In this digital era, many technologies are thriving all over the world and especially blockchain technology has gained traction among millions of businesses and entrepreneurs. In addition to this, people make use of crypto token development services to create crypto tokens. But, what is exactly a token? It is a cryptocurrency built for a specific project utilizing an existing blockchain. Tokens are normally created and used by organizations for raising funds for their new projects in the blockchain space. Some popular blockchains used for token development are Ethereum, Binance, and TRON. These blockchain networks use ERC-20, BEP-20, and TRC-20 token standards respectively. If you are interested in knowing more about these token standards, then this blog is for you.
Here you will get insight into ERC-20 and BEP-20 standard tokens and their prime aspects.
To start with you need to know What is a Token standard?
A token standard includes a set of rules by which the tokens on that specific standard are governed. To say in simpler terms, a token standard defines the mechanism to develop, issue and deploy new tokens on a particular blockchain.
What is the ERC-20 token?
It is a technical standard utilized for issuing and deploying tokens on the Ethereum blockchain, a form of fungible token. It will provide a set of rules to the developers that should be followed enabling ERC-20s to work smoothly within the Ethereum network. Ethereum smart contracts are utilized to develop ERC-20 tokens that can be traded, sold, and purchased on the exchanges.
Now we can see some highlighting features of the ERC-20 token
Key aspects of ERC-20 token
- The key feature is its flexibility, which enables other tokens to integrate with the same standard for effective and speedy transactions.
- ERC-20 token standard includes a range of information such as details of the total token supply, token balance in the account, and how tokens will be transferred, withdrawn, and received.
- Creating an ERC-20 token is affordable and easy
- Due to the wide reach of ERC-20 tokens higher liquidity and increased revenue can be expected.
- ERC-20 tokens are user-friendly, secure, and come with dedicated wallets.
What is BEP-20?
BEP-20 token arrived as an extension of ERC-20 standard for the Binance Smart chain (BSC). All tokens on BSC will be based on BEP-20 standard. i.e it will define the rules according to which all BEP-20 tokens will be used, transferred, and managed. Now we will see some stunning aspects of the BEP-20 token
Crucial aspects of the BEP-20 token
- BEP-20 tokens can interact with Binance companion BEP-2
- Tokens including ERC-20, Ether, Bitcoin, Litecoin, and USDT can be transferred effectively by utilizing BEP-20
- Cross-compatible with other blockchain tokens
- BEP20 transactions exhibit faster execution speed
- Creating a BEP-20 token is comparatively easier
- Lower gas fees is another notable feature of the BEP-20 token
- I hope now you will be clear with the ERC-20 and BEP-20 token standards, now we will delve into the key concepts of the TRC-20 token standard.
What is the TRC-20 token standard?
It is the token standard for creating and issuing tokens on the TRON blockchain. It defines the set of rules that every token in the network should abide by. These will include rules for approving the token transfer, issuance of new tokens, sending and receiving tokens, and many more
Now we will see some remarkable features of this token standard
Notable features of TRC-20 token
- Tokens on the TRC20 network will be supported by particular digital wallets and can be transferred, swapped, and shared given that they follow the specified rules under the TRC-20 contracts.
- TRON tokens are completely and smoothly compatible with the Ethereum network.
- TRON network utilizes Delegated Proof of Stake (DPoS) consensus method which is efficient in terms of low cost, faster transaction speed and suitable for the latest needs.
Now you will be clear with all the token standards. But you need to understand which token development will be best.
- If you are looking to benefit from global exposure and ease of development, then ERC-20 token development will be the apt one
- However, you can go for BEP-20 token development if you need the best innovative token with a low processing time and speed
- When you decide to build your own token, assure that the token is compliant with the respective token standard.
- There should be a keen focus on the rights that a token owner will be getting - such as voting rights, governance rights, etc.
- After the development of the token, it should be listed on relevant exchanges for the trading process
Why BlockchainAppsDeveloper for Token development?
I hope you will be now clear with the ERC-20, BEP-20, and TRC-20 tokens and their unique aspects. If you are looking to create your own token with best-in-class features, then you can reach a leading blockchain development company like BlockchainAppsDeveloper that has rich expertise in token development. Their team of experts will focus on developing tokens with cutting-edge technology and advanced methodologies. So, reap great profit by developing your own token with our best token development services.