Tokens are an integral part of the cryptocurrency industry. They are digital assets with intrinsic value based on a basic blockchain. In the blockchain network Binance Smart Chain, AKRA tokens are generated according to the BEP-20 standard. What does this standard mean, what advantages does it confer on cryptocurrency?
What are BEP-20 tokens
The first cryptocurrencies of the BEP-20 standard caused a furor on the crypto market, because they surpassed the parameters of existing tokens. Although this standard cannot be called completely independent: BEP-20 is a kind of extension of Ethereum's ERC-20. If the latter acts as a standard for Ethereum blockchain tokens, BEP-20 has become a standard for tokens for the Binance smart-chain.
The main idea of the authors of the BEP-20 standard is to make it easier for the developers of tokens based on it. They succeeded: the standard provided access to typical sets of protocols and instructions, which are used to generate tokens with an extensive set of functionalities. In particular, AKRA is not only a payment unit, but also a smart-contract, an investment tool and a mean of passive income fr om cryptocurrency stacking.
Features and advantages of BEP-20 tokens
Extended, but simplified token development environment on Binance Smart Chain gives the opportunity to create cryptocurrencies with a large set of conditions:
- Limiting the number of tokens. When minting a cryptocurrency, the developer can specify a lim it or a maximum number of tokens. When this threshold is reached, tokens can no longer be generated.
- Specifying the owner of the token. Each created token has its own owner, who has the right both to create new cryptocurrency units and to stop their generation.
- Token burning. To reduce the risk of cryptocurrency depreciation due to its issuance, excess tokens can be burned by regulating their quantity in the market.
- Tokens blacklist. If individual token owners violate the terms of their use, all cryptocurrency units they generate can be blocked and withdrawn from circulation.
BEP-20 allows developers to create tokens whose functions are assigned during development and remain unchanged. This gives the BEP-20 cryptocurrency a few advantages over tokens created on other platforms:
- simplified exchange for tokens in various smart blockchain chains;
- compatibility with ERC-20, which allows exchanging tokens in the Ethereum network and similar tokens from the BSC network with minimal gas burn - with a much lower fee than transactions within Ethereum;
- high block processing speed, reaching 3 blocks per second, which noticeably speeds up transactions.
The AKRA BEP-20 token works correctly on all Ethereum Virtual Machine (EVM) supporting wallets and is free of vulnerabilities. It works accurately with smart contracts on decentralized and centralized exchanges. The BSC platform has generated 1,000,000,000 AKRA tokens, which is equal to the number of tokens in the Ethereum smart network.