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BEP-2

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BEP-2 is a technical standard that ensures that tokens created on the BNB Chain adhere to specific guidelines to promote interoperability, efficiency, and functionality within the ecosystem

What is BEP-2

Binance introduced the BNB Beacon Chain, a decentralized blockchain platform, in 2019. The BNB Beacon Chain works as a governance structure where participants make decisions by voting using BNB as the governance token. To facilitate the creation and management of tokens on Binance Chain, the BEP-2 token standard was developed. BEP-2, which stands for Binance Chain Evolution Proposal, is a token standard for BNB Chain, similar to Ethereum’s ERC-20 standard. It defines a set of rules and guidelines for creating and managing tokens on the Binance Chain blockchain. BEP-2 tokens are built on top of the Binance Chain network.

Features of BEP-2 Token

The following are some of the features of a BEP-2 token:

  1. Faster Transactions: BEP-2 tokens benefit from Binance Chain’s high-performance blockchain, enabling fast and efficient transactions.
  2. Low Fees: Transaction fees on Binance Chain are significantly lower compared to other blockchain networks.
  3. Security: BEP-2 tokens are built on a secure and reliable blockchain, ensuring the integrity of transactions and token management.
  4. Interoperability: BEP-2 tokens can interact seamlessly with other BNB Chain tokens and assets.
  5. Customizable: BEP-2 tokens can be customized to suit specific use cases and applications.

Parameters of a BEP-2 Token

The following parameters are included in a BEP-2 token:

  • Token Name: A unique name for the token e.g., “myYamToken”.
  • Token Symbol: A short symbol representing the token (e.g., BTC for Bitcoin).
  • Total Supply: The maximum amount of tokens that can be created.
  • Source Address: This is the address indicating the creator of the token.
  • Mintable: A flag indicating whether new tokens can be created (minted).

Sunsetting BNB Beacon Chain

Binance announced a six-month sunsetting of the BNB Beacon Chain in January. By the end of June (2024), deposits and transaction requests from the BNB Beacon network will no longer be supported.

Conclusion

BEP-2 is a token standard for BNB Beacon Chain, offering a range of features and customization options for token creators. With its fast transactions, low fees, and secure blockchain, BEP-2 tokens are well-suited for a variety of use cases, from decentralized finance (DeFi) applications to gaming and social media platforms. As the Binance Chain ecosystem continues to grow, BEP-2 tokens are likely to play a significant role in shaping the future of blockchain innovation.

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