Are you new to the cryptocurrency world and feeling a bit lost? Don't worry, you are not alone. The cryptocurrency space can be daunting for newcomers, with its many terms, abbreviations and definitions that can be difficult to understand.
ATAIX crypto glossary will help make sense of some of the most common cryptocurrency terms and definitions. Armed with this information, you'll be ready to start participating in this exciting and innovative new economy!
- Bank Secrecy Act (BSA)
- Banking as a Service (BaaS)
- Beacon Chain
- Bear Trap
- BEP-2 (Binance Chain Tokenization Standard)
- Bid Price
- Bid-Ask Spread
- Binance Labs
- Bitcoin Pizza
- Blockchain Trilemma
- Brian Armstrong
- Bull Trap
- Bull vs Bear Crypto Market
What is a BEP-2 (Binance Chain Tokenization Standard)?
BEP-2 is a technical standard that defines how new tokens can be created and used on the Binance Chain. This standard provides a set of rules and specifications that tokens must follow in order to be compatible with the Binance Chain ecosystem. The ERC-20 token standard on the Ethereum blockchain is very similar to BEP-2, but there are some key differences. For example, BEP-2 allows for more flexibility in terms of the features that tokens can have. This makes it a more attractive option for developers who want to create new tokens.
The BEP-2 standard defines the key features of tokens issued on the Binance Chain. Different tokens can have other implementations for specific use cases. The BEP-2 standard ensures that all tokens can smoothly integrate into the ecosystem. There are BEP-2 stablecoins like BUSD, pegged Bitcoin, and many multichain projects that use the benefits of BEP-2.
The Binance Chain hosting the BEP-2 tokens is based on the Tendermint BFT consensus algorithm and the DPoS voting model, which offer a fast and reliable alternative to proof-of-work.