Blockchain technology has revolutionized the way we carry out transactions and provided an enabling platform for developing useful trading instruments.
Blockchain networks with smart contracts compatibility allow developers to create innovative Decentralized Applications. Meanwhile, dApps have their tokens which are tradable assets that facilitate economic activities within the ecosystem.
However, each network has its Token Standard or specific rules and framework that these tokens must follow. Token Standards are an extremely effective and helpful foundation for cryptocurrencies and blockchain technology.
They contain a set of laid-out rules and functions that control how tokens and cryptocurrencies work in their blockchain. It is an interface that comprises rules that a smart contract must abide by.
Therefore, if a token does not follow these rules and standards, it will not be able to interact with the network, the smart contract, and other dApps within the network.
The token Standard of every blockchain network is different. For instance, ERC-20 tokens must follow the Token Standards of the Ethereum blockchain. For BNB Chain, its token standard is BEP-20. Therefore, all tokens within the BNB Chain must follow this standard.
This guide will teach you more about the BNB Chain, the BEP-20 standard, and how to find your BEP20 address in Trust Wallet.
The BNB Chain
Created by Binance, BNB Chain, also known as the Binance Smart Chain, is a decentralized blockchain network with smart contract functionality.
Before its launch, Binance launched the Binance Chain, an Ethereum-based network to support the DEX version of its exchange. The Binance Chain was developed to facilitate faster and non-custodial decentralized trading within the Binance DEX.
Even though the Binance DEX is designed for faster transactions, its scalability cuts out smart contract functionality. Typically, if a blockchain network is optimized for scalable and faster transactions, implementing smart contract functionality will still lead to network congestion. Therefore, scalability can be impacted.
With this, Binance launched another blockchain network, the Binance Smart Chain, in 2020. The BSC is a decentralized blockchain network with programmable smart contract functionality that runs in tandem with the Binance Chain. It was renamed BNB Chain in 2022.
Although BNB Chain is an independent network, it works as a complement to the Binance Chain. They both have a dual chain architecture and cross-chain compatibility that allows users to seamlessly transfer their crypto assets between them.
The BNB Chain is built on a newer Proof of Stake Authority Consensus Mechanism that gives the network a quicker processing time with better scalability, transaction throughput, and a Smart Contract functionality that doesn’t reduce scalability.
In this type of consensus mechanism, network validators participate in adding and attesting to new blocks by staking their BNB assets. In return, these validators earn a meager percentage of transaction fees as an incentive.
BNB Chain is an open-source network with compatibility with Ethereum Virtual Machine (EVM). Therefore, Ethereum or EVM-based applications can be seamlessly implemented or migrated to the BNB Chain.
The EVM compatibility of the BNB Chain has been an important perk for its massive adoption for smart contract projects. It allows the network to enjoy the extremely vast Ethereum ecosystem. Therefore, blockchain dApp developers can port apps and use EVM-based apps on BNB Chain.
BEP-20 Token Standard
BEP20 is the token standard for the BNB Chain. It is an extension of Ethereum’s token standard, and it sets out the framework and rules for tokens on BNB Chain.
Due to the EVM compatibility of their parent network, BEP20 tokens are also compatible with ERC20 and BEP2 tokens.
BEP20 tokens standards and its rules apply to all types of tokens on the BNB Chain, including tokenized assets like stablecoins and Peggy Coins that are linked to other non-BEP20 cryptocurrencies like ETH, BTC, or MATIC.
As mentioned earlier, BNB Chain complements Binance Chain. Therefore, BEP20 tokens can be traded on Binance DEX platforms.
Some of the BEP20 Token Standard rules include:
- Can Burn: This allows developers to specify if they can include a hyper deflationary feature to reduce the total supply of BEP20 tokens by burning them.
- Can Mint: In contrast to Can Burn, this parameter makes a BEP20 token inflationary, i.e., more of the token can be minted over time.
- Can Pause: With this parameter, all operations with the tokens can be paused in case of compromise or attack.
- Blacklist: Although similar to Can Pause, this allows developers to restrict a specific address from interacting with the token.
Once these parameters have been fulfilled, the contract will be published on the BNB Chain.
Steps to Find your BEP20 Address in Trust Wallet
Using Trust Wallet is one of the easiest ways to access and enjoy hitch-free interaction with BEP20 tokens and dApps.
Trust Wallet is a mobile-first non-custodial decentralized crypto software wallet where crypto traders can store, trade, or transfer crypto assets.
It also allows seamless interaction and secure access to various blockchain networks, including BNB Chain, Ethereum, Avalanche, Polygon, Cronos, and 15 other EVM-compatible chains.
Getting your BEP20 address on Trust Wallet is simple. All you have to do is look for the BNB Smart Chain token in your wallet and copy the Receiver’s address.
Here’s a step-by-step guide on how to find your BEP20 address in Trust Wallet:
- Open or set up Trust Wallet
- Add BNB Smart Chain token
- Copy your BEP20 address
1. Open or set up Trust Wallet
If you’re new to Trust Wallet, navigate to your mobile app store for Android or iOS devices to download the Trust Wallet app.
From the search bar, look for Trust Wallet and hit the install button.
After successfully installing Trust Wallet, open the app to start setting up.
In the app, click on CREATE A NEW WALLET to set up a new Trust Wallet. You can also restore your existing wallet with your 12- word mnemonic phrases by tapping I ALREADY HAVE A WALLET.
If you’re a new user, back up your 12-word mnemonic phrases securely in case you lose your account.
Finally, verify security phrases by inputting them in the right order.
2. Add BNB Smart Chain token
Once your wallet has been created, you should find the BNB Smart Chain token in your wallet.
However, if you can’t find it there, simply click on ADD TOKENS and look for “BNB Smart Chain (BNB).”
Toggle the ACTIVATE button in front of the token to add it to your token list.
3. Copy your BEP20 address
After adding BNB Smart Chain, go back to your token list and click on the token you added.
Finally, tap RECEIVE to view and copy your BEP20 address.
Conclusion
The BNB Chain is instrumental in the wider adoption and popularity of the BEP20 token standard. Since its launch, the blockchain network has gained significant attention among developers and traders.
Meanwhile, its low transaction fee and low transaction processing time have made the network and its token standard a better and more viable alternative to ERC20 and Ethereum.