BEP-20 token standard plays an important role in creating and managing tokens within the Binance Smart Chain (BSC) ecosystem. Similar to Ethereum's ERC-20 standard, BEP-20 establishes a set of guidelines that tokens must adhere to, ensuring they can seamlessly interact with other applications, wallets, and smart contracts within the BSC network.
Proof of Authority (PoA) is a reputation-based consensus algorithm that introduces a practical and efficient solution for blockchain networks.