From Ethereum to Binance Smart Chain

[Sonjoy]

Ethereum is the unquestionable king of the hill when it comes to smart contracts right now. In every metric and every regard, Ethereum is totally dominating when it comes to attracting demand for decentralized apps, or dapps, at the moment.

Considering the Ethereum ecosystem’s extensive organic activity lately, this dominance is set to continue for the foreseeable future. Yet this major demand has led to an acute spike in ETH gas prices, i.e. the fee paid for Ethereum transactions, a reality that’s boxed out many people from partaking in the Ethereum network lately.

Enter Binance Smart Chain (BSC). It’s a modified Ethereum fork and is thus compatible with the Ethereum Virtual Machine (EVM), meaning it can easily port over Ethereum apps and users. And we’ve been seeing more of these migrations lately as some apps have been trying to win over users with cheaper transaction fees.

A non-trivial portion of this BSC activity has seemed spoofed recently, but there’s no question that Binance’s in-house smart contract platform has also been attracting unprecedented interest in this current crypto bull run amid the backdrop of acutely high ETH fees.

All this said, let’s dive into what BSC is and what it can do so we can get a realistic idea of how to accurately consider it within the cryptoeconomy’s present conditions.


What is Binance Smart Chain (BSC)
Binance Smart Chain is Binance’s smart contract platform for decentralized apps (dapps).

Specifically, the network uses a modified version of proof-of-stake (PoS) consensus known as a proof-of-staked-authority (PoSA) algorithm. Simply put, this means BSC is centered upon 21 validators who stake BNB in order to validate the BSC network.

As such, this may be a layer-one (L1) smart contract platform, but it’s also extremely centralized with 21 validators compared to the 1,000s of validators that Eth2 will have. This small set of validators, vetted by Binance, makes it easier for the crypto exchange giant to exert direct control over the network.

Another central aspect of BSC is that it’s compatible with Ethereum’s EVM, which lets BSC developers to easily migrate over popular Ethereum dapps and solutions via loosely-modified forks. This is why the vast majority of dapps on BSC today are essentially direct copies of Ethereum dapps, like how PancakeSwap was forked from Uniswap and Sushiswap.

More info. https://defiprime.com/binance-smart-chain#:~:text=Enter%20Binance%20Smart%20Chain%20(BSC,over%20Ethereum%20apps%20and%20users.

[ttcsalam]

Ethereum is the unquestionable king of the hill when it comes to smart contracts right now. In every metric and every regard, Ethereum is totally dominating when it comes to attracting demand for decentralized apps, or dapps, at the moment.

Considering the Ethereum ecosystem’s extensive organic activity lately, this dominance is set to continue for the foreseeable future. Yet this major demand has led to an acute spike in ETH gas prices, i.e. the fee paid for Ethereum transactions, a reality that’s boxed out many people from partaking in the Ethereum network lately.

Enter Binance Smart Chain (BSC). It’s a modified Ethereum fork and is thus compatible with the Ethereum Virtual Machine (EVM), meaning it can easily port over Ethereum apps and users. And we’ve been seeing more of these migrations lately as some apps have been trying to win over users with cheaper transaction fees.

A non-trivial portion of this BSC activity has seemed spoofed recently, but there’s no question that Binance’s in-house smart contract platform has also been attracting unprecedented interest in this current crypto bull run amid the backdrop of acutely high ETH fees.

All this said, let’s dive into what BSC is and what it can do so we can get a realistic idea of how to accurately consider it within the cryptoeconomy’s present conditions.


What is Binance Smart Chain (BSC)
Binance Smart Chain is Binance’s smart contract platform for decentralized apps (dapps).

Specifically, the network uses a modified version of proof-of-stake (PoS) consensus known as a proof-of-staked-authority (PoSA) algorithm. Simply put, this means BSC is centered upon 21 validators who stake BNB in order to validate the BSC network.

As such, this may be a layer-one (L1) smart contract platform, but it’s also extremely centralized with 21 validators compared to the 1,000s of validators that Eth2 will have. This small set of validators, vetted by Binance, makes it easier for the crypto exchange giant to exert direct control over the network.

Another central aspect of BSC is that it’s compatible with Ethereum’s EVM, which lets BSC developers to easily migrate over popular Ethereum dapps and solutions via loosely-modified forks. This is why the vast majority of dapps on BSC today are essentially direct copies of Ethereum dapps, like how PancakeSwap was forked from Uniswap and Sushiswap.

More info. https://defiprime.com/binance-smart-chain#:~:text=Enter%20Binance%20Smart%20Chain%20(BSC,over%20Ethereum%20apps%20and%20users.

Thank you very informative post i think many new user can get help from your post.who dont know how to convert Mew to BSC.Those people are missing some payment they can get make very easy to see your post.

[Kangaro45]

At one time there was no platform other than the Etherium platform.  But everyone is currently leaning more towards the BSC platform than the Etherium platform.  Etherium can be blamed for this.  Because of the high transaction fees on the Ethereum platform, there have been attempts to give Bounty Hunters a head start.  Compared to that the transaction free on BSC platform is much less and all the facilities of Ethereum platform are available here.  So in terms of practicality and popularity in the future, the Ethereum platform will lag behind the BSC platform.  Thank you so much for posting so beautifully and constructively that almost all users will find it very useful.

