BEP2 vs BEP20 : Whats the difference between blockchains?

BEP2 vs BEP20 : Binance exchange made its own Blockchain network to compete with other cryptocurrencies and increasing innovation that this blockchain uses two different standards named BEP-2 and BEP-20. In this article from shetcoiner we will examine BEP2 vs BEP20 and difference between bep2 and bep20; Also we will talk about these topics:

• What is Binance Coin or BNB?
• What is BEP2 in Binance?
• What is BEP20? (Binance Smart Chain)
• The difference between bep2 and bep20 (BEP2 vs BEP20)

So follow this article till the end. You can also see the Kucoin vs. Binance, How to get bep20 address on trust wallet? and other articles in shetcoiner Magazine .

Difference between bep2 and bep20

The cryptocurrency and blockchain industry consists of numerous projects and assets that serve different purposes. It is common to see projects aiming to address similar needs. Each exchange may differ in structure and features, but its goal is to give cryptocurrency traders a place to trade their assets in a broader sense.

Sometimes, a cryptocurrency exchange may have assets used for specific purposes at its associated exchange, such as discounting fees on the trading platform.If you want to know about What is BEP2 and BEP20? watch this video from shetcoiner Youtube Channel and learn more about BEP2 vs BEP20:

What is Binance Coin or BNB?

Binance Coin, or BNB, is one of the digital assets on the Binance exchange. BNB started as an asset sold in Binance’s Initial Coin Offering or ICO and became a way for Binance exchange users to pay lower transaction fees on the platform after the exchange was launched. Since then, BNB has maintained its role in the growing Binance ecosystem as Binance has expanded into more than just a digital asset exchange.

During the ICO, all 100 million BNB tokens available for public sale were sold for 15 cents, and eventually, Binance raised a total of $15 million in Bitcoin and Ethereum from the ICO. Of the $15 million raised, 35% was earmarked for upgrading the Binance platform and exchange system, 50% for Binance branding, marketing and training new innovators, and the remaining 15% as emergency or emergency reserves.

The simple definition of BNB is that it is a crypto-asset similar to other digital assets in the market in that its value rises and falls as people use and trade it. People can hold BNB in compatible wallets outside of crypto exchanges and send the coin directly to others for payment or other purposes. People can buy BNB through several ways, such as Binance’s crypto exchange. However, as always, be sure to do your research and follow applicable laws.

What is BEP2 in Binance?

BEP2 vs BEP20: Binance exchange started to make a standard of making BEP-2 and BEP-20 token to set up its own decentralized exchange. Users and programmers that were interested in Blockchain Binance or Binance-chain use these token standards to make their own token and cryptocurrency without needing a long and hard code.

Binance is a cryptocurrency exchange which is the largest exchange in the world in terms of daily trading volume of cryptocurrencies. It was founded in 2017 and is registered in the Cayman Islands.

Quoted from Wikipedia.

Binance was setting up its decentralized exchange (Binance-Dex) and its Blockchain (Binance-Chain) at the same time. Binance announced that different deposits and withdrawals with technical standards are possible in this decentralized exchange. Except this, if you want to know about How to convert BTC to USDT in Binance? you can refer to its article.

For knowing difference between bep2 and bep20 we should explain that: You can deposit and Ethereum’s Token with ERC-20 Standard network to this exchange account or withdrawal that token with Binance-Chain (BEP-2). That means you can use or transfer any kind of cryptocurrencies that is made with a standard such as Ethereum, to Binance’s decentralized exchange or deposit every cryptocurrency from it.

Binance-Chain Network Token’s address (BEP-2):

bnb1hwg4vy7jsafw7h8g70dgq4nhwyuf4k9jqad2lq

Ethereum’s Network Token’s address (ERC-20):

0xAb9a7647f6f266C8dD77c41C1faaa0c4ce489B12

for getting more information, you can go to what is maximum leverage available on Binance futures? and read it.

What is BEP20? (Binance Smart Chain)

To explain BEP2 vs BEP20 and difference between bep2 and bep20, we should tell you that Binance Smart Chain standard is a standard for creating tokens that is going to use smart contracts in them. Binance’s Blockchain doesn’t support smart contracts and only focuses on high speed, scalability and preventing the network from getting to busy. But Binance Smart Chain project was started to be used for developing smart contracts in Binance-Chain.

But Binance-Chain wasn’t replaced by Binance Smart Chain and the deal is that both of these networks will work on separate networks from each other and will work together for times that users need both.

As explained about BEP2 vs BEP20, BEP20 is a standard for Binance coin (BNB) tokens on Binance Smart Chain. This standard can be converted to bep2 with a bridge. This is useful when you want to link with other blockchain networks. BEP20 can be used for all transaction services you want.

The difference between bep2 and bep20 (BEP2 vs BEP20)

The most important difference between Binance Smart Chain and Binance Chain is BEP-20’s Smart Contracts supporting. A lot of Smart Contracts developers in other Blockchains like Ethereum that has come Binance Smart Chain are talking about that the best feature of this Blockchain is supporting Smart Contracts. One other difference between BEP2 and BEP-20 is their wallet addresses that in BEP2 starts with “bnb” in the beginning and needs an MEMO. But in BEP-20 the wallet address is like Ethereum Blockchain and starts with x0 in the Beginning.

Nowadays Binance Smart Chain has supported a high amount of Smart Contracts. A lot of developers set up and run their Smart Contracts and Dapps programs on Binance Smart Chain Blockchain and solve their own problem with Ethereum’s high fee prices.

A lot of developers talk about Binance Smart Chain’s advantages than Ethereum’s Blockchain, that this Blockchain supports Smart Contracts with low fee prices for making Smart Contracts and new tokens or Dapps and the fact that you can easily use this Blockchain to develop Decentralized apps and Smart Contracts.

To get more acquainted with the difference between bep2 and bep20, we have put the table below for you to check BEP2 vs BEP20:

Conclusion

In this article from Shetcoiner, we discuss about two blockchain standard (bep2 vs bep20) with different features that we explain them completely; As mentioned, there are difference between bep2 and bep20 tokens which we are bring some of them in the table above and also we explain that what is BEP2 and BEP20? In this article, we also talked about other topics, such As:

• What is Binance Coin or BNB?
• What is BEP2 in Binance?
• What is BEP20? (Binance Smart Chain)
• The difference between bep2 and bep20 (BEP2 vs BEP20)

In the other hand, if you want to know where do I find my Binance wallet address? or How to convert USDT to BTC on Binance? , Binance P2P payment methods and more informations, you can refer to related articles from shetcoiner Magazine.

FAQ:

What is BEP2?

Binance exchange started to make a standard of making BEP-2 and BEP-20 token to set up its own decentralized exchange. Users, use these token standards to make their token and cryptocurrency without a hard code.

What is BEP20?

Binance Smart Chain standard is a standard for creating tokens. Binance’s Blockchain focuses on high speed, scalability and preventing the network from getting to busy.