BEP-20
Quick Answer
BEP-20 is the token standard for creating fungible tokens on BNB Chain, similar to ERC-20 on Ethereum, commonly used for stablecoins in payment settlement due to low fees.
Full Definition
BEP-20 is the token standard used on BNB Chain (formerly Binance Smart Chain). It defines the rules for creating fungible tokens on the network, similar to ERC-20 on Ethereum. BEP-20 tokens benefit from lower transaction fees and faster block times compared to Ethereum mainnet. Stablecoins like USDT and USDC are available as BEP-20 tokens and are commonly used in crypto payment settlement due to their low fees.
Related Terms
Block
A block is a data structure containing a batch of validated transactions permanently recorded on a blockchain, with each block cryptographically linked to the previous one.
Block Confirmation
A block confirmation occurs when a transaction is included in a block added to the blockchain. More confirmations mean greater finality and lower risk of reversal.
Block Explorer
A block explorer is a web tool for searching and verifying blockchain transactions, addresses, and smart contracts. Examples include Etherscan and Solscan.
Blockchain
A blockchain is a distributed, immutable digital ledger that records transactions across a network of computers, eliminating intermediaries and reducing settlement times from days to seconds.
Bridge
A blockchain bridge enables the transfer of tokens between separate blockchain networks by locking tokens on the source chain and minting equivalents on the destination chain.