What is the difference between BEP20 and BEP2? Introduction to the difference between BEP20 and BEP2

In-depth understanding of BEP20 and BEP2 tokens: the difference in token standards between Binance Chain and Binance Smart Chain

If you follow the cryptocurrency market, you must have heard of the native token on the BEP20 token, Binance Smart Chain (BSC), which brings many advantages to asset holders and businesses. But you may also have heard of the BEP2 token, which is a token based on Binance Chain. These two token standards open a new chapter in the blockchain world for crypto enthusiasts and provide an efficient trading system and a wider range of token exposure. Many investors are confused about the differences between BEP20 and BEP2, and this article will explain it in detail for you.

The key difference between BEP20 and BEP2:

The core difference lies in the underlying blockchain network: BEP2 runs on Binance Chain, while BEP20 is based on Binance Smart Chain. Importantly, the tokens on the Binance Smart Chain cannot be deposited directly into the Binance Chain address, and vice versa. BEP2 token is a cryptocurrency based on Binance Chain. Binance Chain has its unique rules for programming, issuing and managing new cryptocurrencies. All tokens issued in compliance with this protocol belong to BEP2 tokens, such as Mithril, C, Bitcoin BEP2 and Binance Coin.

BEP20 token standard provides a basic framework for creating tokens on the Binance Smart Chain. It is similar to the ERC-20 token (Ethereum), but has a fundamental difference.

The origin of BEP20 and BEP2:

Binance Exchange creates BEP-2 and BEP-20 token standards, aiming to build its decentralized exchanges. Users and developers can use these standards to create their own tokens without the need to write complex code.

Binance has also established a decentralized exchange (Binance-Dex) and Binance Chain. The exchange supports deposits and withdrawals of multiple token standards, for example, you can deposit Ethereum tokens using the ERC-20 standard, or withdraw tokens using the BEP-2 standard. This means you can easily transfer various cryptocurrencies between Binance decentralized exchanges.

The above is the detailed content of What is the difference between BEP20 and BEP2? Introduction to the difference between BEP20 and BEP2. For more information, please follow other related articles on the PHP Chinese website!