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What are the differences between BNB, BEP2, and BEP20 in the world of cryptocurrency?

avatarmarcel walterDec 30, 2021 · 3 years ago1 answers

Can you explain the key differences between BNB, BEP2, and BEP20 in the cryptocurrency space? What are their unique features and use cases?

What are the differences between BNB, BEP2, and BEP20 in the world of cryptocurrency?
Cryptocurrency
BNB
BEP2

1 answers

  • avatarDec 30, 2021 · 3 years ago
    BNB, BEP2, and BEP20 are all part of the Binance ecosystem, but they have different functions. BNB, or Binance Coin, is the native cryptocurrency of the Binance exchange. It can be used for trading, paying fees, and participating in token sales on Binance. BEP2 tokens are tokens that follow the BEP2 token standard on the Binance Chain. They are used for transferring assets within the Binance ecosystem. BEP20 tokens, on the other hand, are tokens that follow the BEP20 token standard on the Binance Smart Chain. They are compatible with the Ethereum Virtual Machine and can be used for creating decentralized applications and smart contracts. In summary, BNB is the main cryptocurrency, BEP2 tokens are for the Binance Chain, and BEP20 tokens are for the Binance Smart Chain, which supports Ethereum compatibility.

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