Altcoins Talks - Cryptocurrency Forum
Cryptocurrency Ecosystem => Binance Smart Chain + Ecosystem => Topic started by: Sonjoy on May 06, 2021, 09:02:32 AM
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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.
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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.
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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.
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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.
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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
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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.
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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.
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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.
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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. 8)
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. ;D ;D
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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.
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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.
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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.
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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.
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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.
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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
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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.
At the rate at which the current demand for etherium has increased, I think Bitcoin can surpass anyone.Another thing is that I don't think there is any fraudulent calculation in Etherium. The number of cheater butchers in Etherium is very low.Many cannot participate here because it is realistic.I personally like Ethereum a lot.
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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.
if you visit ethereum gas station at this time, you can see the fees are lower than before, does this have anything to do with ETH 2.0? because I haven't got information about the Beacon chain.
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At one time, the Etheriam platform was in the cryptockercrates market. There were many users in the Ethiami platform due to the extra growth of the gas free plant, and the restrictions were passed toward the Persian Exchange Platform. Because the genre is less than the plain-in-lawchand platform. Because of all users, more users like the Pincap platform .. There is also a lot of popularity in the paranorm exchange platform. Hopefully the popularity of the future of the Pincurable Exchange platform will increase more.
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At one point of time there has been no platform aside from the Ethereum platform. But everybody is presently leaning extra closer to the BSC platform than the Ethereum platform. Ethereum may be blamed for this. Because of the excessive transaction prices at the Ethereum platform, there were tries to offer Bounty Hunters a head start. Compared to that the transaction cost on BSC platform is a lot much less and all of the centres of Ethereum platform are to be had here. So in phrases of practicality and recognition within side the future, the Ethereum platform will lag at the back of the BSC platform. You posted so superbly and constructively that the majority customers will locate it very useful.
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BSC is here for the short term only they just tried to take the opportunity and pump bnb which has gone smooth. They know that eth is the king. They have only taken the opportunity. The most significant thing about bsc is that it is almost centralized and can be controlled by Binance. So we can t believe in it for long term.
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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 much for your good post. It's very useful for me and new investor. I am clear now about ETH and BSC after read this post. Now BSC is very popular and many new project are creating new token on this platform. And it's transaction is very cheap. So many investors are choosing BSC.
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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
I think that Ethereum's problem with high fees on this network is irrevocably a thing of the past. Even now, before the London hard fork has been completed, the transaction fees on the ethereum network are a dozen or two dozen Gwei. Of course, this is also due to the current general drop in prices in the market, but not only. Given the shortcomings of BSC, many projects will soon return to the ethereum platform after its update, because in general ethereum will be superior to BSC.
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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
I think that Ethereum's problem with high fees on this network is irrevocably a thing of the past. Even now, before the London hard fork has been completed, the transaction fees on the ethereum network are a dozen or two dozen Gwei. Of course, this is also due to the current general drop in prices in the market, but not only. Given the shortcomings of BSC, many projects will soon return to the ethereum platform after its update, because in general ethereum will be superior to BSC.
You're right, I think It just ERC high gas fee matter. It's just temporary. I believe they will be back to ERC20 again while gas fee goes down..
BSC is good alternate smart contract platform when ERC20 gas fee is so high.
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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
It seems that we should already forget that the ethereum network had a difficulty with high transaction fees. For a long time, due to the general fall in prices in the cryptocurrency market and a decrease in the total number of transactions, the gas price in the ethereum network has dropped to several Gwei.
In about a week, the London hard fork will move from test mode to the main network and then, perhaps, low fees on the ethereum network will be the norm.
Binance Smart Chain just copied a lot from ethereum, however due to the significant centralization of BSC, I think. many projects will return to the ethereum platform again.
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Many have moved from Ethereum to Binance Smart Chain, maybe that's a factor in the very expensive transaction gas fees from Ethereum, so all investors prefer Binance Smart Chain to look for cheap smart contracts.
Hopefully this will be the best opportunity for Binance Smart Chain because Ethereum has now lowered its GAS fees and it is certain that Ethereum tokens are more likely to continue to rise in price and are expensive.
