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BEP20 and ERC20 Chains.

By Amjadwaince | Crypto & metaverse | 4 Jun 2023


Any new user always surprised by looking in crypto space that by invention there was one crypto and one Blockchain then how BEP20, ERC20 and other chains developed.  

Crypto,  such as Bitcoin, have been around since the early 2000s, but the exact person or group of people who invented them is not known. The concept of cryptocurrency was first proposed by an unknown person or group of people using the pseudonym Satoshi Nakamoto in a white paper titled "Bitcoin: A Peer-to-Peer Electronic Cash System" in 2008.

Satoshi Nakamoto is believed to be a pseudonym for an individual or a group of individuals who are skilled in computer science and cryptography. The true identity of Satoshi Nakamoto remains unknown, and many theories have been proposed, but none have been confirmed.

There are over 5,000 cryptocurrencies in circulation, with new ones being created regularly. However, not all of these cryptocurrencies are actively working or being developed, as some may have failed or been abandoned.There are also many blockchain networks that are not focused on creating a cryptocurrency, but rather on providing a decentralized platform for other applications. There are hundreds of chains working in the crypto space.

BEP20 and ERC20.

Firstly, BEP20 and ERC20 are both token standards used on the Ethereum blockchain. However they are developed by different organizations, with BEP20 being developed by the Binance Smart Chain (BSC) community and ERC20 being developed by the Ethereum community.

The main difference between the two is that BEP20 has some additional features compared to ERC20. For example, BEP20 tokens can have a variable supply which means that the total number of tokens in circulation can change over time. This is useful for things like token buyback programs, where a portion of tokens sold are automatically repurchased and destroyed.

Another difference is that BEP20 tokens can have different types which allows for more complex token structures. For example a token could have both a utility and a governance function with different token types being used for each purpose.

Difference in fee structure.

The fee structure for a blockchain network is determined by the laws of supply and demand.When the demand for transactions on a blockchain network exceeds the supply of transactions that can be processed in a given time period, the fees for transactions increase. Also when demand is low, fees decrease.

For example, on the Ethereum network, the fee structure is determined by the Ether (ETH) gas price, which is the amount of ETH that must be paid for each unit of gas used in a transaction. The gas price is determined by supply and demand, with the price increasing when more people are trying to use the network and decreasing when fewer people are using the network.

The fee structure can also be affected by other factors, such as the block size limit and the number of miners on the network. For example, on a blockchain network with a high block size limit and a large number of miners, the fees for transactions may be lower because there is more capacity to process transactions.

 

 

Cheers,

Amjad.

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Amjadwaince
Amjadwaince

Blogger , farmer , property connector . ex. Sales manager in Nadec ( Saudi Arabia)


Crypto & metaverse
Crypto & metaverse

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