What’s the difference between BEP-2 and BEP-20?

Many users have questions about two blockchains from Binance and the most important of them: “What’s the difference between BEP-2 and BEP-20?”

For your convenience, we will highlight some key features of the 2 blockchains and cover a brief history on how they were launched.

♨️ On April 18, 2019, Binance exchange announced the launch of its own blockchain — Binance Chain (BC).

BC was created as a marketplace for issuing tokens, using and exchanging cryptocurrency. The first product on BC became Binance DEX 💱

BEP-2 is a token format on Binance Chain

After a while, it turned out that Binance Chain is not flexible in terms of internal structure and isn’t very suitable for deploying decentralized applications (dapps).

♨️ The Binance development team has come to the conclusion that it is easier to create a new one than to make changes to the old one. This is how Binance Smart Chain (BSC) was appeared in April 2019.

BEP-20 is a token format on Binance Smart Chain

Binance Chain was created for the entire Binance ecosystem and especially for DEX. Binance Smart Chain is a more advanced version that is compatible with EVM and supports the operation of smart contracts ✅

To the users, it may seem that BC and BSC are the same blockchain, but in fact they are not.

➡️ Binance Chain is a blockchain with a simplified structure, the task of which is to ensure fast trading under high network loads.

➡️ Binance Smart Chain is a modern, flexible, high — throughput blockchain with the ability to deploy smart contracts and complex decentralized applications on it.

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