BEP-20 is the token standard on Binance’s faster and cheaper blockchain, the Binance Smart Chain, similar to the ERC-20 token on the Ethereum Blockchain. The BEP-20 on the BSC mimics the ERC-20 functionality, governing how all other tokens are created on the blockchain, as well as their tokenomics and operations. The existing BEP-2 standard also works in the same way for Binance’s traditional blockchain, and all three standards are compatible due to similar specifications.
The BEP-20 serves as a blueprint for the tokens that will be created on the BSC; it governs their functionality and adds some technical requirements that these tokens must meet in order to operate in the BSC ecosystem. BSC has recently gained a lot of traction as a result of its low fees and quick processing times. It is quickly becoming the go-to blockchain for many developers, as it was created specifically for the execution of smart contracts and the creation of decentralized apps (dapps).
People can create their own BEP-20 token using a variety of platforms; you don’t need to be a programmer or hire one to use these tools. These are simple tools that anyone, regardless of technical knowledge, can use. Mudra Token Creator, a next-generation platform for creating BEP20 tokens, is one of these tools.
You have a variety of options; Mudra provides a comprehensive list of technical specifications for the tokens that you can use. You can alter the number of tokens minted as well as the behavior of the token. Deflationary mechanics, which reduce token supply with each transaction, and hyper-deflationary mechanics, which perform automatic buybacks to keep prices stable, are both available. You can reward your holders and collect donations for a good cause. With the help of this simple platform, all of these tokenomics can be added.