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At first Binance was a trading platform, but they found a new solution to a problem of smart contract from the Eth platform like hi gas fees, creating an ecosystem from a Binance platform was a step away farther from any leading blockchain technology that exists today. Although it is acceptable from the fact that Eth was the king of smart-contract, and we will consider that Binance is a genius for providing a good solution where Eth had encountered.
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I'm also sure that Ethereum is very good to invest in because Ethereum has an erc20 token which is widely traded in all cryptocurrency markets.
But unfortunately Ethereum has a very serious problem when the transaction fees are very expensive and Binance is here to provide a solution by lowering the GAS transaction fee and now I like it too.
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In the past, Ethereum fee was very high approximately 30-50$ per swap on Uniswap so many people were getting issues to swap their 10$-20$ tokens, then many projects and people started to migrating towards Binance Network because there was a very low fee and now there are many successful projects on Binance networt. Which are attracting more people to use Binance network.
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Competition is always good for the market and even for the players themselves as there will more reason to make things better and to be always ahead of the pack...these and more can be good for the users and the industry itself. Good to see that Binance Smart Chain is really competing well with Ethereum though we have to admit that Ethereum remains the King of smart contracts and if it can be able to lower the tx fees to acceptable levels then w can see it gaining more business.
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I see this is because of the technological advancements provided by Binance Smart Chain because in addition to having a strong, large and solid community, Binance Smart Chain also features very low transaction fees from sending Ethereum Gas fees.
Just today I saw that the Ethereum gas cost was very expensive at over 100 USD, has this gone crazy for Ethereum ?
Which investor is willing to spend hundreds of USD for the delivery of a token ?
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Which investor is willing to spend hundreds of USD for the delivery of a token ?
Indeed, current spikes on ethereum gas price is really annoying and many small investors can't even trade their favorite tokens into different dex/amm. So small investors or regular users won't be able to pay that much fee, but big investors or whales are using instead of those high gas price as they're making more than those gas fee, that's why they don't have any kind of problem. For these reasons, more P2E based projects are launching into BSC or other chains where gas price is low comparing to ethereum.
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My own view concerning the Ethereum and Binance network is that if Ethereum does not do something about their network to reduce the outrageous fees, Binance will take over from them. The gas fees are becoming too much for crypto enthusiasts to bear. The unnecessary charges are on call for in the crypto space and the purpose is being forfeited. They have to think fast and do a thing about it because smart chain networks are springing up.
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We used to think that EIP-1559 would help Ethereum compete with BSC, but now Ethereum's transaction fees are very high and BSC's ecosystem attracts money in the market… Sorry but must accept that BSC is performing better than Ethereum
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One of the two platforms mentioned here is the Etherium platform and the Binance Smart Chain platform. These two platforms are similar to each other but there are many differences. The amount of gas fee of that Ethereum platform was much higher but the Binans Smart Chain platform is costing much less. So now Investor or Hunter Ra Binance is using Smart Chain platform the most.
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many traders are starting to move to the BSC network because I think it is affected by the transaction fees on the ethereum network which are starting to be very expensive so many people prefer to use the BSC network which has cheap transaction fees and good speed.
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The world's most popular centralized crypto exchange is expanding its reach on DeFi with the Binance Smart Chain, an addition to the existing Binance chain that offers smart contracts and Ethereum compatibility. Binance Chain launched relatively quickly and was optimized for instant trading, however, it lacked the extensive features needed to support a broader set of decentralized applications.
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Thank you for sharing a very informative post. There are many users of the forum who still do not know how to go from Ethereum platform to Binans smart chain platform. Because lately I see that many taken stamps are being transferred from platforms to Binans merchant platforms due to the extra gas fee of etherium. It is very important that we have an idea about this.
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The main problem on the ethereum network from the past until now is high gas fees if the transaction is solid, I am also one of the people who are starting to lean towards BSC. But it is undeniable that there is no layer one coin that has an ecosystem as big as ethereum today. Hope BSC will be next.
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The two coins you are talking about are Etherium and Binance Smart.Chain (BNB). As popular as these two coins are, these two different platforms are equally popular.However, the amount of gas is highest on the Ethereum platform but the network is extremely low on the Binans Smart Chain. platform.
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Many #DevelopmentTeam s have moved from Ethereum to Binance Smart Chain because they are constrained by the crazy transaction fees that are felt by Ethereum because it's not just me who tells stories like this but everyone also talks like this for Ethereum.
