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Have?","featured_image_id":10729,"status":"published","chapter_id":7,"language":"en","order":2,"modified_content":null,"preview_url":"https://www.bitdegree.org/crypto/learn/how-to-invest-in-crypto","featured_image":{"id":10729,"uuid":"3439a1db-9892-404a-b4b6-a1db5a34bca4","public_url":"https://assets.bitdegree.org/crypto/storage/optimized/how-to-invest-in-crypto-featured-image.jpg","path":"crypto/storage/optimized/how-to-invest-in-crypto-featured-image.jpg","original_path":"crypto/storage/original/how-to-invest-in-crypto-featured-image.jpg","name":"how-to-invest-in-crypto-featured-image.jpg","original_name":"how-to-invest-in-crypto-featured-image.jpg","title":null,"alt":null,"width":1024,"height":576,"disk":"spaces","status":"uploaded","readable_file_size":"75.22KB"},"youtube_video":null},{"slug":"ico-vs-ido","title":"ICO vs IDO vs IEO: Which One is the 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Them?","featured_image_id":11359,"status":"published","chapter_id":7,"language":"en","order":4,"modified_content":null,"preview_url":"https://www.bitdegree.org/crypto/learn/what-is-an-airdrop","featured_image":{"id":11359,"uuid":"7b43c968-1275-4d3e-acb1-1707a43a4014","public_url":"https://assets.bitdegree.org/crypto/storage/optimized/what-is-an-airdrop-featured-image.jpg","path":"crypto/storage/optimized/what-is-an-airdrop-featured-image.jpg","original_path":"crypto/storage/original/what-is-an-airdrop-featured-image.jpg","name":"what-is-an-airdrop-featured-image.jpg","original_name":"what-is-an-airdrop-featured-image.jpg","title":null,"alt":null,"width":1024,"height":576,"disk":"spaces","status":"uploaded","readable_file_size":"66.05KB"},"youtube_video":null},{"slug":"how-to-get-free-crypto","title":"How to Get Free Crypto Assets?","featured_image_id":6542,"status":"published","chapter_id":7,"language":"en","order":5,"modified_content":null,"preview_url":"https://www.bitdegree.org/crypto/learn/how-to-get-free-crypto","featured_image":{"id":6542,"uuid":"4fceb9ab-391e-4ef9-b00d-c871a49878a3","public_url":"https://assets.bitdegree.org/crypto/storage/media/how-to-get-free-crypto.o.jpg","path":"crypto/storage/media/how-to-get-free-crypto.o.jpg","original_path":"crypto/storage/media/how-to-get-free-crypto.jpg","name":"how-to-get-free-crypto.o.jpg","original_name":"how-to-get-free-crypto.jpg","title":null,"alt":null,"width":768,"height":478,"disk":"spaces","status":"uploaded","readable_file_size":"93.93KB"},"youtube_video":null},{"slug":"how-to-arbitrage-crypto","title":"What is Crypto Arbitrage: The Main 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Risks?","featured_image_id":null,"status":"published","chapter_id":7,"language":"en","order":8,"modified_content":null,"preview_url":"https://www.bitdegree.org/crypto/learn/investing-in-cryptocurrency","featured_image":null,"youtube_video":null},{"slug":"what-is-a-rug-pull-in-crypto","title":"What is a Rug Pull in Crypto?","featured_image_id":6532,"status":"published","chapter_id":7,"language":"en","order":9,"modified_content":null,"preview_url":"https://www.bitdegree.org/crypto/learn/what-is-a-rug-pull-in-crypto","featured_image":{"id":6532,"uuid":"be8043fb-078c-4487-9af9-d2d9c2b574ea","public_url":"https://assets.bitdegree.org/crypto/storage/media/what-is-a-rug-pull-in-crypto.o.jpg","path":"crypto/storage/media/what-is-a-rug-pull-in-crypto.o.jpg","original_path":"crypto/storage/media/what-is-a-rug-pull-in-crypto.jpg","name":"what-is-a-rug-pull-in-crypto.o.jpg","original_name":"what-is-a-rug-pull-in-crypto.jpg","title":null,"alt":null,"width":768,"height":478,"disk":"spaces","status":"uploaded","readable_file_size":"92.28KB"},"youtube_video":null},{"slug":"how-to-avoid-rug-pulls-in-crypto","title":"How to Spot and Avoid Rug Pulls?","featured_image_id":6555,"status":"published","chapter_id":7,"language":"en","order":10,"modified_content":null,"preview_url":"https://www.bitdegree.org/crypto/learn/how-to-avoid-rug-pulls-in-crypto","featured_image":{"id":6555,"uuid":"80cbed9d-3b4b-45d9-9a85-d2d8108c0f32","public_url":"https://assets.bitdegree.org/crypto/storage/media/how-to-avoid-rug-pulls.o.jpg","path":"crypto/storage/media/how-to-avoid-rug-pulls.o.jpg","original_path":"crypto/storage/media/how-to-avoid-rug-pulls.jpg","name":"how-to-avoid-rug-pulls.o.jpg","original_name":"how-to-avoid-rug-pulls.jpg","title":null,"alt":null,"width":768,"height":478,"disk":"spaces","status":"uploaded","readable_file_size":"111.99KB"},"youtube_video":null},{"slug":"how-to-avoid-crypto-taxes","title":"The Key Legal Techniques of Avoiding Crypto 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Analysis","slug":"crypto-analysis","updated":null,"chapter":"https://assets.bitdegree.org/crypto/assets/crypto-book/chapters/learn-crypto-analysis.jpg","chapter_simple":"https://assets.bitdegree.org/crypto/assets/crypto-book/chapters-simple/crypto-analysis-101.jpg","rating":100,"sections":[{"slug":"what-is-bullish-and-bearish","title":"Bearish and Bullish Markets: