Mainnet smart contract standards: BEP-20, BEP-721, BEP-1155 and BEP 777
Creator team is rushing to prepare for the launch of Mainnet on December 31st. We take into account all the factors and desire to bring the best product to the world.
Realizing the benefits of BCS network with lower gas fee and higher speed compared to ETH network, Creator decided to introduce all our No Code Smart Contracts in BSC standard. Which means you still have access to the most popular and proficient smart contract standards in the field, including: BEP-20, BEP-721, BEP-1155 and BEP 777.
In this article, let’s break down the concept of BEP standards and get to know them better.
BEP20 is the token standard of Binance Smart Chain. In many ways, it’s similar to Ethereum’s BEP-20 standard; in other ways, it expands on it. BEP-20 standardizes the core functionality of each token, which means that any tokens generated with this framework are interoperable with one another as well as with all BEP-20 compliant services like MyEtherWallet and MetaMaskExamples of such tokens are utility tokens, stablecoins, and security tokens.
BEP-721 is a modification to Ethereum’s ERC-721, one of the most widely used NFT standards. Each NFT is one-of-a-kind and cannot be exchanged for another token.
BEP-721 tokens can be used to tokenize data ownership and assign a unique identity to it. This feature distinguishes these tokens from other BEP-20 tokens. Developers may use BEP-20 to generate many identical tokens within a single smart contract. However, BEP-721 assigns a unique ID to each token. They may be used to represent specific non-fungible objects owing to their uniqueness.
While being backward compatible with BEP-20, this standard offers a new mechanism to communicate with a token contract.
Advanced token interaction features are specified. Among the features are operators to send tokens on behalf of another address — contract or ordinary account — as well as send/receive hooks to allow token holders more control over their tokens.
BEP-1155 is a ground-breaking token standard that aims to combine the best elements of existing token standards to create a fungibility-agnostic, gas-efficient token contract. The use of a single smart contract to represent many tokens at the same time distinguishes BEP-1155.
The concept is straightforward: develop a smart contract interface that can represent and handle a wide range of fungible and non-fungible token kinds. As a result, the BEP-1155 token may perform the same functions as the BEP-20 and BEP-721 tokens, and even both at once.
The end user of Creator’s No Code Smart Contract can customize the Smart Contract to meet his or her own demands using easy options (such as entering fields or dragging and dropping several elements). Creator Chain Network is one step closer to its goal of making blockchain accessible to everyone by enabling both personal and professional life by launching this core service in the coming week.
Keep an eye out for the Creator Chain Network Mainnet’s formal announcement!
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