What is BEP-20

BEP-20 is Binance Chain Evolution for Proposal 2. It is a technical standard for the production and use of new Binance Chain tokens. It provides principles and technical information to obey in the ecosystem of the Binance Chain. ERC-20 in the Ethereum blockchain is regarded as a very similar level standard.

Although the BEP-20 standard defines the main and most important characteristics of tokens produced by BSC, various tokens are still available for different applications. A variety of crypto assets and tradable products can be represented by BEP-20 tokens. The standard guarantees all of them can connect seamlessly with each other and the environment.

Binance Smart Chain with a dedicated application layer running upon it depends on the Tendermint BFT consensus and delegated proof-of-stake (DPoS). Both algorithms have proven themselves to be a consistent and efficient solution to proof-of-work.

The following characteristics apply to every BEP-20 token:

Source Address or the owner of the issued token;

Token Name or the full token name;

Symbol or the newly issued token identification;

Total supply or the summary number of tokens issued;

Mintable that goes for the possibility of token being minted in the future, increasing the token's overall supply.

The Binance Chain's native asset is BNB, which is used for charging the fees almost like gas. This implies you will need to have a tiny portion of BNB in your wallet if you want to transfer your BEP-20 tokes. Validators get an incentive as they collect the BNB for their complications to take into account all the transactions in the blockchain.