Create Your Own BEP20 Token and launch your crypto trading venture

Undoubtedly, Binance is the largest cryptocurrency exchange with a trading volume of $18.07 billion. Importantly, ERC-20 is the fungible token standard for Ethereum. However, Binance Smart Chain (BSC) has come out with a technical standard named BEP-20. BEP-20 is also fully compatible with the ERC-20 standard. Investors get several advantages like swift processing of transactions, interoperability, and access to various Decentralized Applications (DApps). Are you an entrepreneur keen to rule the crypto trading industry? Create your own BEP-20 token. 

Know the significance of the Build and Build (BNB) Chain 

• For instance, Binance Chain and Binance Smart Chain (BSC) have merged and become Build and Build (BNB) Chain. 
• Hence, BNB acts as the blockchain gas token for processing transactions on the blockchain network. 

• Besides that, crypto investors will benefit from staking, voting options for influencing the governance of the platform, and cross-chain transfer of assets. 

• Moreover, BNB Smart Chain (BSC) is also fully compatible with the Ethereum Virtual Machine (EVM). 

• Importantly, project creators who launch gaming and Decentralized Finance (DeFi) ventures will receive advantages like scalability, greater throughput, and on-chain governance. 

What is the process to develop a BEP-20 Token? 

•  Head over to CoinTool, a virtual currency toolbox. 
• Click the Create Token button and add details like the token name and symbol. Later, fill in details like the initial supply and the decimals. 

• Subsequently, you can press the Configurations button and fill out the information, and tick or untick the options like Can Burn, Can Mint, Can Pause, Blacklist, Deflation, and Super Deflation. 

• Importantly, the token gets created and transferred to the respective wallet address. 

• What are the various options available for project creators? They can raise funds for their venture in a hassle-free manner. 

• Aspiring cryptopreneurs like you can organize a token presale campaign easily. 

• What information needs to be disclosed? You must share details like the token address, whitepaper, background and achievements of the founders, and roadmap. Investors will know the required funds and the deadline until which they can transfer the needed amount. 

• Further, you should enter the token pair address. This will lock all the funds contributed by investors.  

 Exploring the technical aspects of creating a BEP-20 token?

• It is important to integrate the Binance Smart Chain (BSC) testnet with a software wallet like MetaMask. 
• Therefore,  you should download the hot wallet on your smartphone and web browsers like Google Chrome, Microsoft Edge, Firefox, and Brave. 

• Importantly, Ethereum Virtual Machine (EVM) is compatible with the MetaMask wallet. 

• Subsequently, you should press the Networks tab and select the Binance Smart Chain testnet. 

• This sets off a Remote Procedure Call (RPC). Hence, the MetaMask wallet can seamlessly interact with the Binance Smart Chain (BSC) blockchain. 

• Later, you must fill in details like the name of the network, the Chain ID, the new Remote Procedure Call (RPC) URL, currency symbol, and the Block Explorer URL. 

• Moreover, you must press the Account button. This showcases the list of networks to which the MetaMask software wallet has been synced with. 

• Later, you can view the 2 dashboards, Assets and Activity. Later, you can select options like Buy, Send, and Swap for transferring Binance Coins (BNB) from one wallet address to another. 

• Further, you should save the information for adding the network. Subsequently, the list of networks displays the status of the custom network.

• What about the gas fees? Generally, it depends on aspects like the level of demand from investors and the congestion of the blockchain network. 

• Importantly, investors can pay the required amount in cryptocurrency. They can also safeguard their virtual assets from hackers, phishers, and scammers. Crypto holders can utilize private keys, secret passwords, and recovery phrases.

 Analyzing how checkmark settings work while developing a BEP-20 token?

Burn – You have complete freedom in moving a specific number of tokens from one wallet address to another. Generally, these addresses are not accessible by anyone. In the long run, it decreases the supply of the token. This leads to a rise in the price.  Hence, investors have more chances of pocketing profits. 

Mint – It just takes a few minutes to mint a BEP-20 token. You can opt for minting depending on the requirements of investors and the goals of the project. Hence, there will be an increase in the supply of tokens. Details like the total supply, the account ID, and the wallet address are showcased. This ensures transparency. 

Pause – Unquestionably, various industries are adopting blockchain technology and trading cryptocurrencies. Moreover, you can choose the Pause option in case of hacking and phishing attacks, scams, rug pulls, and other software glitches. Thus, you can protect the rights of retail and institutional investors. by pressing the Pause option. Hence, the creator of BEP-20 tokens has full power in executing this. 

Blacklist – As the usage of the Internet increases, scams will also rise. Hence, you can blacklist those wallet addresses that have suspicious activity. Generally, this can be done depending on the number of tokens held by the crypto investors and their activity on the Binance Smart Chain (BSC). 

Post blacklisting, users are prevented from purchasing the digital assets. Moreover, you can share the details of these wallet addresses with other users. This prevents them from becoming a victim of scams. Besides that, blacklisting of wallet addresses can also be done based on the requests of law enforcement agencies and governments. 

Wrapping Up

As the buzz about the digital economy grows, it is the right time to develop a BEP-20 token. Moreover, project developers get access to a wide variety of Decentralized Applications (DApps), games, and Decentralized Finance (DeFi) platforms. Moreover, smart contracts keep a close watch over the day-to-day business operations. 

This is because the BEP-20 token standard implements an API for all virtual assets held within the pre-programmed software. You can also view details like the account balances, total supply, and the history of transfers made from one wallet address to another. You can also attract investors with the cross-chain transfer of assets. Hence, investors can send and receive their assets to various wallets and Decentralized Exchanges (DEXes). Keen to get an edge against your rivals in the global sector? Connect with us to develop a BEP-20 token.

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