Binance Smart Chain (BSC) created BEP-20, the token standard used on its network, similar to the ERC-20 standard used on the Ethereum blockchain network. BEP-20 was created as a tradable digital token operating on the Binance Smart Chain ecosystem.
BEP-20 tokens can represent various digital assets, such as cryptocurrencies, fiat currency, or even tokens representing ownership in a project or company. The BEP-20 standard allows developers to create and issue tokens on the Binance Smart Chain easily.
The advantage of using BEP-20 is the interoperability that Binance Smart Chain provides. BEP-20 tokens can be easily interacted with and used with other applications and services on the Binance Smart Chain network.
For example, BEP-20 tokens can be used in crypto exchanges, integrated with crypto wallets, or even as incentives in decentralized applications (dApps).
The BEP-20 also supports standard features such as token transfers, token owners, and token balance monitoring. All transactions and changes to token ownership are recorded in the transparent and immutable Binance Smart Chain blockchain.