ERC20 vs BEP20 – Major Differences You Need To Know..!
Read more about the difference between ERC20 vs BEP20
Aug 26, 2022 – 08:40
To create any crypto tokens, the first thing we choose is token standards. A token standard defines a mechanism for creating and issuing new crypto tokens on a particular blockchain and it contains a set of rules that has to be followed to create crypto tokens.
Currently, for crypto token development most emerging startups prefer ERC20 and BEP20 token standards. Especially, many budding startups are creating their own ERC20 tokens or BEP20 tokens to raise funds successfully via the support of the initial coin offering platform.
These tokens have many similarities and differences between each other. The standard of development of these tokens and its advantages determines the key characteristics of the tokens.
Let us discuss each in detail along with the various differences between ERC20 and BEP20.
ERC20 Tokens –
ERC20 is the very popular token standard of the Ethereum blockchain. It is popularly known as the fungible token standard for fungible token creation.
- When speaking of security, ERC20 tokens provides more protection
- Easy to create and deploy tokens
- High-speed transactions take place
- The risk of contract break is also low on the Ethereum network
- Higher liquidity and increased revenue
BEP20 Tokens –
Like an ERC20 token standard, BEP20 is the most famous token standard of the Binance smart chain blockchain network. Presently, many crypto tokens are being created on the Binance Smart chain. Due to its faster and more efficient cross-chain compatibility.
- Gas charges are very low
- Highly compatible with both ERC20 and BEP2
- Offers fast and low-cost transactions
- Supported by many crypto wallets
- Used for crowdfunding, trading, and staking
Now you may be got some ideas about ERC20 vs BEP20.
If you are looking to create a crypto token with global exposure, reach and popularity, choose the ERC20 token standard, Or if you want the crypto token with the lowest fees and transactions time choose the BEP20 token standard.
To create these crypto tokens securely, choose the best crypto token development service provider for the best results. They will assist you to create crypto tokens on your desired token standards as per your needs.