What is BEP2 Network? + Introducing the best Bainance chain Tokens

What is the BEP2 network in Baineschin and what is its use? What is the difference between BEP2 and BEP20 networks?

One of the main features of cryptocurrencies is various blockchain network updates that lead to more users and popularity. Developers a…

What is the BEP2 network in Baineschin and what is its use? What is the difference between BEP2 and BEP20 networks?

One of the main features of cryptocurrencies is various blockchain network updates that lead to more users and popularity. Developers are always trying to improve the blockchain situation by making changes to the cryptocurrency transmission network, in which Bainance Exchange has the largest share.

In this article, we will get acquainted with one of the new and popular networks in the field of blockchain.



Definition of BEP-2 network

It is safe to say that Bainance Exchange is one of the best in terms of providing services in the field of blockchain. The innovations made in this exchange every day create different conditions in the field of cryptocurrency. In the latest efforts of this exchange to provide better services, the new BEP2 network has been introduced.

BEP2 stands for Binance Chain Evolution Proposal2, a technical standard for creating and using new tokens in Binance Chain. The purpose of BEP2 is to establish a set of specific rules for the operation of tokens in the Binance Chain platform.

The performance of BEP2 is very similar to the famous Atrium network, ERC20.



BEP2 Network Features

There are a number of unique features in this network that set it apart from other blockchain networks. In this section, we mention some of these features:

. Source address where the source address of the token owner is issued.

. Token name

. Token symbol recently introduced on the network.

. The sum of all the tokens provided in the network

Coins supported in the BEP2 network
Due to the high transfer speed and reasonable fee of BEP2 network, many popular coins in this network can be traded. Almost all world famous cryptocurrencies including Bitcoin, Atrium and even Stable Coin Tetra can be transferred in this network. This is a proof that the network is trustworthy in conducting transactions in the field of cryptocurrency. One of the most popular of these is Ramzarz Cardano. In addition to its independent ADA blockchain network, Cardano can also be ported through the BEP2 network.

BNB ciphers are also one of the main transfer hubs in this network.



BEP2 network supported wallets

In the field of hardware wallets, two versions of Ledger Nano X and Ledger Nano S currently support this network.

Almost all popular software wallets on the market also support this network, such as the Walt Trust Wallet and the Atomic Wallet.



Deposit and withdrawal in BEP2 network

As mentioned earlier, there are many similarities between the BEP-2 and ERC-20 networks. One of these similarities is how to deposit and withdraw through this network. As with ERC20, you must have some BNB ciphers in your wallet to deposit and withdraw on BEP2.

The network’s native asset is the BNB (Binance Chain) cryptocurrency, which is used to pay fees on the network. You can easily transfer tokens supported by the BNB network via BEP2.



Difference between ERC20 and BEP2

The main difference between the two networks is in the type of addresses.

Addresses used in the ERC20 network start with the prefix 0x but in the BEP2 network, as mentioned above, will start with the prefix bnb.

Another difference is that you often need a tag or MEMO in your wallet to deposit and withdraw on the BEP2 network, while for ERC20 tokens just having a wallet address is enough.



Difference between BEP2 and BEP20 networks

Another innovation in Binance Exchange was the introduction of Binance Smart Chain (BSC). The purpose of this network was to implement smart contracts in the blockchain network and decentralize activities.

The BSC network is a complement to the BNB network, both of which are used in the Bainance ecosystem, with the difference that their functions are different from each other.

So you can’t use the BEP2 network to transfer passwords for smart contracts, but under the same conditions, ie transfer to wallets, you can use both networks to your advantage.

Another difference similar to ERC20 is that there is no need for a tag or MEMO in BEP20 addresses.

The summary of the difference between deposit and withdrawal of tokens in all three networks ERC20, BEP20 and BEP2 is as follows:

. ERC20 is an atrium blockchain whose addresses start with 0x.

. BEP2 is a BNB blockchain whose addresses start with bnb and often requires a tag or MEMO in the wallet.

. BEP20 is a BSC blockchain whose addresses start with 0x like Atrium, but its network is different from the ERC20 standard.



Concluding remarks

There are many networks for transferring digital assets with different fees and conditions. But which network is more suitable for you depends on factors such as your wallet and even the exchange in which you trade.

The BEP2 network has convenient features among several transmission networks to facilitate this.


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