From Ethereum to Binance Smart Chain

[Btclover]

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. 

[Jason24Morgan]

Very informative. Thank you. I'ver noticed this trend lately myself.

[BOAEDAN]

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.

[densus88]

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.

[Afony]

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.

[therozaq]

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

[Hisbullah]

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.

[whyrqa]

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.

[aiviaa485]

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.

[pacar_tiri]

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.

[syedrasool2011]

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.

[trauchot]

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.

[hasyurt]

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.

[DAMKAR]

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.

[lepbagong]

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.