Cryptocurrency

What is the protocol BEP8 of Binance?

For a long time, Binance has been pushing for the adoption of one of the main products of its ecosystem. We refer to Binance Chain tokens and BEP-2, that it intends to compete with the protocols of issuance of tokens as the ERC-20 of Ethereum. Now, however, in an attempt to standardise the use of its Blockchain, the exchange has launched a new protocol. So today, we’ll explain what is the protocol BEP8 of Binance.

Binance Chain and BEP-2

One of the most interesting features of the technology Blockchain, is that it allows the creation of decentralised within their infrastructure. That is to say, once there is a chain of blocks as the of Ethereum.

Other creators may design and launch its own products within it. By issuing tokens, in exchange for a small fee, take advantage of the technical capabilities and the security of the Blockchain of Ethereum or other criptomoneda.

These tokens are acquired by different names, according to the chain of blocks in which they were issued. Depending on the set of technical rules that make up the protocol from which issued these tokens. Being up to now ERC-20, the protocol of Ethereum, the most popular of all. Although there are other protocols in Blockchains different such as TRC-20, Tron.

In this latter case, Binance has been pushing for the use of their own Blockchain, Binance Chain, for the issue of new tokens. Which work under a protocol known as BEP-2. Which allows developers to create projects based on Blockchain, using the infrastructure of Binance, and launching their own token in the string blocks.

However, the issuance of tokens BEP-2 in Binance Chain is not as simple as might be expected. For this reason, and in an attempt to standardise the use of its Blockchain, while supporting creators who do not have the resources for a launch BEP-2 traditional. Binance has launched a new protocol known as BEP8.

Binance supports small projects Blockchain with the launch of the protocol BEP8.

BEP8: The massification of Binance Chain

So, BEP8 would be a protocol for the issuing of new tokens in Binance Chain, which lowers the entry costs established by the BEP-2. Therefore, currently the cost for a token BEP-2 is listed in Binance DEX is around 1500 BNB. A figure that may be too high for creators of interesting projects, but without great financial resources.

Therefore, BEP8 would have a few levels of demand, much less high to the issuance and listing of tokens. Because, the creators of a token based on this protocol can enlistarlo directly against two virtual currencies, the criptomoneda of Binance, BNB, and your stablecoin based on the american dollar, BUSD.

Although this would provide less flexibility to the tokens BEP8, would be sufficient to creators of mini projects, or for those that want to issue tokens to support your intellectual property. Because for them, features such as pairs of tokens to be executed in each block of Binance Chain as the BEP-2, is not so crucial. Being able to tolerate that are executed every 16 as promises to Binance.

In this way, Binance would be trying to give a new impetus to your Blockchain through the tokens BEP8, defending his title as the exchange with the largest reach in the world. In an attempt to standardise the use of your chain for the creation of projects related to the crypto world. Challenging in this way the position of other cryptocurrencies as Ethereum and Tron.

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About the author

Belinda Carey

Belinda Carey

A finance girl by education, Belinda has been drawn to cryptocurrencies ever since Bitcoin first emerged in the 2009. Nearly a decade later, Belinda is actively working to spread awareness about cryptocurrencies as well as their impact on the traditional currencies.

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