Like regulations for other digital assets, cryptocurrency also has its own rules for using tokens. BEP-2 (Binance Chain tokenization standard) is one of these rules, find out the full explanation here.
Get to know what BEP-2 is
BEP-2, short for Binance Chain Evolution Proposal 2, is a technical standard on Binance Chain for creating and using tokens. This standard establishes the rules and technical specifications for the functioning of tokens in the Binance Chain ecosystem.
BEP2 tokens represent various digital assets and tradable goods. This standard ensures seamless integration within the Binance Chain ecosystem, which includes Binance DEX, Binance Smart Chain, and various decentralized applications ( dApps ).
BNB is the native asset of Binance Chain. BNB is used for Binance Chain and Binance Smart Chain transaction fees.
What is Binance Smart Chain?
Binance Smart Chain is an Ethereum compatible blockchain built on Binance Chain. Binance Smart Chain enables the development and deployment of smart contracts and decentralized applications (dApps).
Cross-chain compatibility allows BEP-2 and BEP-20 tokens to be freely transferred between Binance Chain and Binance Smart Chain.
What are the key properties of the BEP-2 token?
BEP-2 tokens have the following key properties:
- Source address: The source address is the address that creates the token.
- Token name: Token name is the name given to the token.
- Symbol: The symbol is an abbreviation of the token name.
- Total supply: Total supply is the number of tokens that will ever exist.
- Mintable status: Mintable status determines whether the token can be minted further.
Conclusion
The BEP-2 token standard or Binance Chain Tokenization Standard is an important component of the Binance Chain ecosystem. This standard ensures seamless integration for various digital assets and tradable goods.
Also read:
What are Ethereum ERC-1155 Tokens?
What is ERC20? Listen to the explanation!
What is BEP-95 and How Does It Work?
DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
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