Last time we posted about the exciting news of adding XRP into our midst and having the support for it was a blast! This time around, we’re equally, if not more, excited to address the addition of support for the Binance Smart Chain, which in turn, provides support for all BEP20 tokens! Right about now, we’re still in the high 3200+ of supported coins and tokens but we’re aiming for Tron, RSK and more soon!
Let’s get into what BSC is and what are BEP20 tokens to begin with.
An Introduction to BSC and BEP20 Tokens
It all starts with Binance. To those unfamiliar, Binance is a centralized and decentralized exchange platform where users can trade crypto with each other and with the platform. With the steady familiarity and fame of Ethereum as the to-go platform for smart contracts and dApps, Binance launched a decentralized smart contract platform of their own, aptly called, “Binance Smart Chain”. You can think of it as the cheaper and easier way of managing certain coins and tokens via smart contracts, compared to the traditional way of P2P or P2B trading practices. It gave way for users to not only be able to affordably and cheaply assign smart contracts to their crypto trading but also a platform for them to create tokens of their own.
Now, what are BEP20 tokens? You can see it as a form of token development for the aforementioned Binance Smart Chain. Almost similar to Ethereum’s ERC20 standard, BEP20 tokens are a friendlier standard that users can utilize on the Binance Smart Chain. You can actually see BEP20 tokens trending especially in the DeFi global market platform. The main difference between BEP20 tokens and ERC20 ones is their blockchain and lower fees on BEP20 tokens.
Binance Smart Chain is not equal to Binance blockchain.
Although both are supported on the Prokey Optimum, only the Binance Smart Chain is supported on the wallet web interface.
What Does This Mean for You?
Whether you like using smart contracts or the traditional exchanging process, having a hardware wallet capable of storing and housing full support for blockchains like Binance Smart Chain, OMNI Protocol, and the Ethereum blockchain is an added bonus along with the security and ease-of-use provided by the Prokey Optimum.
We’re working diligently to add more blockchain support and coins and tokens onto our platform to make sure that you have it all in the palm of your hand. With Prokey, it’s easy! HODL safely with Prokey.
Originally published at https://prokey.io.