[Term] What is BEP20?

by GameAZ

Bitcoin is becoming more and more popular with its accompanying utilities. And so is the Binance Smart Chain wallet. As a product of Binance – the world’s largest cryptocurrency exchange, the Binance smart chain wallet promises to provide users with a platform with fast transaction times and attractive transaction fees. Join GameAZ to learn this utility from A to Z about “What is BEP20” through the following article!

1. Overview of the Binance Smart Chain BEP20 wallet

The Binance Smart Chain Wallet (BEP20) is a place used to store coins on the Binance Smart Chain platform under the BEP20 standard.

Users need to know the following 2 important facts about this BSC BEP-20 wallet:

  • Wallet address: is a sequence of numbers and letters used as an address to receive assets on the Binance Smart Chain.
  • Private Key: is a security code or can be seen as a form of encryption. Players need to log in with the Private Key to complete the transaction or when they want to restore their wallet.

Coming to Binance Smart Chain, users can be completely secure as well as it is impossible for others to affect their wallet.

what is bep20

2. Distinguish ERC-20 wallet and BEP-20 wallet

Because the format of the two Ethereum (ERC-20) and Binance Smart Chain (BEP20) wallet addresses is quite similar. When making transactions, users need to distinguish clearly to avoid transferring the wrong network.

The difference between the two wallets is that Binance Smart Chain is designed to integrate the “Smart Contract” feature and is compatible with the Ethereum (Ethereum Virtual Machine – EVM) server.

The advantage of Binance Smart Chain over Ethereum is that the cost and transaction time will be cheaper and faster.

Note: It is necessary to transfer tokens with Chain, for example, a token of Link (BEP-20) can only be converted to one of Link (BEP-20) and one of Link (ERC-20) can only be converted to one of Link (ERC- 20).

If you make the wrong chain transfer, the user will lose it all.

3. Instructions for installing Binance Smart Chain Wallet

Users can add the Binance chain wallet utility on both Chrome and Firefox browsers.

Below I will show you how to install it on Chrome (Firefox can do the same):

  • Step 1: Access the link of BSC Wallet
  • Step 2: Click “Add to Chrome
  • Step 3: Select “Add Extension

Next, the user will receive the message “Binance Chain Wallet has been added to chrome” that the installation has been successful.

When you see that Binance Chain Wallet has been added to the top right corner of the browser, users can already use the wallet.

Looking at the top right corner of your browser, you will see that Binance Chain Wallet has been added as a browser plugin and is ready to use.

How to use binance chain wallet

4. Instructions for using the Binance Smart Chain BEP20 wallet

After opening the Wallet, users will have 2 options: “I do not own a wallet” and “I own a wallet”.

Step 1: Users can choose 1 of 2 depending on each person, here I choose “I do not own a wallet” to be able to guide how to create a wallet

Instructions for using the Binance Smart Chain BEP20 wallet 1

Step 2: After choosing a new password, select “Continue” to continue.

Instructions for using the Binance Smart Chain BEP20 wallet 2

Next, the application will ask for a “Seed Phare” backup. This is VERY NECESSARY so that users can later restore and regain account access when the necessary case occurs.

Note: Anyone with a Seed Phrase code can make transactions in your account, so keep them safe and make sure no one can steal or peek.

Step 3: Select “Click to Copy” to copy the Seed Phrase and paste it anywhere you trust.

Step 4: Press “Continue” then confirm Seed Phrase again to login.

After completing the above steps, the interface will appear as below:

Instructions for using the Binance Smart Chain BEP20 wallet 3

Above is the information about what is bep20 wallet address? Although not yet as high coverage as ERC-20, Binance is cherishing many other potential projects on the blockchain and starting to engage in Defi to stimulate the creation of BEP20 standard tokens on Binance Smart Chain.

If you have any questions, comments, suggestions or project ideas, please email: [email protected] 

Disclaimer: The information on this Website is provided as an overview of the market and does not constitute financial advice. GameAZ encourages you to do more research before deciding to invest.

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