In this entry we divulge into token standards PART II.
When entering into Crypto it is quickly realized that not all Cryptocurrencies have their own native chain and are “built upon others”.

This means that on certain blockchains it is possible to start building applications and other Cryptocurrencies. It allows people to built upon an existing network which provides a plethora of advantages when compared to creating a network from scratch.

In the previous entry we talked about the Token Standards of Ethereum.

In this entry we will discover the various token standards which exist within the Binance network.
The attentive reader will notice that parallels can be drawn, this will be a correct assessment as many Crypto projects, and development, tend to be “inspired” by one another. Learning from each others mistakes and/or implementing the same kind of improvements if they proof to be beneficial to a network.

In our previous entry about Ethereum standards we talked about ERC-tokens.
ERC stands for “Ethereum Request for Comment”.
In this entry we talk about Binance Token standards which allow for BEP-tokens.
BEP stands for “Binance Evolution/Enhancement Protocol”.

Without further ado, let us begin.

The BEP20 standard

It is, in plain English and layman terms, the Binance Smart Chain (BSC) alternative to the Ethereum ERC20 token standard. Where it concerns functionality is it practically the same. I refer back to the previous entry to get an overview of the various functions ERC20 has and what can be done with it as it will also apply to the BEP20 standard.

The main difference with the ERC20 token standard here will mainly be the speed of transactions.
Ethereum has a block production time of about 14 seconds. Binance has a block production time of about 3 seconds (or 4.5 times faster than Ethereum). There’s also the case that transaction and gas fees on Binance are much cheaper than those on the Ethereum Network.

As BEP20 is based on the ERC20 token standard can developers opt to use the BEP20 standard as it is backwards compatible. As mentioned in the entry of this post have aspects been “lended” from other networks. BEP20 token standard makes use of the same protocol as ERC20 token standard which gives rise to a unified “platform” when creating DeFi applications.

A few renowend tokens on Binance Smart Chain making use of the BEP20 standard are:
– Binance Coin ( $BNB )
– Wrapped Bitcoin ( $WBTC )
– PancakeSwap ( $CAKE )

The BEP2 standard

Is basically the same as the BEP20 standard.
The only difference between the BEP20 and BEP2 standard is the deployment on a different chain.

BEP20 is a token standard used on the Binance Smart Chain (BSC).
BEP2 is a token standard used on the Binance Beacon Chain (BNB).

Where it concerns functionality I refer back to the BEP20 standard and the ERC20 token standard.

A few renowend tokens on Binance Beacon Chain making use of the BEP2 standard are:
– STEPN ( $GMT )
– Trust wallet token ( $TWT )
– BEP2 PancakeSwap ( $CAKE )

The BEP721 standard

Just like the previous two token standards (the BEP20 and BEP2 standard) is the BEP721 standard the Binance alternative to the ERC721 standard.

As you could read in the previous entry allows the ERC721 standard the possibility to create NFTs. This means that the BEP721 standard allows for the creation of NFTs onto the Binance Smart Chain ( $BSC ).

Like the BEP20 standard is the main difference between this standard and its Ethereum alternative one of transaction speeds and fees (as mentioned in the BEP20 standard). On anything else are both equal.

The BEP777 standard

Is the Binance Smart Chain alternative to the ERC777 token standard.

In a nutshell:
The BEP777 standard is based on the BEP20 standard but allows for more interactions among tokens. More precisely does it allow for DEx (Decentralized Exchanges) to be created and all of their functionalities.

Just like the aforementioned standards is the main difference with its Ethereum alternative one of transaction speed (due to shorter block times) and lower transaction fees.

The BEP1155 Standard

Is the Binance Smart Chain alternative to the ERC1155 token standard.

In a nutshell:
It provides ALL the utilities and features of all previously mentioned standards (BEP20, BEP721 and BEP777). This means it allows for the creation of both Fungible (BEP20) and Non-Fungible tokens (BEP721) and allows for more advanced token interactions as stipulated in the BEP777 standard. The use of a single smart contract to represent many tokens at the same time distinguishes BEP-1155 from the other previous standards mentioned and elaborated on.

Just like the aforementioned standards is the main difference with its Ethereum alternative one of transaction speed (due to shorter block times) and lower transaction fees.

A special case: BEP95

This is not so much a token standard as it is a true “Binance Enhancement Protocol”.
BEP95 does not allow for the creation of new fungible or non-fungible tokens. It is an implementation which allows for BNB coins themselves to be burnt (i.e. taken out of circulation forever).

This standard is exclusive to BNB alone.

Any decent developer, however, can take a look at the code and create their own version of it for integration and use in any of the previously mentioned token-standards should the need arise or if the project demands for a burn mechanism.