If you're thinking of creating your own cryptocurrency, the BEP-20 is an excellent starting point. BEP-20 is the Binance Smart Chain (BSC) token standard, one of the fastest growing blockchains on the market. BSC was developed in much the same way as the popular Ethereum blockchain network, but with greater speed and lower transaction costs. In the BSC blockchain, the BEP-20 defines how a token can be used, who can spend it, and so on.
While creating a simple BEP-20 token is relatively straightforward, creating a real token with proper controls and negotiation mechanisms takes considerable time and often requires complex coding. If you're not familiar with blockchain technology or smart contracts, you should put a few months before starting and having your token available on the market.
BEP-20 "smart contracts" are written in Solidity. Smart contracts define the permitted and prohibited uses of the BEP-20 token and must adhere to the standard's specifications. Several of these requirements are straightforward. For instance, you can give your token its own symbol by specifying it in a single line of code. However, developing modern tokenomics (short for Token Economics) can be difficult and requires significant thought in order to create a truly viable token.
Planning Your BEP-20 Token
Creating a basic token with its own name and symbol is simple. The true difficulty arises when attempting to create a token that possesses both value and utility.
Consider the following settings:
Limits Against "Whales": "Whales" are individuals who amass large quantities of tokens. Transactions in which a large number of a token are sold simultaneously can significantly devalue a coin. Whales can manipulate the value of a token in this manner through carefully planned trades. Whale limits prevent this type of manipulation of the token.
Static Rewards: BEP-20 tokens can be programmed to include rewards for specific desirable behaviors. For instance, you may wish for people to keep their tokens longer. Adding a small transaction fee to all new transactions and distributing it among token holders may be the answer. Small incentives like this are an excellent way to encourage the adoption of your token.
Automatic Liquidity: Automatic liquidity contributes to your token's long-term stability. Each transaction incurs a small fee, which is pooled into the liquidity funds. This increases available liquidity, which in turn stabilizes prices and increases trading volumes.
Hyper-deflationary Buyback: You've probably heard the term "buyback" mentioned in the news more than a few times over the last decade. A "buyback" occurs when a business purchases its own stock on the open market in order to increase its value. Digital assets, such as crypto tokens, have elevated this practice to a new level: buyback-and-burn, in which tokens are purchased and then "burned," or destroyed. Apart from immediately supporting the token's price, this reduces the number of tokens in circulation and increases liquidity, thereby increasing the token's long-term value.
Honeypot-Free Code: A "honeypot" is a scam cryptocurrency that investors can purchase but not sell. It's a method for token creators to defraud people — and it's one of the most prevalent forms of fraud in crypto. It is critical that your BEP-20 token description is accurate and demonstrates unequivocally that you are not a honeypot. If you make an error here, anti-honeypot tools and processes will flag your token, effectively rendering it worthless for investors.
How to Create a BEP-20 Token
There are two methods for creating a BEP-20 token: the difficult way and the simple way.
The difficult route entails either writing the smart contract code yourself or hiring someone to do so. This is a time-consuming manual process that exposes you to errors that could jeopardize your token before it even begins. It may take months for your token to become available on the market. On the plus side, you retain complete control over the coding and specifications, provided they conform to BEP-20 standards.
The simplest method is to use a platform like Mudra Token Creator. This is a no-code platform that enables you to quickly create fully compliant BEP-20 tokens without the need for any coding knowledge. The benefits include the following:
- Cutting-edge tokenomics features such as anti-whale limits, deflationary token burns, hyper deflationary mechanics, automatic liquidity, and, honeypot-free code.
- Verified contract source code.
- A fully compliant BEP-20 token in a fraction of the time required for manual DIY coding.
Now, in a matter of minutes, you can create your own real BEP-20 token!