Binance Smart Chain has a simple and easy to understand facility like Ethereum and even has a very friendly advantage, namely low transaction fees.
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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.
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There is a solid difference between smart tea and etherium. One thing we are currently noticing is that Ethereum but their customers are having to go through a lot of suffering due to the latex equal to their sky.Is Martin, on the other hand, is taking away some of them because of their cheap freebies.One by one, all the users are looking at smart TV, that's why Transaction B is much less here. On the other hand, Etherium was once but transaction love. So nowadays people are leaning more towards smart boy and are trading in it because they have to pay a lot of money for it so people feel comfortable using it. So I would say to Etherium that if they don't reduce the transaction fee but they will lose popularity, people will gradually start using smart chains.
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Nowadays the popularity of Binance Smart Chain platform has increased so much that people are now abandoning Ethereum platform and coming to Finance Smart platform. But if you also want to come from Ethereum platform to Binans Smart platform then you don't have to bother much. Because if you are a metamask or trust wallet user then it is very easy You can. Because those wallets have the advantage of multi-chain wallet.
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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.
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I really agree with what you said because until now the Binance Smart Chain platform is still relatively cheap because if you look at the movement of ethereum which the price is still cheap, it is most likely that the BSC price will compete with the Ethereum price because I see the BSC network is still cheaper and has speed which is very good.
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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.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.
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It is very comfortable that there is a bridge between Ethereum blockchain and Binance Smart Chain. There is a function to add it to some wallets. We can use such bridges to minimize commissions.
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It is very comfortable that there is a bridge between Ethereum blockchain and Binance Smart Chain. There is a function to add it to some wallets. We can use such bridges to minimize commissions.
Binnance smart chain is the best alternate smart contract platform, because ERC20 platform is high gas fee.
I see several projects have two smart platform, BSC and ERC20.
It's really good. Yes I agre, we can use to minimize gas.
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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 so much for sharing important information with us.There are a lot of new users here who will definitely benefit from this.The only reason why the popularity of Ethereum platform is declining at present is because of the additional transaction fees of this platform.
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I believe that each of us should understand a very simple truth that today binance Smart Chain is used by everyone who does not like the high commission on the Ethereum network, that is, they save. Although Each of us should understand the fact that Ethereum is a decentralized platform, which means it is much better and safer than bsc. Although there are very good projects on the binance smart chain, but among the total, their turn is difficult to recognize
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Currently BSC is coming back with huge investments after other ecosystems like NEAR, Solana, Celo, Fantom received attention and cash flow advantage. ETH2.0 has not been launched yet, so projects continue to switch to BSC to reach more users. Low fees and entry speed are BSC's biggest advantages over Ethereum.
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Currently BSC is coming back with huge investments after other ecosystems like NEAR, Solana, Celo, Fantom received attention and cash flow advantage. ETH2.0 has not been launched yet, so projects continue to switch to BSC to reach more users. Low fees and entry speed are BSC's biggest advantages over Ethereum.
Yes, but this is happening until the ethereum network is fully updated. What happens after ethereum is fully updated? In my opinion, BSC will already be losing to the updated ethereum. Of course, we'll also see what will happen with the size of transaction costs.
Someday, what happened now with ethereum, will happen with bitcoin. Users will choose convenience. The popularity of any cryptocurrency is temporary.
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Both Ethereum and Binance Smart Chain are popular platforms. But the fees of ethereum are much higher than Binance Smart Chain so people are converting from ethereum to binance smart chain.
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Every developer have their own strategy and we can't blame it just follow them and get out when enough. Eth still become favorite because many platform using it and for distribution they only need open new option so Eth not broke their image and performance. BSC try to get better position and have many users are the great idea that's why " make easy and variative " become their work plan. Want to switch up to you but use calculation and never forget about the risk.
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Etherium and Binance are two of the best platforms of the present time.The only difference between the two platforms, however, is that the transaction fees on the Etherium platform are exorbitant.On the other hand, the transaction fee is the lowest on the Binans Smart Chain platform.Although the Etherium platform is very popular, people are now more interested in the Binance platform.
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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.
