What’s BEP2? BEP2 stands for Binance Chain Evolution Proposal2. Similar to the ERC-20 standard in ETHereum, BEP2 is a technical standard for the issuance and implementation on the Binance Chain. This standard basically defines the rules that tokens should follow in the Binance Chain blockchain.
BEP2 isn’t a piece of software, but rather a set of technical specifications in code. The code ensures that tokens in the Binance Chain ecosystem can seamlessly interact with each other. BEP2 tokens can represent a wide range of digital assets and tradable goods. As such, all tokens of such standard can all smoothly integrate with each other and the surrounding ecosystem without hiccups.
The BEP2 standard defines some of the most fundamental and important features of tokens on the Binance Chain. These fundamental features include:
- Source address where the source address of the token owner is issued.
- Token name
- Token symbol recently introduced on the network.
- The sum of all the tokens provided in the network
- Queries supported in the BEP2 network
However, different tokens may have slightly different implementations and characteristics.
Difference between BEP2 and ERC20
What’s BEP2? It is essentially a token standard that the Binance chain uses to govern its tokens.
BEP2 and ERC20 in ETHereum are similar but they have some differences. The main difference between the two networks is the type of addresses. Addresses used in the ERC20 network start with the prefix 0x but in the BEP2 network, as mentioned above, start with the prefix BNB. Another difference is that you typically require a tag or MEMO in your wallet to deposit and withdraw on the BEP2 network, while for ERC20 tokens, just having a wallet address is enough.
BEP-20
However, the BEP2 standard token format for the Binance Chain does not allow the use of BEP2 tokens in many other blockchains beyond Binance. This is where BEP-20 intervenes.
While the Binance Chain is optimised for ultra-fast trading, it has a sister chain, Binance Smart Chain (BSC) that is focused on running smart contacts and decentralized applications without congesting the original chain. Both chains are complementary to one another in one ecosystem, but are de facto independent. Because of this dual chain architecture, heavy emphasis was placed on cross-chain compatibility. For that reason, BEP-2 tokens can be easily swapped for their BEP-20 equivalent.
In Conclusion
What’s BEP2? We hope that you understand that BEP2 is a token standard in which coins issued by the Binance chain follow. Users can store BEP2 tokens in many different wallets such as Trust Wallet and other hardware wallets such as the Ledger Nano X etc.