[jonathancool220]

I have seen that the Ethereum platform has started to switch to the Binance Smart Chain platform due to the very high transaction fees for Ethereum.
The Binance Smart Chain community now has a very strong FOMO because it has the advantages of Pancake and Bakery DEX.
I am also sure that one day Pancake will become a real rival for UNIswap and 1inch DEX.

[Lukasz]

1 BSC took a lot of traffic from ETH but it seems that the ETH devs dont care or they would remedy the extremely high gas cost or keep the price down till the upgrade this whole situation being wrong to say the least

2 ETH was first and with no other option many of the now maturing projects were coded eth compatible

Look forward to see this situation sorted with eth 2.0   

[Power420]

The two coins mentioned in the cryptocurrency are the best coins and the most widely known coins.  Benefit Binans smart chain than Ethereum platform.  This is because the current cost is highest on the Ethereum platform which is why the cost is lower on the Binance Smart Chain platform.  Due to which Binans smart chain is going to be the most popular at present.

[CyberAnonymous]

1 BSC took a lot of traffic from ETH but it seems that the ETH devs dont care or they would remedy the extremely high gas cost or keep the price down till the upgrade this whole situation being wrong to say the least

2 ETH was first and with no other option many of the now maturing projects were coded eth compatible

Look forward to see this situation sorted with eth 2.0

That's not true mate, we've seen Ethereum doing development on the Beacon chain and now in July we are seeing the Fork complete.
I can't compare these two coins between Binance and ETH, both coins have good fundamentals but users can choose which platform they want to use.

[de_prof]

1 BSC took a lot of traffic from ETH but it seems that the ETH devs dont care or they would remedy the extremely high gas cost or keep the price down till the upgrade this whole situation being wrong to say the least

2 ETH was first and with no other option many of the now maturing projects were coded eth compatible

Look forward to see this situation sorted with eth 2.0

That's not true mate, we've seen Ethereum doing development on the Beacon chain and now in July we are seeing the Fork complete.
I can't compare these two coins between Binance and ETH, both coins have good fundamentals but users can choose which platform they want to use.

I think, we should wait  the Ethereum dev will have good solution for gas fee problem.
I didn't blame if there is said Ethereum dev dont care about this problem.
Because Until now, no solution about gas fee.
So, wait and see.

[Review Master]

That's not true mate, we've seen Ethereum doing development on the Beacon chain and now in July we are seeing the Fork complete.

Indeed, it’s about time to see lower gas price on ethereum blockchain and EIP1559 or London hardfork might solve this. Though many of the analyst are arguing that EIP1559 won't be able to solve the current auction based gas price system for longer period of time. But lets see what will be actually happened after completing london hardfork as Berlin hardfork already show results what's expected by eth devs. 

I didn't blame if there is said Ethereum dev dont care about this problem.

Likewise, i won't blame if there is said, many users don't follow the updates about eth and blame devs like they don’t care about ethereum's development or problems. 

[TomPluz]

In my own views, Binance Smart Chain has already entered into the market with lots of goodwill and even if Ethereum can get back to its former level of gas per transaction, BSC has already a good market of its own. Soon, we can see these two important platforms playing it out though I can still see Ethereum to be above BSC. And this is good since we are talking here of a healthy competition...ultimately good for people who are using them. The more, the merrier as they say.

[zilzylian]

BSC makes it a lot easier for developers and users to make transactions at lower fees, hope it looks successful and there is a lot of traffic on the BSC network, the fees for sending tokens and trading DEX on the DeFi and AMM platforms look good for under $1.

[Centus]

Currently, the binance smart chain is very good as an important platform for creating tokens for new projects in the cryptocurrency market. So most of the tokens of Ethereum platform are being converted to binance smart chain platform. Because most of the projects are now successful on binance smart chain platform. So binance smart chain is in the market with a lot of popularity. So I think the binance smart chain platform from ethereum platform is currently the most popular.

[neptunemutual]

My friends and I have been involved in the Ethereum community for a number of years now. A basic Uniswap swap now costs over $400 in transaction fees, transferring ERC-20 tokens is $50+, and deploying a simple smart contract is over $1200. This is because the gas price has skyrocketed.

Polygon, Binance Smart Chain, and other EVM-compatible chains have grown popular with developers because of their speed and affordability. Some projects can't afford to pay till this problem is addressed.

[KryptoBull]

Currently, the number of daily transactions on BSC has surpassed that of Ethereum, which is due to the advantage of speed and transaction costs. However after the London update, using Ethereum's layer-2 and EIP-1559, things will be changed. I hope BSC developers also have plans to upgrade BSC with layer-2.

[jenica]

Currently, the number of daily transactions on BSC has surpassed that of Ethereum, which is due to the advantage of speed and transaction costs. However after the London update, using Ethereum's layer-2 and EIP-1559, things will be changed. I hope BSC developers also have plans to upgrade BSC with layer-2.

I think this is because the fee from ETH is quite expensive because the price of ETH is very expensive, so the estimated value is quite large, even though it's only 0.00 ETH