Guide Me About ERC-20 to BEP-2 Migration ! What’s the Difference between !!

[Bubu9844]

I saw many Projects they are changing their Blockchain Platform From ERC20 to BEP-2 Platform I think maybe it's changing for High Gas fees at current situation that's why.
I find All over but not seeing any perfect answer about this Questions Please let me know Properly Guys

1- What’s the Difference between BEP-2 and ERC-20?
2- How BEP20 works
3- For High Gas Fees They doing this?
4- BEP-2 address also similar as ERC20 Address why?

[Tytanowy Janusz]

1- What’s the Difference between BEP-2 and ERC-20?
2- How BEP20 works
3- For High Gas Fees They doing this?
4- BEP-2 address also similar as ERC20 Address why?

1 and 2 - BEP-2 is binance chain. Blockchain launched by crypto exchange. It is less decentralized than ETH (ERC-20), thus is able to provide better bandwidth. ETH is POW BNB is DPOS and proof of authority - https://academy.binance.com/en/articles/proof-of-authority-explained

3- Fees on binance chain are negligible (from fraction of a cent to few cents). Fees are that low because of much lower traffic (compared to ETH) and technology that is more speed oriented rather than decentralization oriented.

4- Binnance aimed to do a chain that is compatible with ETH to use infrastructure that is being build for ETH for last 5 years (f.e. you can use metamask to hold/transfer binance chain coins). Everything you can do with ETH you can do with binance chain too because of that. IF you are developer you can move your project from ETH to Binance chain without extra coding.

[Bubu9844]

1- What’s the Difference between BEP-2 and ERC-20?
2- How BEP20 works
3- For High Gas Fees They doing this?
4- BEP-2 address also similar as ERC20 Address why?

1 and 2 - BEP-2 is binance chain. Blockchain launched by crypto exchange. It is less decentralized than ETH (ERC-20), thus is able to provide better bandwidth. ETH is POW BNB is DPOS and proof of authority - https://academy.binance.com/en/articles/proof-of-authority-explained

3- Fees on binance chain are negligible (from fraction of a cent to few cents). Fees are that low because of much lower traffic (compared to ETH) and technology that is more speed oriented rather than decentralization oriented.

4- Binnance aimed to do a chain that is compatible with ETH to use infrastructure that is being build for ETH for last 5 years (f.e. you can use metamask to hold/transfer binance chain coins). Everything you can do with ETH you can do with binance chain too because of that. IF you are developer you can move your project from ETH to Binance chain without extra coding.

Thanks mate for your kind information regarding this 😊

[casperBGD]

1- What’s the Difference between BEP-2 and ERC-20?
2- How BEP20 works
3- For High Gas Fees They doing this?
4- BEP-2 address also similar as ERC20 Address why?

1 and 2 - BEP-2 is binance chain. Blockchain launched by crypto exchange. It is less decentralized than ETH (ERC-20), thus is able to provide better bandwidth. ETH is POW BNB is DPOS and proof of authority - https://academy.binance.com/en/articles/proof-of-authority-explained

3- Fees on binance chain are negligible (from fraction of a cent to few cents). Fees are that low because of much lower traffic (compared to ETH) and technology that is more speed oriented rather than decentralization oriented.

4- Binnance aimed to do a chain that is compatible with ETH to use infrastructure that is being build for ETH for last 5 years (f.e. you can use metamask to hold/transfer binance chain coins). Everything you can do with ETH you can do with binance chain too because of that. IF you are developer you can move your project from ETH to Binance chain without extra coding.

would add that ETH-20 is a protocol for fungible tokens on Ethereum network and BEP-2 is a protocol for fungible tokens on Binance chain, Binance is providing a lot of incentive to project for a transition to Binance chain from Ethereum blockchain, and uses funds to fund their development in case of transition, but the biggest different, crypto wise, is that Binance chain is centralized and owned by Binance, and Ethereum chain is a pretty decentralized network, even after PoS transition that should happen in two years or so

[ampu]

BEP2 token is a token on the Binance Chain, ERC 20 is a token on the Ethereum blockchain.
The big difference between these two tokens is the transaction cost. Transactions on Binance Chain have a lower cost than Ethereum.
The reason: Ethereum's POW auction confirmation mechanism makes the cost flow to the miner and they increase when the blockchain is overloaded, the order of transaction prioritizes according to the amount that the user pays the transfer cost.
Binance's DPOS and POA validation mechanism makes it a lot cheaper.
The addresses of BEP-2 and ERC 20 are different because they reside on two different blockchains, but what they have in common is that both are governed by the blockchains in which it operates.
ERC20 is more popular because people used Ethereum earlier than BEP-2 on the Binance chain.
For clarity, you should learn more about these two blockchains on cryptocurrency websites and blogs.

[WalkerIVIV]

1. BEP20 was a binance asset that has already built in the binance chain and ERC20 is an ethereum asset that built in the ethereum network. The different was the party who has been creating the blockchain.
2. BEP20's mechanism is almost the same like ERC20 but it's a very strict asset consider you can issue the BEP20 asset when you have been getting approval by the auditors from the binance.
It's not all of parties can issue the BEP20 tokens.
3. BEP20 consumes very small fees compared with ethereum when the ethereum chain was getting clogged but it looks like both were offering the same fees when ethereum chain is not getting clogged.

[allahabadi]

I saw many Projects they are changing their Blockchain Platform From ERC20 to BEP-2 Platform I think maybe it's changing for High Gas fees at current situation that's why.
I find All over but not seeing any perfect answer about this Questions Please let me know Properly Guys

1- What’s the Difference between BEP-2 and ERC-20?
2- How BEP20 works
3- For High Gas Fees They doing this?
4- BEP-2 address also similar as ERC20 Address why?

I would like to point out that there are two BEP standards BEP2 and BEP20.

I think you are asking about the Binance smart chain BEP20 standard which can be run like Ethereum; while BEP2 is slightly different.