Do They Matter?","featured_image_id":null,"status":"published","chapter_id":8,"language":"en","order":1,"modified_content":null,"preview_url":"https://www.bitdegree.org/crypto/learn/what-is-bullish-and-bearish","featured_image":null,"youtube_video":null},{"slug":"best-technical-analysis-indicators-for-crypto","title":"5 Best Crypto Technical Analysis Indicators You Must Know About","featured_image_id":null,"status":"published","chapter_id":8,"language":"en","order":2,"modified_content":null,"preview_url":"https://www.bitdegree.org/crypto/learn/best-technical-analysis-indicators-for-crypto","featured_image":null,"youtube_video":null},{"slug":"what-is-candlesticks","title":"Technical Analysis: What are Candlesticks, Trendlines, and Patterns?","featured_image_id":null,"status":"published","chapter_id":8,"language":"en","order":3,"modified_content":null,"preview_url":"https://www.bitdegree.org/crypto/learn/what-is-candlesticks","featured_image":null,"youtube_video":null},{"slug":"how-to-track-new-crypto-coins","title":"Crypto Tracking: How to Track Your Favorite Coins & Tokens?","featured_image_id":null,"status":"published","chapter_id":8,"language":"en","order":4,"modified_content":null,"preview_url":"https://www.bitdegree.org/crypto/learn/how-to-track-new-crypto-coins","featured_image":null,"youtube_video":null},{"slug":"how-to-research-crypto","title":"Crypto Research Fundamentals & Social Signals: Your Daily Trading Strategy","featured_image_id":null,"status":"published","chapter_id":8,"language":"en","order":5,"modified_content":null,"preview_url":"https://www.bitdegree.org/crypto/learn/how-to-research-crypto","featured_image":null,"youtube_video":null}]},{"id":9,"title":"Mining","slug":"mining","updated":false,"chapter":"https://assets.bitdegree.org/crypto/assets/crypto-book/chapters/learn-crypto-mining.jpg","chapter_simple":"https://assets.bitdegree.org/crypto/assets/crypto-book/chapters-simple/crypto-mining-101.jpg","rating":80,"sections":[]},{"id":10,"title":"Crypto Terms","updated":false,"chapter":"https://assets.bitdegree.org/crypto/assets/crypto-book/chapters/crypto-101-glossary.jpg","chapter_simple":"https://assets.bitdegree.org/crypto/assets/crypto-book/chapters-simple/crypto-glossary-101.jpg","rating":100,"sections":["A","B","C","D","E","F","G","H","I","J","K","L","M","N","O","P","Q","R","S","T","U","V","W","X","Y","Z"]}],"nextSection":{"id":72,"original_id":null,"author_id":41,"translator_id":null,"title":"What is Baking?","slug":"what-is-baking","section":"B","keyword":"Baking","status":"published","definition":"the Proof-of-Stake method used on the Tezos blockchain to create new transaction blocks.","content":"<p><strong>Baking</strong> is the <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-proof-of-stake-pos/">
Proof-of-Stake process</strong></a> used to confirm new transaction blocks onto the <a href=https://www.bitdegree.org/"https://www.bitdegree.org/crypto/buy-tezos-xtz/">Tezos blockchain</strong></a>. Tezos stakers, known as <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-baker/">bakers, receive rewards for each newly baked block.</p>\n<p>To become bakers, Tezos users require a minimum of <strong>10,000 Tezos (XTZ)</strong>, the native currency. Those who have met the minimum threshold can choose to become bakers or endorsers.</p>\n<p>Tezos bakers are responsible for running <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-node/">nodes that maintain the network. Through this process, they can produce new blocks on the blockchain. For each newly baked block, they can be rewarded with XTZ tokens.</p>\n<p>Tezos users can have one of the two account types on the blockchain.</p>\n<p>The first category is <strong>implicit accounts</strong>. Only implicit accounts are able to participate in the baking process. Owners of implicit accounts can bake blocks using their own XTZ balance or utilize delegated accounts.</p>\n<p>The other type is called originated accounts. These accounts cannot participate in the baking process directly but they can be delegated. By using a special key, the originated accounts can take part in the consensus mechanism. Using a delegated account allows bakers to claim their staking rewards without maintaining a node on their own.</p>\n<p><strong>Delegation</strong> is the recommended method of baking for an average user. Implicit accounts are responsible for hosting and maintaining a node. If a node is configured incorrectly, the netowrk may encounter issues like double baking.