In the early era of cryptocurrency, the process of creating a new token was a difficult task. Developers venturing into the cryptocurrency realm often grappled with the intricate challenge of either constructing an entirely novel blockchain from scratch or diverging from the well-established Bitcoin codebase. However, a transformative shift in this landscape was ignited by the emergence of Ethereum, which adopted blockchain technology as a robust development platform. This pivotal development marked a momentous juncture in the creation of an innovative token standard known as ERC20, a cornerstone for the creation of numerous cryptocurrency tokens that are integral to our digital financial landscape today.

As the cryptocurrency industry continued its dynamic evolution, a multitude of blockchain projects surfaced, each introducing its own distinctive blockchain architecture. Amid this diversity, Binance made a remarkable entry with the introduction of the Binance Smart Chain (BSC) and the innovative token standard known as BEP20. In this comprehensive guide, we embark on a journey into the intricacies of the BEP20 standard, shedding light on the unique attributes of the BEP20 network and significant distinctions between BEP20 tokens and other token standards.

Understanding Smart Contract and Blockchain 

Before we jump into the nitty-gritty of BEP20 coins , let's lay down some essential groundwork by understanding blockchain technology and BEP20 smart contracts. Imagine blockchain as a decentralized ledger, meticulously keeping tabs on every transaction in a tamper-proof and transparent way. Smart contracts, on the other hand, are like self-executing agreements where all the terms and conditions are directly coded into the software.
In simpler terms, blockchain technology has completely shaken up our traditional way of thinking about transactions. In the old financial systems, we relied heavily on intermediaries like banks and government authorities to handle transactions and maintain records. But with blockchain tech, there's no need for these middlemen. It enables direct peer-to-peer transactions without any central authority getting in the way. This not only cuts down on transaction costs but also significantly amps up security.

Token Standards in Layman’s Terms

So what exactly do we mean when we say the words “Token Standards”, referring to the BEP20 and other crypto? In simple terms, token standards are like the rulebook for creating, issuing, and using new tokens. Developers have to spell out various details for their new tokens, such as how many can exist, how they're made, what happens if some need to be taken out of circulation, and how transactions with them work. The main purpose of those standards is to keep the network safe from scams and make sure developers play by the blockchain's fundamental rules while also making their tokens interact smoothly with other tokens on the same network. Some of the most famous token standards include ERC20 for Ethereum, and BEP20 for Binance Smart Chain, among others.

What Is BSC and the Binance's Blockchain Evolution

As many of you know, Binance is one of the world's largest cryptocurrency exchanges. BSC, which stands for Binance Smart Chain, is Binance's second venture into the world of blockchain technology. It made its debut in September 2020, coinciding with the explosive popularity of DeFi (decentralized finance). In response to growing popularuty, Binance decided to create its BSC platform to attract users by establishing smarter transactions on their platform. This strategic move has been incredibly successful, firmly establishing BSC as a strong competitor to Ethereum. Its BEP20 token standard is now considered an alternative to Ethereum's ERC20.

What Are BEP20 Tokens

So what exactly is BEP20 crypto coins? To put it simply, BEP20 is a token standard operating within the Binance Smart Chain (BSC) that shares lots of similarities with Ethereum's ERC20 token standard. Its primary goal is to provide developers with a flexible framework for introducing a wide variety of tokens into the Binance Smart Chain, including the creation of new BEP20 tokens. BEP20 coins inherently rely on BNB, enabling the creation of native tokens adhering to BEP20 token standards or the smooth integration of tokens from other blockchain networks into BSC.

The appeal of BEP20 tokens has grown significantly, thanks to several noteworthy characteristics. Their interoperability takes center stage, allowing easy transfers between different wallets and exchanges, providing them with greater versatility compared to other token types. Furthermore, BEP20 coins come equipped with a standardized set of functions, simplifying their integration into various projects. This user-friendly aspect makes them an attractive option for developers looking to build applications on the Binance Smart Chain.

BEP20 vs BSC

Put simply, BEP20 serves as the specific token standard for creating tokens on the Binance Smart Chain (BSC). On the other hand, BSC is the broader blockchain network that offers a wide range of features, such as running smart contracts and facilitating seamless connections between different blockchains. Together, these components have propelled Binance into a prominent position in the world of blockchain, giving users an appealing alternative to Ethereum's ecosystem.

