Dear members of our community! We have important news! TBCC Wallet is launching the Binance Cross-Chain Swap function with the help of which users will be able to swap tokens from BEP2 standard to BEP20. All tokens which will not be converted to the new standard during a month will be lost! From now, TBCC tokens are also available for trading under the standard of BEP20 blockchain Binance Smart Chain . In order to swap your tokens to another standard, you need to use Binance Cross-Chain Swap in the TBCC Wallet mobile app. In this article you can find out the main differences between BEP2 and BEP20 token standards.
BEP2 is a token standard for Binance chain, while BEP20 is a token standard for the Binance Smart Chain and it has all the same functions as the ERC-20 standard, which is the most common Ethereum token standard.
Binance Smart Chain (BSC) is a blockchain network built for running smart contract-based applications. BSC runs in parallel with Binance’s native Binance Chain (BC), which allows users to get the best of both worlds: the high transaction capacity of BC and the smart contract functionality of BSC. Furthermore, Binance Smart Chain also implements the Ethereum Virtual Machine (EVM), that allows it to run Ethereum-based applications like MetaMask. The aim of the platform is to enable developers to build decentralized applications (DApps) and help users to manage their digital assets cross-chain with low latency and large capacity.
How Does the Binance Smart Chain Work?
As it was mentioned before, Binance Smart Chain is an independent blockchain, but it was also developed as a complementary system to the original Binance Chain. Therefore, BSC utilizes a dual-chain architecture of Binance Chain and Binance Smart Chain. Due to that users can transfer assets from one chain to another with ease. This interoperability ensures that the Binance Chain facilitates fast transactions, which is highly important because many powerful dApps are built on the Binance Smart Chain. BSC extends the functionality of the original Binance Chain greatly and joins a range of cutting-edge protocols which are created in order to bridge the gap between various blockchains.
Users can make transactions on the Binance Smart Chain only with BEP20 tokens. In order to get them, you can use the SWAP function within TBCC Wallet mobile app. There is also another way to get tokens under the standard of BEP20 — just withdraw assets from TBCC Exchange directly to the wallet. In order to use this method, you will need to choose TBCC tokens in the withdrawal section and click on the BEP20 standard button while you are making a withdrawal to the address of your wallet. As it was mentioned previously, you should swap your tokens to another standard within a month (17.06- 17.07. 2021).