secure practices in the development and use of blockchain solutions.
BEP20 Wallet Functionality: A BEP20 Binance Smart Chain wallet serves as a bridge between users and different blockchains. It allows users to store, manage, and perform transactions with various cryptocurrencies securely. The wallet addresses the need for secure trading and storage of assets within the Binance Smart Chain ecosystem.
Benefits of BEP20 Binance Smart Chain Wallet:
- Diverse Currency Storage: The wallet allows users to store various currencies, enabling asset diversification and risk mitigation.
- User-Friendly Interface: The wallet is designed to be simple and easy to use, with customizable features.
- Confidentiality: The wallet ensures the confidentiality of accounts and transactions, incorporating secure sign-in features.
- Instant Transfers: Facilitates instant currency transfers across geographies without intermediaries.
Steps for BEP20 Binance Smart Chain Wallet Development: The development process involves planning, budgeting, UI/UX designing, coding (using advanced languages like Solidity), testing, audits, deployment, and ongoing support. The article emphasizes the importance of a clear and powerful UI/UX design for the success of the wallet.
Conclusion and Antier's Role: The article concludes by promoting Antier as a leading blockchain firm specializing in the development of secure, cross-platform compatible, and interoperable wallet solutions. Antier's expertise in delivering wallet solutions for over seven years, with a focus on UI/UX design and secure key management, is highlighted as a key advantage for launching a BEP20 Binance Smart Chain wallet.
In summary, the article provides a thorough overview of the BEP20 token standard, its advantages over ERC20, the functionality of BEP20 wallets, and the steps involved in their development, all within the context of the evolving Web3 ecosystem.