I will not be surprised if Binance takeover over Ethereum very soon. Ethereum needs to seat up and work harder to meet the challenge the Binance network bring to compete with the Ethereum network. I hope they have seen the challenge ahead of them to compete with.
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The gas price rose to such an extent that just a simple Uniswap swap costed more than $400 in transaction fees alone, sending ERC-20 tokens costed around $50+, whereas deploying a simple smart contract would cost more than $1200.
A lot of developers like us have migrated to Binance Smart Chain because it has faster and cheaper transactions. As developers, we should not be bothered with transaction fees to such an extent that it becomes impossible to work or else you go broke. Unless Ethereum solves these issues, we are definitely not going back.
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As far as I'm concerned the Binance platform is much more convenient than the current Ethereum platform. This is because if any coin is transferred from the Ethereum platform, it is seen that additional gas free is required.That's why most investors get into trouble because of the free network. However, Binance Platform is a platform that does not have any problem in transferring many coins in a short period of time. And gas-free is much less, which is why most investors are now leaning towards the Binance platform rather than Ethereum.
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I think this is very informative for newbies and unknown person also who build their life in crypto environment. I think if we go for summery for both the chains are BSC is really smart with their fast transaction and low fees by this time then ETH chain. Actually when ETH 2.0 will fully work i think it will be more fast then BSC.
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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.
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I think that everything lies in the issue of fees, in the ETH ERC-20 network the fees are too expensive, it is exaggerated, I recently made a withdrawal of tokens and paid almost 200USD, which seems too much, because 200USD is a lot For me, BSC really is the best option for now, since the Polygon network will be much cheaper.
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The Benson smart chain platform from Etherium is currently the most popular. With the substantial increase in transaction fees for the Ethereum platform, people have now chosen the unique platform.The most favorite is the Binance Smart Chain platform.Now people have moved from the Ethereum platform to the Binance Smart Chain platform
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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.
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A very cool platform on the Radix Broadcast, it also has its own intelligent system in which a huge number of investors are already investing. She managed to shoot during the annual period, as more than one campaign did not shoot.
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Thanks author for this topic. As fir me it is very comfortable that for example Metamask support two networks, including Binance Smart Chain. And there transactions are cheaper. But you must be very attentive to choose necessary network.
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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.
I agree I think BSC makes easier for developers and user. BSC is lower transaction fee and faster transaction speed than ERC20.
But we must be careful, we all know there are many scam projects at BSC.
I think we will see many projects migrate to BSC.
BSC is the best alternate smart contract platform.
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If Ethereum and Binance smart chains are considered as transactions, then Ethereum network is losing popularity due to high fees. On the other hand, the network fee of Binance Smart Chain is much lower, which is why it has gradually become more popular than Etherium. More bep20 tokens than erc20 are used for this. If Ethereum's network fee is reduced to the same as before, then Ethereum's popularity will be higher than before.
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two coins between Binance and ETH, both coins have good fundamentals but users can choose which platform they want to use. 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 BSC network, the fees for sending tokens and trading DEX on the DeFi and AMM platforms look good for under $1.
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Ethereum , As wel all known. In Cryptocurrency Ether is second only to Bitcoin in market capitalization. Ethereum is a decentralized, open-source blockchain with smart contract functionality. Ether is the native cryptocurrency of the platform.Its popularity is also great.However, nowadays there is a ruckus going on regarding the fees of Ethereum.And here we see the fee of Binance smart chain. it is very less. Now a days most are switching to new projector Binance smart chain.
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The reason why people are more attracted to smart chains at the present time is that Etherium is equal to gas free sky compared to smart chains so people are avoiding Etherium platform. On the other hand, since smart chain transaction is much less free, people are feeling more comfortable and have already started using it.
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The current crypto project developers will choose BSC because it has lower fees, that's also what I will do to trade Dex, by choosing the BSC network, everything is better because of low transaction fees.
Another reason why many developers choose BSC, because Binance has an MVB Program and Binance labs, this encourages developers to have more experience and they will get funding from the program.
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The popularity of the Ether goes sideways to him because of the high price per transaction on the network, because of this, most projects leave the platform for BSC. Here it is clear why everyone is switching to this platform because of the low price per transaction.
