From Ethereum to Binance Smart Chain

[Goldlife]

 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.

[Oksana Ksyusha]

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.

[anshor1]

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.

[Dark Knight]

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.

[Sumi]

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

[KryptoBull]

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.

[Senin]

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.

[silkytakyaan86]

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.

[sacrotic]

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.

[ExtraPoint]

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.

[collinsjie]

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.

[Sumi]

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.

[Monster5]

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.

[babu10]

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.

[Sumi]

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.