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Author Topic: From Ethereum to Binance Smart Chain  (Read 7721 times)

Offline Mj joy

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Re: From Ethereum to Binance Smart Chain
« Reply #15 on: June 02, 2021, 04:14:23 PM »
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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Re: From Ethereum to Binance Smart Chain
« Reply #15 on: June 02, 2021, 04:14:23 PM »

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Offline Dexzon

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Re: From Ethereum to Binance Smart Chain
« Reply #16 on: June 02, 2021, 05:18:58 PM »
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.

Offline Bony11

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Re: From Ethereum to Binance Smart Chain
« Reply #17 on: June 06, 2021, 09:39:12 AM »
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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Offline Papa Bear

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Re: From Ethereum to Binance Smart Chain
« Reply #18 on: June 07, 2021, 04:30:06 PM »
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.

Offline robert20

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Re: From Ethereum to Binance Smart Chain
« Reply #19 on: June 07, 2021, 07:54:56 PM »
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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Re: From Ethereum to Binance Smart Chain
« Reply #20 on: June 10, 2021, 07:33:48 PM »
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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Offline Noverteno

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Re: From Ethereum to Binance Smart Chain
« Reply #21 on: July 02, 2021, 03:07:26 PM »
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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Re: From Ethereum to Binance Smart Chain
« Reply #21 on: July 02, 2021, 03:07:26 PM »


Offline dekafee79

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Re: From Ethereum to Binance Smart Chain
« Reply #22 on: July 03, 2021, 10:00:50 AM »
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.

Offline Alcor

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Re: From Ethereum to Binance Smart Chain
« Reply #23 on: July 06, 2021, 08:23:45 AM »
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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Re: From Ethereum to Binance Smart Chain
« Reply #24 on: July 16, 2021, 03:12:55 PM »
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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Offline hugo_uzman

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Re: From Ethereum to Binance Smart Chain
« Reply #25 on: July 16, 2021, 05:50:21 PM »
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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Re: From Ethereum to Binance Smart Chain
« Reply #26 on: July 30, 2021, 03:37:50 AM »
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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Offline hobo66

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Re: From Ethereum to Binance Smart Chain
« Reply #27 on: July 30, 2021, 07:57:47 PM »
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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Offline TomPluz

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Re: From Ethereum to Binance Smart Chain
« Reply #28 on: August 06, 2021, 05:50:12 AM »


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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Re: From Ethereum to Binance Smart Chain
« Reply #29 on: October 07, 2021, 04:03:20 AM »
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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