How to Create a Bep20 Token? - BEP20 Token Development

What is a cryptocurrency? How does crypto work? How can a person create crypto? Can someone with no knowledge in Blockchain create and launch crypto? In the past few years, many of us have had these questions and wonder about them now and again. Today’s article will explain the process of creating a BEP-20 token.

Overview of BSC or Binance Smart Chain

To newcomers in the crypto industry, it is easy to view Binance as a typical centralized exchange. However, that is far from the truth. The platform hides a complete ecosystem of crypto products like the Binance launchpad, the research lab, Binance cloud and a DEX platform.

The Binance Chain is the technology’s dedicated blockchain network. This network will process and validate any decentralized transactions occurring within the Binance ecosystem. Also, the Binance blockchain can hold Binance’s native coin, BNB. The platform allows users to interact with smart contracts directly and retain private key custody or use the famous exchange to track and trade crypto.

Surprisingly, Binance Chain was not meant to hold and facilitate smart contracts. Despite that, the platform provides the opportunity for users to build DApps or decentralized apps. Overcoming this pitfall is where the Binance Smart Chain comes in.

BSC or Binance Smart Chain is a smart contract enabled network. The technology works in conjunction with the Binance Chain. The Binance Smart Chain has the infrastructure available to function independently. This infrastructure is put in place if the Binance Chain servers ever shut down.

To a developer, BSC looks and feels very similar to the ERC blockchain. The similarity is due to how Binance Smart Chain uses the same codebase as Ethereum. However, the code has some alterations and updated parameters in the BSC. To a user, BSC feels like the fastest and cheapest Blockchain on the market. That it is fully operational and app-friendly only adds to the network’s appeal.

What is a Bep-20 Token?

Understanding the difference between Binance Chain and the Binance Smart Chain is the first step to understanding the Bep-20 tokens. Now, let us look at two platforms’ native token standards. What are token standards, and why do they matter in Blockchain?

Binance Chain hosts Bep-2 token standards. The most popular Bep-2 token users are familiar with the BNB coin, Binance’s native coin. Bep-2 stands for Binance Chain Evolution Proposal 2 and provides the basic technical token framework. Developers can use this framework to create tokens on the Binance Chain. Like following a complex recipe, it is always good to stick to the existing token standards. This adherence to norms ensures that each token will work with applications and wallets after launching.

Utilizing the dual-chain architecture between the Binance Chain and Binance Smart Chain makes it possible for the native BNB coin to fuel the Bep-2 and Bep-20 tokens.

Bep-20 token standards provide the basic framework required to launch BSC tokens on the Binance Smart Chain. Bep-2 tokens are native to the Binance Chain. As said before, the Bep-20 tokens are incredibly similar to the ERC-20 tokens but have many fundamental differences.

The How To Guide to Create a Bep-20 Token

One thing to remember for bep-20 token development is the similarities to creating a token on Ethereum and BSC. Both processes require using the same programming language, tools and thought processes. Solidity is used to create a BSC token, and the only tools required are Remix and MetaMask browser crypto wallet.

This article covers the bep-20 token development process on the Binance Smart Chain Testnet. Do note that the process remains the same on the Mainnet.

Part 1- Get a Node

This first step requires you to find a node to connect the MetaMask wallet with. Once you get the node, you can connect to the different blockchain networks. Open the node, and you will see a list of endpoints and other available nodes. Here is where you get a list of nodes like the Testnet node and Testnet archive node. Select the copy to clipboard button on the Testnet node, and you can proceed to the next part.

Part 2- Install custom RCP

This step requires using the MetaMask wallet. You can use the wallet to upload a new token and to access the token after launching. For now, click the symbol and bring up the wallet. Now you can see a list of networks at the top. Go down and find the Custom RCP option. This option will provide a list of entry fields. Input the required details and continue.

Part 3- Gather your BNB

The next step to create a Bep-20 token requires you to have some BNB coins in your wallet. If you don’t have any, then you can purchase them from the Mainnet.

Now, open the MetaMask wallet and copy the wallet address. You can copy the address by selecting the account name at the top. Paste the address into the field and select the Give me BNB option. This process results in a drop-down option appearing for 1 BNB. Select this option and wait for a few moments. Now you see 1 BNB appearing in the MetaMask wallet. If it does not appear, it would be good to check the RPC URL and remain connected to the BSC Testnet.

Create a Bep-20 Token

The most significant benefit to decentralization and open-source software is the freedom to copy, paste and adjust the code. You can find the code for this process in OpenZeppelin. The platform is an open-source organization that can collate different token standards for developer usage. Since Bep-20 is similar to Erc-20, you can use the Erc-20 token standard code for this process.

Remix is among the most popular environments to deploy a smart contract. You will be using this platform to program your token. On the website, select the contracts button, and you can create a new file by choosing the document symbol on the top left. It is essential to name the token something relevant or catchy to help the token attract the required attention.

Copying the code from OpenZeppelin requires you to make some changes to a few lines of code. Remember to change these elements and code when making your token

➤ The first code line must show the Solidity version used for development

➤ The following line should be for importing the template. This line has a URL link that houses the entire token structure

➤ Now copy the token smart contract. This part is where you can alter the token’s parameters.

➤ The second code line refers to running the constructor when you create the token. Here, you can specify the token’s name and its symbol.

➤ The following line is about minting the token and sending a receipt into the user’s wallet when deploying the smart contract. This part is where you can input the total number of tokens you want to be minted.

Now that you have written the contract, the next stage requires putting it through the compiler. This step ensures there are no bugs, issues or glitches in the contract. This process requires you to go to the solidity compiler icon. Please select it and click compile. If the process reveals no issues, you can move to the final step.

Now select the deploy and run transactions symbol. This first menu asks you to choose the required environment. Ensure that you choose the Web3 option. Next, check and see if your account address matches the MetaMask account address. Now you will see fields for the gas limit and value. You don’t have to adjust these values so leave them as they are. Finally, ensure your contract matches the file name you made. Click the deploy button and complete the process.

Conclusion

These steps will help you launch a token on BSC. The process is simple enough that a user with minimal programming experience can complete it. If you want a professional’s help or additional bep-20 token development services, you can always contract a renowned blockchain development company. There are many of them available on the net, with each one providing innovative solutions.