What’s the difference between BEP-2 and BEP-20?

Many users have questions about two blockchains from Binance and the most important of them: “What’s the difference between BEP-2 and BEP-20?”

For your convenience, we will highlight some key features of the 2 blockchains and cover a brief history on how they were launched.

On April 18, 2019, Binance exchange announced the launch of its own blockchain — Binance Chain (BC).

BC was created as a marketplace for issuing tokens, using and exchanging cryptocurrency. The first product on BC became Binance DEX.

BEP-2 is a token format on Binance Chain

After a while, it turned out that Binance Chain is not flexible in terms of internal structure and isn’t very suitable for deploying decentralized applications (dapps).

The Binance development team has come to the conclusion that it is easier to create a new one than to make changes to the old one.

This is how Binance Smart Chain (BSC) was appeared in April 2019.

BEP-20 is a token format on Binance Smart Chain

Binance Chain was created for the entire Binance ecosystem and especially for DEX. Binance Smart Chain is a more advanced version that is compatible with EVM and supports the operation of smart contracts.

To the users, it may seem that BC and BSC are the same blockchain, but in fact they are not.

• Binance Chain is a blockchain with a simplified structure, the task of which is to ensure fast trading under high network loads.

• Binance Smart Chain is a modern, flexible, high — throughput blockchain with the ability to deploy smart contracts and complex decentralized applications on it.

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