What is a BEP-20 Token, and why would you want to create one?
A BEP-20 token is a fantastic option if you're thinking of creating your own cryptocurrency token.
To launch a cryptocurrency token, it must be deployed on a blockchain. The blockchain serves as a distributed ledger for your token, keeping a verified record of all transactions. Without this transaction database, no one can trade or use your token. Because of the increased transaction volumes, Ethereum, the most frequently used blockchain, is experiencing congestion, low transaction rates, and high transaction prices. On the Ethereum network, a basic token exchange can cost anywhere from $5 to $10. Binance Smart Chain (BSC) is a blockchain network that is comparable to Ethereum in terms of technology but offers significantly lower transaction costs as a result of a few adjustments. It can also process a larger number of transactions in a shorter amount of time.
BSC is currently the fastest growing blockchain, gaining investors due to its low transaction fees and high speed. You must first create a BEP-20 token before using BSC to launch your own token. These BEP-20 tokens might be used as a digital currency for everything from payment of goods to community rewards.
What should you keep in mind while you create your BEP-20 token?
So, you're all excited to create your BEP-20 token, but where do you start? Let's explore that:
Specification for Honeypot-Free Tokens: Many scam tokens are honeypots, allowing investors to buy but not sell tokens. The money that has been invested in such tokens has been stranded. Many tools have been built to detect honeypot tokens, and if your BEP-20 token specification is not meticulous, such tools may flag your token. As a result, a well-defined BEP-20 specification is essential.