BEP-20 isn't just a fun abbreviation to say out loud - it's a token standard used on the Binance Smart Chain (BSC).
Like its cousin, ERC-20 on Ethereum, BEP-20 is a blueprint that outlines a set of rules and requirements that tokens must follow in order to be compatible with the BSC ecosystem.
And let me tell you, BSC is like the Wild West of crypto - it's got faster transaction times and lower fees than Ethereum, but it's also got its fair share of scams and rug pulls.
Example
"Have you heard of this new BEP-20token called 'SafeMoon'? It's supposed to be the next big thing on BSC!"
"I just swapped all my BNB for a bunch of random BEP-20 tokens. I figure if one of them moons, I'll be set for life."
BEP-20 is the standard for tokens on the Binance Smart Chain, just like ERC-20 is the standard for Ethereum tokens. It's like the rulebook that all the tokens have to follow to play nice with each other.
Example
"If you want to create a new token on the Binance Smart Chain, you need to follow the BEP-20 standard."
"BEP-20 tokens can be traded on decentralized exchanges like PancakeSwap, just like ERC-20 tokens on Uniswap."
