What is a BEP20 token, and why does your project need it
BNB Smart Chain* is one of the most popular and viable blockchains on the market. Many successful projects and tokens were launched on it. The following article describes the BEP20 token standard, BNB Smart Chain, previously Binance Smart Chain, the advantages of creating your own BEP20 coin, and finally, the easiest way of deploying it without programming skills.
*In February 2022, Binance Chain was rebranded as BNB Beacon Chain and Binance Smart Chain — as BNB Smart Chain. The created infrastructure is now called BNB Chain. Click here to learn more.
What is BNB Smart Chain?
Launched back in September 2020, BNB Smart Chain is a blockchain that runs in parallel and independently to the BNB Beacon Chain, another one of Binance’s creations. The blockchain was created in order to enable smart contracts. BNB Smart Chain uses a consensus model called Proof of Stacked Authority (PoSA) that lets validators secure the network by staking BNB coins and receiving transaction fees accumulated from every block validated.
Although both of those blockchains were made by Binance, they were created for completely different reasons and a fundamental distinction should be recognized between them. BNB Smart Chain is EVM-compatible (Ethereum Virtual Machine), while BNB Beacon Chain is not and does not support smart contracts.
What is BEP20?
This takes us to the BEP20, a token standard on BNB Smart Chain that was initially built as an extension to Ethereum’s ERC20 one. However, it has become as popular, if not more, as developers were able to migrate their EVM-based apps directly to BNB Smart Chain.
So, the BEP20 standard defines guidelines that developers have to follow while creating new tokens on BNB Smart Chain. Many developers continue to choose tokens on BNB Smart Chain for their projects due to its many advantages. Let’s discuss a few of them:
BNB Smart Chain is EVM-compatible, meaning developers are able to use Ethereum’s Web3 library in order to launch decentralized apps (DApps) on BNB Smart Chain. This considerably facilitates the development process.
2. High-speed infrastructure
The Proof of Staked Authority (PoSA) consensus utilized by BNB Smart Chain uses 21 validators. It has allowed to achieve ~3 second block times, making the blockchain much faster than Ethereum.
3. Lower transaction fees and launching cost
Due to different consensus mechanism, you can create a coin on BNB Smart Chain at a lower cost than an ERC20 one. Moreover, if you choose to create an ERC20 token, you’re guaranteed to spend more on gas fees during each transaction with it.
4. An exploding ecosystem
Building a token on BNB Smart Chain opens countless possibilities due to BNB Chain’s constantly exploding ecosystem. Launching a coin on BNB Smart Chain, projects get access to the greatest DApps on the market, such as PancakeSwap, one of the leading DEXs in the crypto industry. Furthermore, all major cryptocurrencies (Bitcoin, Ethereum, and others) are featured on BNB Smart Chain as so-called Peggy Coins (BNB tokens pegged to external assets), so the BEP20 token creation provides access to them too.
Now that you’re asking yourself how to create a BEP20 token, MyWish is ready to tell you just that in the next part of the article.
How to create a BEP20 token
It’s a pity but building smart contracts (therefore, creating tokens) remains complicated, time-consuming and requires advanced programming skills.
The process itself includes connecting your wallet to BNB Smart Chain node and adjusting the BEP20 token standard’ parameters, such as burning, minting, pausing, and others. The token creation requires using Solidity, a contract-oriented, high-level programming language.
However, not everybody wants to deal with coding to launch a token. And this is where BEP20 token generators come into play.
Introducing MyWish token generator
MyWish is the leading smart contract creator that has been on the market for more than four years, resulting in partnerships with such major market players as Binance, Polygon, and Moonbeam. MyWish becoming a partner of Binance in 2018 has led to successful and mutually beneficial cooperation. More than 12,000 contracts were deployed to BNB Smart Chain in total, where 8,000 launched in Testnet and 4,000 in Mainnet.
MyWish introduces a simple way to build a token on BNB Chain (previously BSC) with no programming skills required. Put simply, the project has solved the issue of effortless smart contract creation since it allows anyone to launch a token without writing a single line of code.
The token generation process takes only a few minutes and requires filling out just one form to provide token information and the owner’s address. The generator itself is constantly updated and includes many helpful features, such as source code verification, white-label solution, and branded report.
MyWish also helps users to continue their BEP20 journey with its airdrop service that allows sending tokens to multiple addresses, as well as a custom solution for cross-chain bridges development that allows bringing crypto assets to other networks.
There are many blockchains with the ability to run smart contracts that offer their own token standards. However, BNB Smart Chain’s BEP20 continues to remain one of the most prominent token standards available.
Launching a token is a complicated and time-consuming process since it is easy to run into the problem of confusing instructions and requires specific programming skills.
MyWish has found the perfect way to disperse the advantages of BEP20 coin to everyone. The platform offers the easiest way of creating tokens quickly and effortlessly. As a result, more than 38,000 smart contracts were created through the platform, as it has been used by almost 50,000 pleased customers from the very beginning.