What Is BEP-2?
BEP-2 stands for Binance Chain Evolution Proposal 2. It is a technical standard that regulates the issue and implementation of new tokens on BNB Beacon Chain formerly known as Binance Chain.
What You Need To Know About BEP-2
BEP-2 is a set of technical specifications that tokens must follow to interact with each other and the BNB Beacon Chain ecosystem seamlessly. As a unique token standard, it is not compatible with blockchains other than Binance.
Tokens of the BEP-2 type represent a wide array of tradable goods and digital assets. So, even though the standard sets the rules, various tokens will have different implementations depending on their specific use cases. Yet, having a standard in place considerably decreases the amount of effort required from developers to create them.
Each BEP-2 token has the following properties:
- Source Address – the issued token’s owner
- Token Name – the long name of the token
- Symbol – the newly issued token’s identifier
- Total Supply – the total number of issued tokens
- Mintable – whether there is a possibility for the issued token to be minted in the future so that its total supply would increase
As a part of the BEP-2 definition, it is important to mention that the native asset of BNB Beacon Chain is BNB, which is often used to pay for fees. This means that when you would like to transfer your BEP-2 tokens, you will also need to have some BNB available in your wallet.
You can trade BEP-2 tokens on Binance DEX, a decentralized exchange running on top of the BNB Beacon Chain. These tokens can be stored in a variety of different software and hardware wallets, including Trust Wallet, Atomic Wallet, Ledger Nano X, Coolwallet S, and many others.
