What Are BEP-20 Tokens and BEP-20 Standard?

Token standardization in crypto has helped to build a foundation for an entire blockchain ecosystem as we know it. 

Smart contract platforms like Ethereum and Binance Smart Chain (BSC) allow you to build and launch your decentralized applications (DApps). Each DApp comes with a unit of value, and a tradable asset called a “token,” used to provide a utility or perform certain economic and governance-related activities.

These tokens follow a specific framework called a Token Standard, a set of rules and guidelines that must be incorporated into the smart contracts. If a token doesn’t follow and comply with the desired token standard, it won’t be compatible and interact with the rest of the ecosystem applications, such as wallets and exchanges. 

Every blockchain platform has its own set of token standards that smart contracts have to follow. You might be familiar with ERC-20 tokens; these are the Ethereum-based tokens that follow the ERC-20 token standard. Similarly, Binance Smart Chain (BSC) comes with a token standard called BEP-20, which has to be followed by every BEP-20 token launched on the Binance Smart Chain platform.

This guide will discuss and demystify the BEP-20 token standard and explore some of the most promising BEP-20 tokens on the Binance Smart Chain platform.