Why is BEP20 more preferable than ERC20 for ICO?
ICO has become the most preferred crypto crowdfunding method in recent times. It has been appraised as a replacement for the traditional crowdfunding method that has a security point. With ICO you can raise capital in a simple and hassle-free manner. But you should choose the right token standard for your ICO to make it productive.
There are several blockchain platforms where you can create your crypto tokens. But, not all can benefit you. It is important to shortlist the token standards that you can favor. Based on a stat, there are only two token standards that can help you in making your ICO effective.
ERC20 is the fungible token quality of the Ethereum blockchain. They are efficient in attracting investors with their popularity. But, to make efficient crowdfunding you will have to look into the most important feature. Your investors are most likely to be crypto authorities who will be aware of the blockchain platforms. So, when it comes to Ethereum the transaction speed is very low when equated to other platforms. This has a high chance of dispiriting your investors.
BEP20 is a standard token on Binance Smart Chain that has all the necessary capabilities like transferring, viewing token ownership, and returning a balance. BUSD, CAKE, and BUX are some of the favoured BEP20 tokens in the market. BEP20 is similar to ERC20 but has covered all the limitations in the ERC20 token standard.
Why is BEP20 the best choice for an efficient ICO?
BEP20 has many purposes to be the chosen one. I have listed out the principal ones that will help you to make your ICO more structured.
BEP20 tokens reside on the Binance Smart Chain, which has become a successful blockchain platform in a very short time. With tokens occupied in this blockchain, you can help your ICO to become structured.
BEP20 tokens are currently trending in the marketplace. This helps you in charming more investors towards you.
The transaction cost of the BEP20 token is way below any other token standard. Also, it has a higher transaction speed contrasting to the ERC20 token.
Most of the crypto token customers peg their tokens from ERC20 to BEP20 to avail themselves of the low transaction cost and high speed
How to create a BEP20 token?
Creating BEP20 tokens can be easy. If not for
- Smart contract implementation
- Cost factor to create BEP20 tokens
The smart contract execution is the trickiest part here. It is written in a unique language known as solidity. It requires the suggestion of high-level experts to help you implement a smart contract. So it is preferable to consult a BEP20 token development company to create your tokens. But, make sure to do some research before approaching the company. There might be some companies who declare to be the best in these services. Myself, on the other hand, have done some groundwork to lower your burden. Zab Technologies - a prominent blockchain development company, is an expert at dealing with BEP20 token development. They are really good at that, and apart from BEP20 token development, they also provide their customers with some perks. They provide you with wallets to send, accept and store your tokens. Also, they provide a free demo before you make an institution. This might help you to recognize their work better. You can contact them to get more info.