The Web3 ecosystem is booming with the advent of blockchains such as the Binance Smart Chain (BSC). While Ethereum was the first attempt to build an Internet Computer smart contracts with ERC20 as its core token, BSC is growing in popularity with its BEP20 token standard as developers take advantage of creating BEP20 tokens in BSC instead of ERC20 tokens. In this article we try to learn you how to add bep20 tokens to metamask.
What is BEP20?
BEP20 is a standard for creating tokens in BSC or using Binance smart chain development. Tokens are a valuable component of any blockchain system, dApp, platform or economy. They facilitate the movement of value and help track any activity in the blockchain. In other words, they are the key to many types of transactions.
“BEP” stands for “Binance Smart Chain Evolution Proposal”. BEP20 is a token standard created by Binance for the Binance smart chain, and smart contract platform that runs parallel to the main Binance chain. However, you must first understand the background of Binance Smart Chain in order to fully appreciate it.
What is Binance Smart Chain?
To understand BEP20, let’s first look at the features of the Binance smart chain and why it was created. Simply put, the Binance Smart Chain, or BSC, is a blockchain built to execute smart contracts. Together or in parallel with the Binance chain, the first Binance blockchain used in its offshore exchange works.
The Binance Chain is built with one thing in mind: Optimizing for fast trades on the Binance non-guard platform. By learning from other Ethereum-based projects before him, Binance focused on preventing network congestion in his design. Therefore, the Binance chain, by setting aside the developed capabilities, can handle high transactions without slowing down.
Because of this optimization, the Binance chain is not flexible enough to support the launch of a full-fledged DEX (decentralized exchange). Binance realized that they had to build a new chain to specifically build smart contracts that automate transactions. Therefore, Binance created the Binance Smart Chain (BSC) for this purpose. The BSC now serves as the basis for its decentralized exchange or DEX project.
What is the BEP20 token standard?
BEP20 is the standard binary smart chain token. In many ways, it is similar to the Ethereum ERC20 standard. In other ways, it expands. BEP20 sets the rules that all tokens created in the BSC must follow.
The BEP20 token standard in BSC applies to any token launched or created on the Binance smart chain platform. Examples of these tokens are application tokens, stablecoins, and security tokens. Another class of coins, known as “Peggy Coins”, is also made using the BEP20 standard and can be attached to various assets.
As Ethereum has a gas fee, the BNB also pays for transactions involving BEP20 tokens on the Binance smart chain network.
Creating a BSC token or BEP20 token is relatively easy, and with a simple online search, you will find several useful web tutorials on developing a BEP20 token.
What is MetaMask?
When the blockchain first came to public attention, there was no other way to imagine its uses other than the development of digital currencies such as bitcoin. Nearly a decade later, the blockchain has evolved beyond the foundation of a peer-to-peer payment system. Apart from bitcoin, many other blockchain networks such as Ethereum have evolved with a wider focus.
Ethereum offers smart contract functions to offer something beyond simple payment systems. How can one access applications on blockchain networks such as Ethereum? MetaMask provides the ideal answer to this question and also raises many questions about what it is and how it works. Let’s learn more about how to use MetaMask with a comprehensive introduction to it in the discussion below.
Metamask Wallet is basically an encryption wallet that supports ETH-based tokens such as ERC-721 and ERC-20 tokens. This plugin is available as a browser plugin that you can easily install, just like any other browser plugin. Interestingly, after installing the Metamask Chrome or Firefox plugin, you can enjoy seamless connectivity to any Ethereum-based decentralized application. With Wallet, you can easily access any decentralized application such as crop farming protocols and NFT markets.
With the possibility of integrating the web browser in the form of a plugin, you can have good experiences in using MetaMask. This is probably one of the main reasons for the rapid increase in its acceptance rate. As the demand for decentralized web begins to grow, MetaMask can serve as a gateway to a whole new world of exciting opportunities with dApps, web browsing, DeFi, and blockchain technology.
Steps to set up Metamask
The next important factor in any discussion of a Metamask wallet is that it obviously guides you through how it works. Understanding the use of a new tool can give you an accurate idea of how easy it is to work with. One of the first things about MetaMask is that it is a relatively simple alternative between decentralized application browsers and Ethereum wallets.
Most importantly, you’ll be amazed at the easy ways to get Metamask up and running in minutes. All you need to use a crypto wallet is Google Chrome or a Chrome-based browser like Firefox or Brio. Let’s take a look at some important steps that can help you find the basics of how to use MetaMask effectively.
Obviously, the first step starts with downloading Metamask and you can use the official website for this. The official website can support three major operating systems such as Android, iOS and Windows. You need to download the Metamask Firefox or Chrome plugin depending on your browser.
You can also use crypto wallets on desktop or mobile platforms for your convenience. Interestingly, the Metamask download method is the same for almost all types of supported browsers, thus providing ease of setup.
Create your wallet
After installing the Metamask Chrome or Firefox plugin, you need to specify the steps for creating your wallet. The screen that comes after installing MetaMask welcomes you. Find the “Get Started” button and click on it to start the process of creating your Metamask wallet. All you have to do is tap the “Create Wallet” button that appears as soon as you click “Start”.
In addition, you can ask users if they want to upgrade the platform. If you do not like it, you can click “No Thank you” or “Agree”. Now, you can clearly see the ease and flexibility of answering how to set up Metamask in minutes.
Create a password
The next step in using the Firefox or Chrome metamask plugin that you have installed is to create your password. You must choose a strong password that must be at least 8 characters long. Make sure you use a unique password that is hard to guess.
Confirm the Backup statement
After creating the password for your Metamask wallet, you will receive a 12-word backup phrase. The backup phrase is very important for accessing your funds in the wallet and you should write it down exactly as it is displayed on the screen. If you cannot access your computer, the backup phrase is useful for recovering your cryptographic wallet.
Therefore, you should save your backup phrase in a safe place. With the help of the backup phrase you can find your answers for: “How Safe is Metamask”.
After writing the secret backup phrase, you must click the “Next” button. You must confirm the backup phrase on the next page. All you have to do is enter the backup phrase in exactly the same order as on the previous page. After entering the phrase, you can click “OK” to complete the process.
The penultimate step in how to set up Metamask Confirms the secret backup. You have to click on “All done” on the last page. After that, users are automatically logged in to Metamask. You can sign in again by clicking on the added icon for the browser plugin, which is usually found near the URL bar.
How to add bep20 tokens to Metamask
The followings are the steps which should be taken to add bep20 tokens to Metamask:
- Deploy an ERC20 contract at https://remix.ethereum.org so you can build a new file or import sample contracts
- Connect your BSC Account to Remix
- opt “ABCToken” contract and then compile
- now Deploy your compiled contracts
- Set the gas fee for your contract, then confirm your settlement contract
Now it is possible to see that there is a new transaction create contract in the block explorer
- Click on the “Add Token” In on MetaMask
- Select “Custom Token” and copy the contract address in the box
- push “Add Tokens”
- Then you can see your balance change
The gradual expansion of the domains of cryptography, defaults, and decentralized web solutions continues to change the way we interact with technology. Cryptographic wallets like Metamask have emerged as a convenient option for accessing and managing your cryptographic assets. MetaMask, on the other hand, provides a credible opportunity to leverage DeFi, NFT, and add a variety of tokens, such as bep20 tokens.