What Is MiniTokens (BEP8)?

[yhiaali3]

I often trade on the Binance Dex exchange, there are many tokens based on the BEP2 type Binance network but recently a new type of token has been added is MiniTokens (BEP8).
When I enter Binance Dex, a warning message appears as in the image:



I want to know what this MiniTokens (BEP8) is and is trading a big risk?

[Byakuga]

Yea I've seen this before, the idea of BEP8 Tokens is raised to accommodate the small or micro projects, intellectual properties, and other small token economies to build a more comprehensive venue for token trading

Based on the limitation usage of the network, the cost of issuing and listing of such BEP8 tokens are minimized to a different magnitude. Besides, any BEP8 token issuer can choose to directly list against BNB and BUSD without the voting process of validators. Stablecoin pairs of BEP8 will provide a UX advantage and make any two BEP82 tokens exchangeable 

I got the following bep8 explanations from binance exchange, here is the link

https://docs.binance.org/guides/concepts/BEP8.html

[alicea]

Never heard of mini tokens before today. Even tried reading the doc line @Byakuga posted but still couldn't understand what will be the main use case for BEP-8. All I could they will be used my small projects but why use mini and not the BEP2?

[JeotQ]

Never heard of mini tokens before today. Even tried reading the doc line @Byakuga posted but still couldn't understand what will be the main use case for BEP-8. All I could they will be used my small projects but why use mini and not the BEP2?

Both BEP2 and BEP8 runs on binance chain, how is this hard to understand? There is more than just ERC20 on ethereum blockchain, do you know that? We have ERC 721 too and few others

[JeotQ]

Here is another explanation about BEP8, BEP-8 Proposal describes a common set of rules for Mini-BEP2 token management within the Binance Chain ecosystem.
You can get full details and summary through their github here  
https://github.com/binance-chain/BEPs/blob/master/BEP8.md#1--summary

[yhiaali3]

Yea I've seen this before, the idea of BEP8 Tokens is raised to accommodate the small or micro projects, intellectual properties, and other small token economies to build a more comprehensive venue for token trading

Based on the limitation usage of the network, the cost of issuing and listing of such BEP8 tokens are minimized to a different magnitude. Besides, any BEP8 token issuer can choose to directly list against BNB and BUSD without the voting process of validators. Stablecoin pairs of BEP8 will provide a UX advantage and make any two BEP82 tokens exchangeable 

I got the following bep8 explanations from binance exchange, here is the link

https://docs.binance.org/guides/concepts/BEP8.html

Thank you It was a really useful review in which valuable information benefited a lot, but I still want to know if trading with this type of token is very risky and why is Binance placing this warning?

[sorrros]

Never heard of mini tokens before today. Even tried reading the doc line @Byakuga posted but still couldn't understand what will be the main use case for BEP-8. All I could they will be used my small projects but why use mini and not the BEP2?

Both BEP2 and BEP8 runs on binance chain, how is this hard to understand? There is more than just ERC20 on ethereum blockchain, do you know that? We have ERC 721 too and few others

If you read OP´s post correctly you will find out that he is asking what is the use case of the token. He is not asking about smart-contract (token) standards like you mentioned ERC-20, ERC-1155 or ERC 721.

You can read information about BEP8 tokens on GitHub: https://github.com/binance-chain/BEPs/blob/master/BEP8.md

[Coin_trader]

Yea I've seen this before, the idea of BEP8 Tokens is raised to accommodate the small or micro projects, intellectual properties, and other small token economies to build a more comprehensive venue for token trading

Based on the limitation usage of the network, the cost of issuing and listing of such BEP8 tokens are minimized to a different magnitude. Besides, any BEP8 token issuer can choose to directly list against BNB and BUSD without the voting process of validators. Stablecoin pairs of BEP8 will provide a UX advantage and make any two BEP82 tokens exchangeable 

I got the following bep8 explanations from binance exchange, here is the link

https://docs.binance.org/guides/concepts/BEP8.html

Thank you It was a really useful review in which valuable information benefited a lot, but I still want to know if trading with this type of token is very risky and why is Binance placing this warning?

There's always a risk in every investment. If you read carefully the disclaimer of binance, Most the minitokens are created by 3rd party so meaning to say that can't guarantee safety to anyone who will trade it. Its same on trading ERC20 token which ETH is not liable for the risk of trading it. You should carefully check the minitokens you plan to acquired before you purchased it.

Don't be so overconfident that all minitokens are safe to trade since they are listed in Binance DEX.

[yhiaali3]

There's always a risk in every investment. If you read carefully the disclaimer of binance, Most the minitokens are created by 3rd party so meaning to say that can't guarantee safety to anyone who will trade it. Its same on trading ERC20 token which ETH is not liable for the risk of trading it. You should carefully check the minitokens you plan to acquired before you purchased it.

Don't be so overconfident that all minitokens are safe to trade since they are listed in Binance DEX.

Thank you, that's what I really wanted to ask about, your talk is convincing that Ethereum is not responsible for ERC20 tokens and Binance is not responsible for BEP8 tokens, this is a logical explanation because there are a lot of tokens scam and failed projects.