Trust wallet is a mobile application used to store, manage and transact cryptocurrencies. Moreover, it provides access to a fully functional web3 ecosystem used to create and access blockchains such as Binance Smart Chain (BSC).
Ethereum was the first attempt in creating an Internet computer running smart contracts with ERC20 native tokens.
BSC and its BEP20 token standard were built with ERC20 as the foundation and built itself further. Now, it has several uses, and to access it, Trust Wallet can be used.
What is Binance Smart Chain(BSC)?
Binance Smart Chain or BSC is a blockchain on which smart contracts run. BSC works with or in line with Binance Chain. Binance chain is the first blockchain of Binance that is used on its non-custodial exchange platform.
Binance Smart Chain was built with the aim to enhance it for fast trading on the non-custodial platform of Binance. It took lessons from other developed projects based on Ethereum before it. This allowed Binance to make a design more focused on preventing network congestion.
So, the Binance chain let go of expanded abilities. Consequently, it had the ability to manage a high transaction throughput without any slack.
Due to this optimization, the Binance chain cannot support the launch of a fully-developed DEX. Binance knew they had to make a new chain that particularly houses smart chains for automating transactions. Hence, Binance Smart Chain was invented, which serves as the foundation for its DEX project.
What is BEP20?
BEP20 is a standard used for creating tokens on Binance Smart Chain. Tokens are valuable components of a blockchain-based system, Decentralised app (DApp), platform, or economy. Tokens facilitate the movement of value and track activities on the blockchain. So, they are a key to conducting many different kinds of transactions.
BEP stands for Binance Smart chain Evolution Proposal. BEP20 is a token standard Binance created for Binance Smart Chain. Binance Smart Chain is the smart contract platform, and it runs parallel to the original Binance Chain.
Also Read: How to Enable DApp Browser on Trust Wallet?
What is the BEP20 token standard?
All smart chains have a standard token. For Binance Smart Chain, it is BEP20. It is quite similar to Erthereum’s ERC20 standard and builds further on it. It sets rules that are followed by all tokens created on BSC.
So, All the tokens launched or created on the BSC platform follow the BEP20 token standard. Examples of tokens include utility tokens, stable coins, and security tokens.
How to Find BEP20 address on Trust Wallet?
Once you create a new account, you will have a smart chain wallet enabled by default. If you can’t see it, you should search for “Smart Chain” in the search bar.
A list of enabled smart chain wallets will be shown. Now the steps to find your BEP20 address on Trust Wallet are as follows:
Steps to find BEP20 Address on Trust Wallet:
- Open your smart chain wallet.
- Select “Receive.”
- You will find your BEP20 address as well as the QR code.
- Tap on “Copy” to copy the address for sharing or share the QR code.
How to Receive BEP20 Tokens?
You can receive BEP20 tokens with your BEP20 smart chain address.
- Withdraw BNB from Binance.
- Trust wallet supports BEP20 tokens.
Also Read: How to Backup Trust Wallet?
How to Send BNB to a Smart Chain Address?
Steps to Send BNB to a Smart Chain Address:
- Open the smart chain wallet.
- Select send.
- Fill in the recipient address in the address field.
- Enter the amount.
- Tap on Send.
Can I swap ERC20 to BEP20 on Trust Wallet?
Yes, you can swap ERC20 to BEP20 on Trust Wallet. You just have to create a new wallet on Trust Wallet, click on BNB, and copy the address. Then you withdraw the BEP20 tokens into your new wallet. When the withdrawal is made, click on BNB in your wallet → more icon → swap to the smart chain. Choose the values of the swap, accept and confirm.
BEP20 is a standard that is used to create tokens on Binance Smart Chain. Trust wallet supports BEP20.
While making transactions, having the right address is extremely important. Trust Wallet makes it easy to find your BEP20 address and use it for making transactions.
Also Read: Trust Wallet Identity Verification
Frequently Asked Questions
Is BEP20 the same as BSC?
No, BSC or Binance Smart Chain is a blockchain that runs smart contracts. BEP20 is a standard or one of the many smart contracts for creating tokens on BSC.
What is the BSC Address in the Trust Wallet?
BSC is a blockchain that works parallelly with the Binance Chain to facilitate the creation of smart contracts and the staking mechanism for BNB.
Does Trust Wallet support BEP20 Ethereum?
Yes, Trust Wallet supports BEP20 Ethereum.