A token standard is a collection of rules that govern all tokens on that standard. To put it another way, a token standard specifies how new tokens are created, issued, and deployed on a given blockchain. ERC-20 token creation, for example, is an Ethereum token development standard that makes it simple for developers to create new tokens on the Ethereum network. ERC20 tokens will all have the same properties and be governed by the same set of rules. Aside from ERC-20, other popular crypto token standards include BEP-2, BEP-20, and TRC-20.
Every blockchain, and often more than one, can have its own token standard. ERC-10, ERC-20, and ERC-721 are some of the token standards used on Ethereum. When it comes to advanced token creation, the most common forms of token standards are:
TRC-20 (TRON blockchain)
BEP-20 (Binance Smart Chain)
Let's take a closer look at each one, as well as the distinctions between them and how to pick the ideal token standard for your project.
The ERC-20 token standard is the most widely used and popular of all time. The majority of tokens listed on CoinMarketcap.com are Ethereum-based ERC20 tokens. ERC-20 is also one of the most well-known and well-respected standards for token creation. Ethereum Request for Comment is abbreviated as ERC. The ERC-20 token standard must be followed by all tokens generated and running on the Ethereum platform. ERC-20 tokens, which can be bought and sold and exchanged on exchanges, are created using Ethereum smart contracts.
The ERC-20 token standard incorporates a wide range of data, such as Information on the total token supply, What is the procedure for withdrawing the tokens? etc.
For developers, creating an ERC-20 token is rather simple. However, if you have no prior experience or knowledge of blockchain creation, you should seek professional assistance, as ERC-20 token development necessitates technical competence and programming language knowledge.
The BEP-20 standard is the second most often used for crypto token production. The Binance Smart Chain is being used to develop many of the new coins, primarily because it is faster, more efficient, and allows cross-chain compatibility. BEP-20 was built as an extension of the ERC-20, therefore it has all of the ERC20's features. BEP-20 is the Binance Smart Chain's primary token standard, which means that all tokens on the BSC are automatically based on it. BEP-20 specifies the procedures for using, transferring, approving, and managing a BEP-20 token. BEP-20 should not be confused with BEP-2. These are Binance's two distinct token specifications. BEP-20 is a Binance Smart Chain (BSC) token standard, whereas BEP-2 is linked to the Binance Chain.
Unlike Binance Chain, BSC and the BEP-2 tokens both offer smart contract capabilities. The Binance Smart Chain, which is a dedicated Binance blockchain network developed for hosting smart contracts and DApps, underpins all BEP-20 tokens. The BSC enables developers to create decentralised applications based on smart contracts. Many people are unaware that BSC is compatible with ETH and provides a faster, lower-cost method of transaction processing. That implies you can utilize the Binance Smart Chain (BEP token) to send ERC20 tokens at a significantly faster and cheaper rate. BEP-20 can be used to transfer a variety of other tokens, including Bitcoin, Ether, Litecoin, and USDT.
The procedure of creating a BEP-20 token is much simpler. You can even make a simple BEP-20 token without any prior technical or blockchain experience. Developing a customized, feature-rich BEP-20 token from the ground up, on the other hand, would almost probably necessitate the assistance of a professional BEP-20 token developer.
The TRC20 token standard is used to create and manage tokens on the TRON blockchain. The TRC20 standard establishes the regulations that must be followed by all tokens in the network. These rules cover everything from issuing new tokens to conducting and approving token transfers to sending and receiving tokens. All TRC20 tokens will be supported by specialized digital wallets and will be able to be swapped, transferred, and shared as long as they fulfill the TRC20 contracts' requirements, Apart from that, TRC20 tokens may also adhere to the Token Name, Token Abbreviation, and Token Precision standards.
TRON was established as a more efficient Ethereum clone, with cheaper transaction fees and faster transaction speeds. All TRON coins and smart contracts are interoperable with the Ethereum network because the TRON Virtual Machine – the operating system for TRON smart contracts – employs the same Solidity language for contract development as Ethereum. TRON tokens can therefore be used on the Ethereum network and vice versa. TRC-20 is the TRON blockchain's standard for creating new tokens. Because TRON is a public blockchain, anyone can develop and issue their own tokens in accordance with the TRC-20 standard. All TRC-20 coins can communicate with one other and with other TRON tokens and apps.
On the TRON network website (https://developers.tron.network/), new TRC-20 coins can be produced and issued. To do so, the developer must write TRC20 smart contract code, which necessitates technical knowledge and comprehension of the programming language. After the contract has been created, it can be distributed on the network and new tokens can be issued.
|1. Network||ERC-20 base on Ethereum blockchain||
BEP-20 base on Binance
|TRC-20 base on Tron Blockchain|
|2. Gas Fee's||
ERC-20 has gas fees of more than 30$,
it has the highest gas fees compared to other
BEP-20 has gas fees of 0.4$ - 15$
Which is the lowest compared to the other two.
|TRC-20 has gas fees of more than 15$.|
|3. Algorithm||Ethereum network uses Old proof of work (Proof)||
Binance Smart Chain uses customized Proof of
stake authority (PoSA).
|Tron uses Delegated proof of stake (DpoS)|
4. Block verification
Ethereum block processing time is 15 seconds which
is again highest compared to others.
Binance smart chain block processing time is 3 seconds.
Binance network is about 5 times more efficient than the
Tron as a recorded block processing
time of 3
seconds per block, which is about the same as that of BSC.
|5. Address style||
Starts with ‘0’ and ‘x’
|Starts with ‘0’ Example : 0fde7e||
Beginning with a capital T