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This is a good opportunity for BNB to be more popular because there are a lot of new projects running on the BSC network, the problems experienced by Ethereum are still not resolved, but some new projects on the ethereum network continue to grow even though the transaction fees there are more expensive, I will choose BSC to do each transactions due to low fees and user friendly
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This is a good opportunity for BNB to be more popular because there are a lot of new projects running on the BSC network, the problems experienced by Ethereum are still not resolved, but some new projects on the ethereum network continue to grow even though the transaction fees there are more expensive, I will choose BSC to do each transactions due to low fees and user friendly
High transaction fee of ERC20 is the reason why many projects migrate to BSC and many new projects starting to use BSC platform.
Ethereum is still the bigger community, maybe BSC will take several years again will be more popular such as ERC20
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This is a good opportunity for BNB to be more popular because there are a lot of new projects running on the BSC network, the problems experienced by Ethereum are still not resolved, but some new projects on the ethereum network continue to grow even though the transaction fees there are more expensive, I will choose BSC to do each transactions due to low fees and user friendly
indeed as long as the ethereum network is still having problems with costs, there will be many other networks that are very good and trustworthy, one of which is binance. it's true what you said now that projects using the ethereum network have started to appear again, but there will always be problems at the end of the project being completed. when the distribution will be carried out, it will be constrained by large costs and eventually it will be delayed and the problem cannot be resolved.
Binance is indeed very good at the moment but we also have to anticipate if the supporting coins are also expensive like ethereum, then it is inevitable that expensive fees will also occur and new networks will emerge to replace them and that continues to apply in crypto.
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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.
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.
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Very informative. Thank you. I'ver noticed this trend lately myself.
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from the ethereum network to the Binance Smart Chain network, in my opinion it is better and has a very low cost because with the BSC network all transactions can be easily carried out.
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from the ethereum network to the Binance Smart Chain network, in my opinion it is better and has a very low cost because with the BSC network all transactions can be easily carried out.
I think if Ethereum development doesn't have good improve to reduce high gas fee, many projects will migrate to BSC.
It's already happened now.
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These are two very promising projects that are fighting for their investors and project developers, each project will improve and develop its product to attract new investors to its platform.
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These are two very promising projects that are fighting for their investors and project developers, each project will improve and develop its product to attract new investors to its platform.
Yeah, I think it will make good competition for both.
Ethereum dev should improve their project to solve high gas fee.
Because projects will migrate to BSC
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These are two very promising projects that are fighting for their investors and project developers, each project will improve and develop its product to attract new investors to its platform.
Yeah, I think it will make good competition for both.
Ethereum dev should improve their project to solve high gas fee.
Because projects will migrate to BSC
Ethereum gas fee is so high, I think It's the reason why several projects have migrated to Binance Smart Chain.
Hopefully Ethereum development focus and have good solution for their high gas fee.
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actually, I don't really trust binance Smart Chain, because this blockchain collects quite large volumes of junk cryptocurrencies. but at the same time, there are projects that are worth our attention, such as CRATD2C. The fact is that today a lot has changed and consumers are becoming the main thing, and d2c gives a new model of interaction between the brand and the consumer. Because BSC has a good market performance thanks to such projects.
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Ethereum is now very expensive and very difficult to reduce in price, as well as for the development of Ethereum coins this is basically a good project and very well established to be on the ERC20 blockchain network.
Binance Smart Chain or BSC is still in the process of continuing to approach technological advancements from Ethereum, even though Binance Smart Chain still has many shortcomings like the community, but I believe BSC will be able to compete with ETH in the near future.
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Ethereum is now very expensive and very difficult to reduce in price, as well as for the development of Ethereum coins this is basically a good project and very well established to be on the ERC20 blockchain network.
Binance Smart Chain or BSC is still in the process of continuing to approach technological advancements from Ethereum, even though Binance Smart Chain still has many shortcomings like the community, but I believe BSC will be able to compete with ETH in the near future.
I agree with your opinion BSC will be able to compete with ETH in the near future.
Many projects have integrated to binance smart chain now, they leaved Ethereum because very expensive transaction fee.
We all know the Ethereum developer seems didn't have good solution for their gas fee.
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What i think Binance smart chain is best then ethereum because loot of project coming to finance smart chain fees is low then ethereum and transection faster then other blockcahin.
