BEP20 is a standard used for creating tokens on Binance Smart Chain. Tokens are valuable components of a blockchain-based system, Decentralised app (DApp), platform, or economy. Tokens facilitate the movement of value and track activities on the blockchain. So, they are a key to conducting many different kinds of transactions.
BEP stands for Binance Smart chain Evolution Proposal. BEP20 is a token standard Binance created for Binance Smart Chain. Binance Smart Chain is the smart contract platform, and it runs parallel to the original Binance Chain.
The BEP20 token standard on Binance Smart Chain is identical to the ERC20 token standard on Ethereum. BEP20 is a developer-friendly token standard that allows anybody to use Binance Smart Chain to construct fungible digital currencies or tokens. Furthermore, prominent digital assets on other chains can be pegged BEP20 tokens and moved to Binance Smart Chain. Binance Bridge, for example, may be used to exchange bitcoin (BTC) for BTCB (BEP20) tokens backed by BTC. To generate a dividend on bitcoin, BTCB (BEP20) tokens can be used in DeFi protocols. The same can be said for ETH, XRP, DOGE, and a slew of other cryptocurrencies.
The token is contract-compatible and has basic features like transferring, returning a balance, and examining a token's possession. The BEP20 establishes a set of guidelines.
The BEP20 wallet is a platform that links users to many blockchains. Every blockchain has its own public address for storing and encrypting a specific coin. The transfer charge will be provided to validators when you make a transfer. A BEP20 wallet is one that adheres to the BEP20 standard and may hold a variety of crypto assets and tokens. That is, it enables you to effortlessly handle and store many cryptocurrencies at the same time. You may send and receive cryptocurrency, as well as engage in other crypto-related activity such as trading and staking assets.
Binance Smart Chain or BSC is a blockchain on which smart contracts run. BSC works with or in line with Binance Chain. Binance chain is the first blockchain of Binance that is used on its non-custodial exchange platform.
Binance Smart Chain was built with the aim to enhance it for fast trading on the non-custodial platform of Binance. It took lessons from other developed projects based on Ethereum before it. This allowed Binance to make a design more focused on preventing network congestion.
Once you initiate a new account, you will have a smart chain wallet enabled by default. If you can’t see it, you should visit the Coingabbar homepage. And click on Submit BEP-20 wallet.
Or directly visit: CoinGabbar Airdrop Tab
Trust Wallet (iOS/Android)
MetaMask Wallet (Browser Extension, Android, iOS)
Unstoppable Wallet (iOS, Android)
Binance Chain Wallet (Google Chrome Extension)
But for the sake of convenience, we recommend adding BEP20 through MetaMask.
Example: Install MetaMask in any browser, take chrome for example
Open Extension Category in chrome: Use this link
Search for MetaMask.
Here I am using a windows machine with a chrome browser, depending on your browser you will see an option below stating to download for the OS.
In my case, it flashes install for Chrome. Once you click that option you will be again redirected to the chrome web store. Click add to chrome.
Once you do that it will prompt add MetaMask to extension click yes and continue.
After it is installed click on the MetaMask button shown on the left extension side which will show up on the extension tab.
You will be directed to the Meta mask website guiding how to set up a wallet.
After which you will be asked whether you are New to MetaMask?
After which you will be asked to enter a safe password.
Following this, you will be directed to the “Secret Recovery Phrase” page click on reveal secret word, and be sure to write it down or click a snap of the secret phase as it is the only option to recover your wallet whatsoever, don’t let anyone know the secret phase I repeat, don’t let anyone know the secret phase.
The next page will prompt you to confirm your Secret Recovery Phrase.
*Be sure to enter the recovery phase in the same order as you have noted down.*
Doing so will show the final page where you have successfully set up the wallet.
This is what a successfully set–up mask should look like-
Repeat all the processes again and see if the problem resolves, if not visit the CoinGabbar site or hit us on email at the website email
So here’s how to set up MetaMask BEP-20 wallet-
Connect Your MetaMask with Binance Smart Chain
ChainID: 0x61, 97 in decimal (if 97 doesn’t work, try 0x61)
Block Explorer: https://testnet.bscscan.com
ChainID: 0x38, 56 in decimal (if 56 doesn’t work, try 0x38)
Block Explorer: https://bscscan.com
After the transfer transaction is sent, you will see an increase of your balance.
Voila, you have successfully created BEP-20 wallet via MetaMask.