How to Get BEP20 Address?

You may consider participating in some aridrop projects to get some free coins or tokens. Most of the projects require users to complete some tasks, including joining Telegram Community Chat and Announcement Channel, Retweeting certain Twitter, and filling in the BEP20 address to receive tokens. For a newbie, you may wonder what is BEP20 address, and how to get it. This article will show you how to get BEP20 address.

What Is Binance Smart Chain?

Binance Smart Chain is live on the main net, runs parallel with Binance Chain, it is a solution to bring programmability and interoperability to Binance Chain. Simply to say, it is built for running smart contract-based applications. It is Essentially an imitator of Ethereum. Binance claims that Binance Smart Chain relies on a system of 21 validators with Proof of Staked Authority (PoSA) consensus that can support short block time and lower fees. It supports smart contract functionality and compatibility with the Ethereum Virtual Machine (EVM). With the Binance Chain, actually, they have created a dual-chain system. The dual-chain design goal here was to leave the high throughput of Binance Chain intact while introducing smart contracts into its ecosystem.

What Is The BEP20 Token Standard? What Does BEP20 Mean?

Binance Smart Chain has a BEP20 token standard that functions similarly to Ethereum's ERC20 standard. BEP20 is a developer-friendly token standard that allows anyone to deploy fungible digital currencies or tokens on Binance Smart Chain. What's more, leading digital assets on other chains can be ported onto Binance Smart Chain in the form of pegged BEP20 tokens. For example, you could use Binance Bridge to swap bitcoin (BTC) for BTCB (BEP20) tokens backed by BTC. BTCB (BEP20) tokens can then be deployed in DeFi protocols to earn a yield on bitcoin. The same goes for ETH, XRP, DOGE, and many more.

The token is contract-compatible and has basic functionality like transferring, returning a balance, and viewing possession for a token. The BEP20 sets standard guides to manage the tokens. The tokens are compatible with ERC-20 and BEP-2 due to their similarity. The Binance Smart Chain is designed for all small contracts such as the decentralized finance DeFi and decentralized applications dApps.

What Is a BEP20 Wallet?

BEP20 wallet is a platform that connects users and different blockchains. All blockchain contains its own public address where that certain cryptocurrency is being stored and encrypted. When you are making a transfer, the transfer fee will be delivered to validators. A BEP20 wallet is a wallet that supports the BEP20 standard, which can support a wide range of crypto assets and tokens. That means it allows you to manage and store different cryptocurrencies at the same time easily. You can send and receive cryptocurrencies and also perform other crypto functions like trading and staking assets.

Which Wallets Support BEP20?

• Trust Wallet (iOS/Android)
• MetaMask Wallet (Browser Extension, Android, iOS)
• Math Wallet (Browser extension, Android, iOS)
• Unstoppable Wallet (iOS, Android)
• Binance Chain Wallet (Google Chrome Extenension)
• SafePal (iOS/Android + Hardware Wallet)

How to Get BEP20 Address?

Take Trust Wallet, for example:

1. Click [Create a new wallet] and back up the 12-word seed phrase. Please keep your private keys and seed phrase safe and never share them with anyone. If you lose them, you will not be able to access your wallet. (If you don't have a wallet yet.)

2. After adding Binance Smart Chain, Trust Wallet devs have also implemented the support for BEP20 tokens.
3. Smart Chain wallet will be enabled by default as soon as you create a new wallet. If you do not see it yet, try to do a search and look for "Smart Chain".

4. Open your Smart Chain wallet, tap on Receive to get your BEP20 address. In case you are wondering why BNB shows on the screenshot, it is because Binance Coin is also the main token used on Binance Smart Chain. Tap on Copy or Share your QR code for the Smart Chain address

What Is BEP2 Address? What Is The Difference Between BEP20 Address?

• BEP-2 is the token standard for Binance Chain, which is related to the Binance blockchain. It is mainly focused on fast transactions and supporting the Binance DEX. The BEP-20 is the token standard for the Binance Smart Chain. They are all different token standards for different blockchains.
• When you are creating a multi-coin account, your BEP2 address would be the "BNB address" on your wallet. Your BEP20 address would be the coin called "SmartChain". The BEP2 address starts with "bnb". Your BEP20 address starts with "0x".
• However, both BEP-2 tokens and BEP-20 tokens are fueled using Binance Coin (BNB).

Stay tuned to CoinCarp Social Media and Discuss with Us:

X (Twitter) | Telegram  | Reddit

Download CoinCarp App Now: https://www.coincarp.com/app/