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Of course, for now, Ethereum blockchain is much more popular and better than BSC, but BSC is developing very quickly and perhaps the time will come when BSC will overtake Ethereum blockchain and I hope this will really happen because I am already tired of throwing a huge amount of money on cryptocurrency transfers through Ethereum blockchain due to the fact that gas on the Ethereum blockchain is constantly very expensive.
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The extremely high commissions on Ethereum benefited Binance's coin and network. Bnb, which was once 5-6 dollars, now hovers in the range of 450-500 dollars. The biggest reason for this is the ethereum network and high costs. As such, a lot of new tokens started to come out of the Bnb network. This, in turn, had a positive impact on the price of BNB.
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Of course, for now, Ethereum blockchain is much more popular and better than BSC, but BSC is developing very quickly and perhaps the time will come when BSC will overtake Ethereum blockchain and I hope this will really happen because I am already tired of throwing a huge amount of money on cryptocurrency transfers through Ethereum blockchain due to the fact that gas on the Ethereum blockchain is constantly very expensive.
Ethereum still have expensive transaction fee problem, I think It will make Ethereum be leaved by many projects.
BSC is lower fee and faster transaction than ERC20.
I also believe BSC will overtake ERC20 at the coming years, If Ethereum dev didnt solve gas fee problem.
That's the fact.
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Of course, for now, Ethereum blockchain is much more popular and better than BSC, but BSC is developing very quickly and perhaps the time will come when BSC will overtake Ethereum blockchain and I hope this will really happen because I am already tired of throwing a huge amount of money on cryptocurrency transfers through Ethereum blockchain due to the fact that gas on the Ethereum blockchain is constantly very expensive.
Ethereum still have expensive transaction fee problem, I think It will make Ethereum be leaved by many projects.
BSC is lower fee and faster transaction than ERC20.
I also believe BSC will overtake ERC20 at the coming years, If Ethereum dev didnt solve gas fee problem.
That's the fact.
many are of the same mind as you, my friend, that in the future BSC will be able to overtake ERC20, the possibility is always there and no one will be able to doubt it.
but it looks like ERC20 is not easy to replace with BSC because in time everyone will return to using ERC20 after the ethereum problem has been properly resolved.
still I think they both will go hand in hand and will always cover each other's shortcomings, in fact if they can walk it will make it easier and will benefit a lot.
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obviously ethereum remains the king of altcoins after bitcoin it has fantastic smart contracts, lots of tokens, lots of validators and it is completely decentralized, the only reason why many of us have used bnb / bsc as a temporary alternative is the high transaction fees on the blockchain eth when they become acceptable again i believe that almost everyone will return to using eth exclusively
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I don't think that most projects have chosen the bnb/bsc platform for an alternative because of the high transaction in the Ether network. The bnb /bsc platform is very attractive for projects not only because of the low commission on the network, it will give competition to many platforms.
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I don't think that most projects have chosen the bnb/bsc platform for an alternative because of the high transaction in the Ether network. The bnb /bsc platform is very attractive for projects not only because of the low commission on the network, it will give competition to many platforms.
The BSC network is very attractive to date to use because it has a low cost, where in a situation like today where everything is in a bad market situation, low cost is a dream to continue to use. but ether is also not too expensive at this time and it seems that there will be alternatives that can continue to coexist between ether to bsc, and this will make more alternatives that can be used for the smooth running of crypto transactions themselves. the more alternatives, of course, it will make it easier and useful later when one is forced to pay a high price.
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I thinks both companies have there network strongly network security and the problem of high transaction on Ethereum network is solved but many developers taking some question on security, but Eth network is underdevelopment . And in future they give us answer of some concerning questions on ETH network , ( it become centralize after merge and other questions ) .
Note: If your have any question feel free to ask .
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We all see many projects migrated from Ethereum to binance smart chain because high gas fee problem.
And now, polygon matic also popular become alternate smart contract platform.
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We all see many projects migrated from Ethereum to binance smart chain because high gas fee problem.
And now, polygon matic also popular become alternate smart contract platform.
I think bsc is currently getting a bigger share because everyone is trying to switch to bsc, but I don't see ethereum being abandoned and there will still be people using it. So indeed we have to admit that BSC is in greater demand than other networks but not leaving it because they have their own share.