The BEP-20 token standard is applied to the Binance Smart Chain, Binance’s faster and cheaper blockchain that is based on the Ethereum blockchain. This is an intentional match-up of the BEP-20 on the BSC, which replicates the ERC-20 functionality, governs all other tokens’ creation on the blockchain, tokenomics, and operations. Binance’s traditional blockchain uses the BEP-2 standard in the same way. The three standards are all compatible due to having similar specifications.
The BEP-20 is a prototype for the tokens that will be issued on the BSC. It establishes the functions that these tokens must have in order to work within the BSC ecosystem. A lot of momentum has recently been gained for BSC thanks to the low fees and quick processing times. Many developers prefer to use it, as it was specifically designed for running smart contracts and for creating decentralized apps (dapps).
There are a variety of platforms to create BEP-20 tokens; you don’t need to be a programmer or hire one to use them. Regardless of their technical knowledge, everyone can use these simple tools. One such platform is Mudra Token Creator, a next-generation platform for BEP20 token creation.
Mudra will provide you with a detailed specification list that the token can use. In addition to minting a specific number of tokens, you can also change the behavior of the token. Hyper-deflationary mechanics (automatic buybacks) and deflationary mechanics (which reduce token supply with each transaction) are both available. You can reward your holders and raise funds for a good cause. This platform is here to help with tokenomics integration for all of these.