Hi and welcome to bulliscoming.com. in today’s guide, we are going to teach you how to create BSC Tokens. You might be a holder of one or more BSC token such as:
Have you ever thought how they come about building this token? If you have then you might find this guide insightful.
I am going to show you exactly how you can launch your own token like BEP20 on Binance chain.
What is a Binance Smart Chain?
Binance Smart Chain (BSC) is best described as a blockchain that runs in parallel to the Binance Chain. Unlike Binance Chain, BSC boasts smart contract functionality and compatibility with the Ethereum Virtual Machine (EVM).
The design goal here was to leave the high throughput of the Binance Chain intact while introducing smart contracts into its ecosystem.
In essence, both blockchains operate side-by-side. It’s worth noting that BSC isn’t a so-called layer or off-chain scalability solution. It’s an independent blockchain that could run even if Binance Chain went offline.
That said, both chains bear a strong resemblance from a design standpoint. Because BSC is EVM-compatible, it launched with support for the rich universe of Ethereum tools and DApps. In theory, this makes it easy for developers to port their projects over from Ethereum.
For users, it means that applications like MetaMask can be easily configured to work with BSC. Seriously – it’s just a matter of tweaking a couple of settings.
What is a BEP20 Token?
Binance Smart Chain has a BEP20 token standard that functions similarly to Ethereum’s ERC20 standard. BEP20 is a developer-friendly token standard that allows anyone to deploy fungible digital currencies or tokens on Binance Smart Chain.
What’s more, leading digital assets on other chains can be ported onto Binance Smart Chain in the form of pegged BEP20 tokens.
For example, you could use Binance Bridge to swap bitcoin (BTC) for BTCB (BEP20) tokens backed by BTC. BTCB (BEP20) tokens can then be deployed in DeFi protocols to earn yield on bitcoin. The same goes for ETH, XRP, DOGE, and many more.
How does Binance Chain Works?
As a low-cost, high-speed alternative to Ethereum, backed by one of the largest crypto companies in the world, Smart Chain already boasts a wide range of DApps and DeFi apps on its chain. Below are features of Binance Smartchain works.
Consensus
Binance Smart Chain achieves ~3 second block times with a Proof of Stake consensus algorithm. Specifically, it uses something called Proof of Staked Authority (or PoSA), where participants stake BNB to become validators. If they propose a valid block, they’ll receive transaction fees from the transactions included in it.
Note that, unlike many protocols, there is no block subsidy of freshly-minted BNB, as BNB is not inflationary. On the contrary, the supply of BNB decreases over time, as the Binance team regularly conducts coin burns.
Cross-chain compatibility
Binance Smart Chain was envisioned as an independent but complementary system to the existing Binance Chain. Dual-chain architecture is used, with the idea being that users can seamlessly transfer assets from one blockchain to another.
In this way, rapid trading can be enjoyed on Binance Chain, while powerful decentralized apps can be built on BSC. With this interoperability, users are exposed to a vast ecosystem that can cater to a myriad of use cases.
BEP-2 and BEP-8 tokens from Binance Chain can be swapped for BEP-20 tokens, the new standard introduced for Binance Smart Chain.
Then you’ll already be familiar with the format of BEP-20. It uses the same functions as its Ethereum counterpart. to move tokens from one chain to another (i.e., BEP-2 to BEP-20 or vice versa), the simplest method is perhaps to use the Binance Chain Wallet, available on Chrome and Firefox.
Notable Reasons to Create BEP20 Token
- Binance Smartchain is very popular
- The transaction fees in BNB are low
- Tokens can be tradeable on Pancakeswap
- Low cost to create a Bep20 token
- Quite easy to get investors
How to Create BSC Tokens?
The first and foremost thing to consider before you create your BEP20 token on the Binance Smart Chain is to define the use of your token and the functionalities it will facilitate. As the BEP20 token is like an extension of the ERC20 token standard, it requires some predefined functions and characteristics that are imperative to include in the smart contract. These are:
- Token Name: When creating a token, you’ll need to choose your token name perfectly E.g. “Your Token”
- Token Symbol: The next thing, for all tokens symbol, is much needed one, so you have to decide your token symbol E.g. “YT”
- Token Decimal Places: If the token has 8 decimal places it means that the fraction part of the tokens will be “100000000”
- Total Supply: You need to provide the number of tokens that be supplied in your use-case. This number should be well thought as it determines the circulation of the token and affects the value of the token
- Balance Of: It is a predefined function that returns the token balance of the account to the authorized person address
These are just the basic functions that are the must-haves for creating a BEP20 token on the Binance Smart Chain. Other than these, depending on your use-case, there may be a number of functions that also need to be defined for example for staking the token or for the transfer of the token.
Code Repo :
The development of such a token with advanced functionalities should be carried out by experienced developers. Especially in the current scenario where the DeFi world has experienced numerous attacks and millions of dollars have been lost due to poorly developed contracts and tokens.
The seasoned developers at www.bulliscoming.com can quickly develop your token on the Binance Smart Chain, adhering to the best practices and ensuring a safe future for your use-case, free from any potential hacks.
Bulliscoming is accomplished in smart contract development and audit. To get a free consultation call with experts, click on the button below…
How Much Does it Cost to Create a BEP20 Token?
But approximately the cost to develop BEP20 tokens under the binance blockchain will range from $5.5k to $7k along with a stunning BEP20 token wallet mobile app for both Android and IOS.
Meanwhile, just to create your token, add liquidity on Pancakeswap, and offer marketing for potential investors, we at bulliscoming.com takes $1000 contact us.
If you are a startup or an entrepreneur willing to create a BEP20 token at a budget-friendly price. Then choosing Bull Is coming will be the ultimate solution for your BEP20 token business.