</p>","level":"easy","meta_title":"What is Baking? Definition & Meaning | Crypto Wiki","meta_description":"Baking meaning: Baking - the Proof-of-Stake method used on the Tezos blockchain to create new transaction blocks.","meta_keywords":null,"language":"en","created_at":"2022-02-11T09:23:19.000000Z","updated_at":"2022-05-13T14:32:22.000000Z","preview_url":"https://www.bitdegree.org/crypto/learn/crypto-terms/what-is-baking"},"prevSection":{"id":70,"original_id":null,"author_id":41,"translator_id":null,"title":"What is Baker?","slug":"what-is-baker","section":"B","keyword":"Baker","status":"published","definition":"a user on the Tezos blockchain responsible for appending new transaction blocks via the Proof-of-Stake baking method.","content":"<p><a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-baking/">Baking is a process native to the <a href=https://www.bitdegree.org/"https://www.bitdegree.org/crypto/buy-tezos-xtz/">Tezos blockchain</strong></a>. Users known as bakers form new transaction blocks on the blockchain using the <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-delegated-proof-of-stake/">Delegated-Proof-of-Stake (DPoS)</strong></a> consensus mechanism. For each baked block, they receive rewards in XTZ, the native token of the Tezos blockchain network.</p>\n<p><strong>Tezos</strong> is a decentralized open-source blockchain. It is utilized for crypto transactions using the XTZ tokens and <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-smart-contract/">smart contracts</strong></a>. Developers can also use Tezos to create <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-are-decentralized-applications-dapps/">decentralized applications (dApps)</strong></a>.</p>\n<p>Bakers are typically more likely to bake a block the more tokens, referred to in the baking context as <strong>Rolls</strong>, they have. The minimum amount of tokens required to partake in baking is 10,000 XTZ.</p>\n<p>Users that meet this threshold can choose to become a baker or an endorser. Bakers sign off and publish new transaction blocks on the Trezos blockchain and receive 16 XTZ per block as a reward for their work.</p>\n<p>Endorsers are the verifiers of the new blocks on the chain. They ensure that the baking process was done correctly and the transaction information is correct. They receive 2 XTZ per block for their contributions.</p>\n<p>Some users who hold <strong>originated accounts</strong> can register as delegates. If they meet the 10,000 XTZ criteria, their accounts may be delegated to be used in the baking process on behalf of other users who do not meet the minimum token threshold.</p>\n<p>Unlike <a href=https://www.bitdegree.org/"https://www.bitdegree.org/crypto/buy-bitcoin-btc/">Bitcoin (BTC)</strong></a>, which uses the <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-proof-of-work-pow/">Proof-of-Work (PoW)</strong></a> consensus mechanism referred to as <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-mining/">mining, the blocks on the Tezos network are validated using <strong>Delegated-Proof-of-Stake</strong>. PoW is a physical mining process that requires high energy consumption and hardware resources.</p>\n<p>DPoS uses virtual mining to bake the blocks. This method is more accessible and energy-efficient. Bakers need to maintain <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-node/">nodes to keep the network working, which requires hosting fees that they must cover themselves. Bakers receive XTZ tokens as a reward for validating the transaction blocks and maintaining the network.</p>","level":"medium","meta_title":"What is Baker? Definition & Meaning | Crypto Wiki","meta_description":"Baker meaning: Baker - a user on the Tezos blockchain responsible for appending new transaction blocks via the Proof-of-Stake baking method.","meta_keywords":null,"language":"en","created_at":"2022-02-11T09:13:52.000000Z","updated_at":"2022-05-13T14:32:22.000000Z","preview_url":"https://www.bitdegree.org/crypto/learn/crypto-terms/what-is-baker"},"currentChapter":"B","currentSection":"what-is-bep-20","chapterTitle":"B","readingLevel":"easy"},"url":"/crypto/learn/crypto-terms/what-is-bep-20","version":"cdd198d50cbe5c9c21c9329d7c096ffc"}" class="container-fluid d-flex crypto-book p-0"> Crypto Terms: Letter B
What is BEP-20?
BEP-20 MEANING:
BEP-20 -
a token standard for using tokens on the Binance Chain.
Let's find out BEP-20 meaning, definition in crypto,
what is BEP-20,
and all other detailed facts.
BEP-20 is an administrative model developed for using tokens on the Binance Chain. In other words, it is a set of regulations dictating the token's overall usage, and how it can be traded. It was developed with the aim to allow developers to launch different tokens through an adaptable token version.
The most commonly used token standard is ERC-20. However, BEP-20 is compatible with ERC-20, since BEP-20 was formed based on the Ethereum token standard. Thus, the code of the operations defining the BEP-20 standard is a variation of the ERC-20 code.
BEP-20 provides the fundamental configuration - seeing the owner of the token, returning a balance, trading, etc. By creating this token variation, the focus was to upgrade the protocol and keep the fast performance, as well as the price of the transaction. The BEP-20 tokens can become dollars kept in a bank cellar or even shares within the business.
Besides, it's possible to attach tokens from other blockchains to BEP-20 in order to make them function on the Binance Smart Chain.