BEP20 vs ERC20

As we mentioned earlier, BEP20 and ERC20 standards are very much alike. But although some of the token minting rules on the Binance Smart Chain share similarities with ERC20 standards, the network introduces additional requirements due to its relative newness when compared to Ethereum. So what is BEP20 crypto’s difference from other tokens? If you are a developer and are planning to launch your own new BEP20 token in BEP20 network, it will be useful to know that you will be called upon to provide the following details:

• Specifics regarding the total token supply.
• Guidelines on how the token can be transferred.
• Insights into the balance held in the token owner's account.
• The procedure for receiving the tokens.
• The steps involved in withdrawing the tokens.
• The token owner's address.
• The designated name for the token.
• The ticker symbol that represents the token.
• The number of decimal places used to define the token unit.

But what does all of this mean for everyday users? Let's dive into the comparison between BEP20 and ERC20 tokens and see which one might be more user-friendly. First off, the main distinction is the blockchain network each token operates on. As we've mentioned, BEP20 tokens are native to the Binance Smart Chain, while ERC20 tokens are built on the Ethereum blockchain. Now, let's talk about transaction speed. BEP20 transactions are lightning-fast, wrapping up in just 3 seconds, while ERC20 transactions typically take around 15 seconds. BEP20 tokens boast an impressive capacity of handling up to 1,400 transactions per second, while ERC20 tokens manage about 20 transactions per second. When it comes to gas fees, Binance Smart Chain (BSC) takes the lead with lower transaction costs. BEP20 transactions are paid for using BNB, known for its affordability. Conversely, transactions involving ERC20 tokens incur gas fees paid in ETH, Ethereum's native coin, notorious for its high fees. Lastly, let's touch on transaction security. Ethereum holds an advantage in this aspect. While BEP20 tokens offer benefits such as faster transaction times and lower gas fees, ERC20 tokens feature a more advanced security model. BSC relies on a limited group of 21 validators for block verification, compared to Ethereum's extensive network of over 400,000 validators. This relatively small number of validators on BSC has raised concerns about potential vulnerabilities in its PoSA block validation model, leading to skepticism among users.

So, in the BEP20 vs ERC20 comparison, it's essential for users to weigh these factors to determine which standard aligns better with their preferences and needs.

What is USDT BEP20 stablecoin

At its core, USDT BEP20 is a stablecoin designed to seamlessly fit into the Binance Smart Chain (BSC) system. In the world of digital currencies, stablecoins are like anchors tied to a stable asset which is often the US dollar. Their main goal is to tackle the wild price swings that often come with other cryptocurrencies. Each unit of USDT BEP20 is worth a steady $1, making it a top choice for traders looking to protect themselves from the ups and downs that are typical in various digital assets.

How To Add BEP20 to My Metamask Wallet?

If you want to add BEP20 tokens to your Metamask Wallet, first you should enable BEP20 standard token transactions and add the Binance Smart Chain (BSC) to your wallet. This is how you do it:

1. Start by visiting the official MetaMask wallet website and downloading the latest version compatible with your operating system. Install the wallet and complete the setup process.
2. Once your wallet setup is complete, sign in if you have an existing wallet or create a new one if needed. Then, access the wallet extension.
3. In the top-right corner of your wallet interface, you'll see three dots, which represent your primary options. Click on these dots.
4. A menu will appear, offering four choices; select "Expand View."
5. Your MetaMask wallet will now transition into an expanded view, making navigation more convenient. Click on your profile picture in the upper-right corner to access the settings.
6. Scroll down within the settings until you find the "Settings" option and click to open it.
7. Continue scrolling down until you reach the "Networks" section and select it. This step requires some manual configuration.
8. On the page that appears, click on "Add Network," and be ready to input the necessary information into the provided fields. Here are the technical details for the Binance Smart Chain network:

• Network Name: Smart Chain
• New RPC URL: https://bsc-dataseed.binance.org/
• Chain ID: 56
• Symbol: BNB
• Block Explorer URL: https://bscscan.com

9. Once you've successfully entered this information, click the "Save" button and exit your wallet. BSC will now be listed as the selected blockchain.

10. With BSC seamlessly integrated into your wallet, you can easily transfer money and BEP20 tokens, as your wallet now fully supports this network.