Blockchain technology has ushered in a new era of digital assets and tokens that have the potential to transform economies and industries. While Ethereum took the lead by introducing token standards such as ERC-20 and ERC-721, other blockchain platforms have also entered the fray, offering their distinct token standards and ecosystems. In this comprehensive blog, we will navigate the realm of token standards beyond Ethereum, with a particular focus on Binance Smart Chain (BSC) and other prominent platforms. A blockchain app development company can employ these standards to develop unique dApps and web3 solutions.
Understanding Token Standards: A Concise Review
Token standards outline the requirements that tokens on a particular blockchain must meet in terms of functionality and rules. Ethereum laid the foundation with its ERC-20 and ERC-721 standards, enabling the creation of fungible and non-fungible tokens respectively. These standards catalyzed the proliferation of decentralized applications (DApps), decentralized finance (DeFi) platforms, and more.
Binance Smart Chain: A Challenger to Ethereum
The Binance Smart Chain (BSC), which provides quicker transactions and lower costs than Ethereum, has emerged as a strong competitor to Ethereum. It introduced a variety of standards that were similar to some of Ethereum's well-known competitors:
Similar to ERC-20, BEP-20 serves as Binance Smart Chain’s token standard for fungible tokens. It empowers developers to craft and manage diverse token types, ranging from utility tokens to security tokens.
Analogous to ERC-721, BEP-721 constitutes BSC’s token standard for non-fungible tokens (NFTs). This standard facilitates the creation of distinct digital assets, finding applications in art, gaming, collectibles, and beyond.
Alternative Blockchains and Their Token Standards
Beyond Binance Smart Chain, numerous other blockchain platforms have ushered in their distinct token standards, each tailored to specific use cases:
- Polkadot (DOT)
- Solana (SOL)
- Flow (FLOW)
Also, Check | Unexplored ERC Standards On Ethereum
The emergence of these standards beyond Ethereum carries substantial implications:
- Diverse Use Cases
Token standards have transcended the boundaries of Ethereum, with platforms such as Binance Smart Chain, Polkadot, Solana, and Flow introducing their unique standards tailored to diverse requisites. These standards have expanded the options for creating both fungible and non-fungible tokens, accelerating the development of intricate ecosystems and software.
The competition between many standards will spark innovation as the blockchain landscape continues to change, helping to progress the blockchain industry as a whole.
If you are interested in developing your project using any of these token standards, you may hire blockchain developers to get started.
Read more — Exploring Token Standards Beyond Ethereum