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Old 27th August 2022, 04:53 PM   #1
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Default ERC20 vs BEP20 _ Which standard a startup should choose for token business?

Recently, the crypto market takes a splendid growth. The crypto ecosystem paves the way for an enormous audience to kickstart the crypto business to generate passive income.

While speaking of the crypto token creation, it is important to focus on the blockchain and token standard. The crypto ecosystem supports various blockchains to augment the token creation process. Whereas, the Ethereum and binance smart chains have good technical specifications in the enhancement of crypto business activities.

Many crypto startups prefer Ethereum and Binance smart chain tokens in recent times most specifically choosing ERC20 and BEP20 tokens. Let us discuss a quick analogy of the ERC20 and BEP20 tokens.

ERC20 token standard

ERC20 is a technical standard of the ethereum blockchain. ERC20 tokens can be created on the existing blockchain and deployed easily. The ERC20 Token is a fungible token hence it is preferred by the crypto startups in fundraising platforms like ICO. TheERC20 Token Standard is highly preferred by crypto users as it is cost-effective and secure

Benefits of creating an ERC20 token

  • Liquidity
  • Mintable
  • Faster and secure transaction
  • High scalability
  • Secure smart contract and contract breaking risk is less
  • Faster quick fundraising and more.

BEP20 is a native standard of the Binance smart chain. BEP20 is an extension of the ERC20 token. BEP20 token standard is actually a fungible token and it is mutable in nature. So it is can be traded effectively in the crypto network.

Benefits of BEP20 Token

  1. Compatible with BEP2 and ERC20
  2. Supports token swap with BEP2
  3. Includes Minting and Burnable feature
  4. Low transaction cost and more.

On considering the above, you can Create BEP20 Token and ERC20 token as per your business needs. You can compare the analogy of ERC20 and BEP20 token standards for token creation. If you are interested to create a crypto token without learning a solidity, you can better approach a best crypto token development service provider to get a token creation service.

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