How to create a BEP20 token? This is the most asked question by every startup entrepreneur or crypto enthusiast on the internet. We all know that Binance Smart Chain is the second most popular cryptocurrency, the most traded digital coin, and the best open-source network in the blockchain space.
Besides, people use BNB to trade and create their crypto tokens as they are among the early entrants in the industry. So most crypto startups prefer the Binance BEP20 token standard over others to create their crypto tokens for their projects.
As we all know Binance Smart Chain BEP20 is one of the popular technical standards used to create crypto tokens, DApps, and smart contracts. This standard protocol is often used by startups to generate tokens for their business.
When creating crypto tokens, this standard has three operations: pausable, burnable, and mintable. Among these functions, minting is popular in the BSC network.
In this blog, we will discuss how to create a BEP20 token on the Binance Smart Chain and other related factors. Let’s shed some light on the basics for beginners before starting to discuss the topic.
BEP20 Overview
BEP20 is a technical protocol for creating fungible crypto tokens on the Binance Smart Chain network. BEP stands for Break Even Point and number 20 stands for the identification mark to the set of rules for creating tokens. This standard is adopted by every corner of the cryptosystem because they are blockchain-based assets that allow their users to send and receive tokens.
Besides, the BEP20 token standard serves as a blueprint for creating fungible tokens that are compatible with other tokens in the network, where we can exchange unit tokens with each other. Also, it is used to create various smart contracts to communicate on the BSC network. Due to its increasing growth, it has gained more investor favor.
Before jumping into the mintable BEP20 token, you need to know about the minting process which is essential to understand the creation of this token more clearly.
What is Minting on the Binance Smart Chain?
Minting is the process of creating new tokens through the computational process to validate and record information on the Binance Smart Chain. Simply put, mining is the process of increasing the total supply value of a crypto token. You can complete this process once if you don’t need to.
Remember that once it’s over, you can’t start the process again. Also, the minting process should not be completed while the token sale is in progress. Because this process will end the token crowd sale and it cannot be minted in the future.
We hope you all understand what the minting process is right? Well, come let’s delve deeper into the topic
By now, you might be somewhat familiar with what we have discussed on the blog so far. Now let’s move on to see how to create a BEP20 token next.
How to create a BEP20 token?
Creating a BEP20 token is no longer a difficult task. There are simple steps to follow. Just by following the below steps you can easily create a BEP20 token for your crypto business.
Step 1: Basic Requirements
Before you get started, it’s important to have a basic understanding of the Binance Smart Chain and the BEP20 token standard. The BEP20 token standards are the rules and requirements that tokens on the Binance Smart Chain must follow.
Additionally, you will need a Binance Smart Chain compliant wallet such as MetaMask, and it should have some BNB (Binance Coin) to cover the transaction fees required for the token creation process
Step 2: Create a BEP20 Token
To create a BEP20 token, there are many token development company or developers available in the market. They streamline the token creation process, allowing you to create custom BEP20 tokens based on your needs.
When choosing a token development company or developer, it is important to ensure that it is experienced and has previous projects.
Step 3: Connect Your Wallet
To generate your tokens, you must connect your Binance Smart Chain wallet (e.g., MetaMask) with the help of a BEP20 token developer. This connection is necessary to communicate with your wallet and work on your behalf. Make sure your wallet is set up on the Binance Smart Chain network.
Step 4: Define Token Parameters
In this step, you will specify the essential parameters for your BEP20 token:
Token Name: This is the name you want to give your token (e.g., “MyToken”).
Token Symbol: The symbol that represents your token (e.g., “MTK”).
Total Supply: Decide on the total number of tokens that will be created initially.
Decimals: Determine the number of decimal places your token will have. Most tokens use 18 decimals, but you can choose any value between 0 and 18, depending on your requirements.
Step 5: Set Token Properties
In this step, you may be able to choose to create additional assets for your token based on features provided by the token developer, such as:
Minting/Burning: Decide whether you want to allow the creation (minting) or destruction (burning) of tokens after deployment. This feature can provide flexibility in managing the token supply.
Pausing: Determine if you want to enable the pausing of token transfers. Pausing functionality can be useful in certain scenarios, like handling emergencies or security concerns.
Step 6: Verify and Confirm
Before create a BEP20 token, verify all the information you entered. Make sure everything meets your needs perfectly. Once you are sure that the information is correct, confirm that your token has been created. This step may require you to sign your wallet under a transaction to authorize the token generation process.
Step 7: Deploy the Token
Once you confirm the token creation, the token developer will start placing your BEP20 tokens on the Binance Smart Chain. This process can take a few seconds to a minute to complete.
Step 8: Obtain the Token Address
After the deployment is successful, the token developer will get an address to your newly created BEP20 token. This address is important because it identifies your unique token on the Binance Smart Chain. You will need this address in order to transact and track your token on the blockchain.
Step 9: Add BEP20 Tokens to the Wallet
To view and manage your newly created token, you need to add it to your Binance Smart Chain-compatible wallet. Use the token address obtained in the previous step to add the token to your wallet. After adding it, perform a few test transactions with your token to ensure that everything functions as expected.
In addition to the above steps, you need to create a white paper that clearly describes your unique business needs. In a way, you can get help from the BEP20 token development company like Zodeak, or else you can hire a developer. Anyway, you need to follow the above-mentioned steps to create a BEP20 token.
Why choose Zodeak to create a BEP20 token?
Zodeak is a preeminent blockchain development company in the market that has an adroit team of experts who have expertise in all kinds of token development services for all enterprises worldwide. We specialize in providing services for developing crypto tokens on significant blockchain platforms like Ethereum, Binance, Tron, etc.
We assist you in producing feature-rich mintable BEP20 tokens at an affordable price. Also, we provide you with an advanced Binance Smart Chain token wallet app for Android and iOS in addition to your token development. Our team of skilled blockchain developers can complete client projects as per their business requirements promptly.
For startup entrepreneurs planning to enter the crypto space, choosing Zodeak can be the ultimate solution in token creation for their business growth. Because they provide customer and technical support online at any instant and a very quick response to client requests.
Contact us & create a BEP20 token to take your business to greater heights!!
