Smart contract platforms like Binance Smart Chain (BSC) and Ethereum allows you to build and launch your decentralized applications (DApps). Each DApp comes with a unit of values, and a tradable asset called as a token, which is used to provide utility or to perform certain economic and governance-related activities.
These tokens follow a specific framework known as a Token Standard, a set of rules and guidelines that must be incorporated into smart contracts. If a token doesn’t follow the desired token standard, it won’t be interact and compatible with the rest of the ecosystem applications, such as wallets and exchanges.
Every blockchain platform contains a set of token standards through which the smart contracts have to be followed. Binance Smart Chain comes with a token standard known as BEP-20, which has to be followed for every BEP-20 Token launched on the BSC platform.
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