Altcoins Talks - Cryptocurrency Forum
Crypto Discussion Forum => Cryptocurrency discussions => Topic started by: tonymillions84 on October 14, 2020, 11:11:57 PM
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Most altcoins are rushing the Binance smart chain platform in order to SOLVE the ethereum gas fees issues. currently over 200 altcoins designed on the Ethereum network has migrated partially to the binance chain to solve the issues surrounding the ethereum gas issue. As the binance smart chain leverage over the ethereum platform, will this reduce transaction issues on the ethereum platform. what are the reasons why current projects are migrating to the binance smart chain.
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Hopefully, the transfer of these more than 200 altcoins can reduce the clogs always happening in the Ethereum network. I for one really is not so comfortable with the rising gas fees imposed in the Ethereum network, some transactions can get so high that it is already ridiculous and counter-productive. For me, high gas fees means that this whole thing is not really working because cryptocurrency transaction is supposedly not expensive. However, 200 is just a minuscule number in the Ethereum sphere, so we need more to get away from the system so that there will be a balancing of sort. The kind of "monopoly" happening in the Ethereum universe is actually not good for the cryptocurrency industry.
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I think the reason is about the expensive Ethereum Network transaction fees, Actually, until now the transaction fees are not yet normalized and even sending a few tokens can cost you more than $1 unlike before it's just only $0.10 - $0.50 cents.
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I think blockchain can co-exist with each other. Cross chain integration will allow doing so and we don't need to migrate from one blockchain to another. We can use multiple blockchains at the same time as we use with USDT and other cryptocurrencies. ETH gas fee causes this migration but I think still the ETH network is superior to Binance smart chain in many ways.
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It is normal and very okay if several platform rushes and switches their blockchain to the binance smart chain; because it is booming and could spur up the project immensely. But as an investor, you should be able to know where you stand.
Can valuable projects suddenly change their ideology and move to binance smart chain without prior research, planning and protocols ?
Always do your own research please.
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Binance smart chain on rush this cryptocurrency is a blockchain-based and decentralized protocol that aims to create a free and global entertainment forum for everyone with the help of distributed storage and blockchain platforms. The trn Protocol forum allows each of its users to store data and access data publish it without hindrance and decentralize it to an autonomous form of business and commerce.
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Ethereum blockchin is over saturated so i am not surprised my project see binance chain as the way out of the over saturated ethereum network at the moment, It will go a long way to reduce the traffic on ethereum blockchain thereby reducing the gas fee which resulted as a result of too many traffic on the blockchain, i am looking forward to seemore project migrate.
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Quite right, most of the cryptocurrencies that are created on ethereum blockhain are starting to move to the binance smart chain and this is a wise decision, because it will allow you to get rid of incredibly expensive transactions and of course the binane smart chain is becoming a very popular blockchain and therefore so many cryptocurrencies want to be on this blockchain.
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This possibility to stabilize the ethereum gas when there is a lot of transactions will be more expensive gas and therefore binance makes a smart Binance chain project for a solution to avoid dependence on network ethereum all these can affect the investors and ethereum price.
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The migration is not just onto Binance Smart Chain, but to Tron and other platforms and Blockchains. I think Ethereum would still continue to attract more projects because of its smart contract features and ease of use. However it shouldn't be an exchange for the hike in gas fees
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I think the reason is about the expensive Ethereum Network transaction fees, Actually, until now the transaction fees are not yet normalized and even sending a few tokens can cost you more than $1 unlike before it's just only $0.10 - $0.50 cents.
I think that was one of the reasons mate, The "Monstrous Transaction fees" and you are right the transaction fees in Ethereum Network has not yet normalized, I was sent an ERC20 token just now and it cost me $1.84 in transaction fees, to me it was still high. Now let's go back to the Binance Smart chain just take note that the "Binance Smart Chain is a dual-chain architecture that will empower its users to build their decentralized apps and digital assets on one blockchain and take advantage of the fast trading to exchange on the other." And I believe that these revolutionary features and functions are also the reason why many projects are starting to use the Binance Smart Chain right now.
The Binance Smart Chain unique features are;
EVM Compatible
Proof of Staked Authority
Cross-Chain Transfer
Cross-Chain Contract Event (Trade, Transfer)（To be supported）
Block time ~5 seconds
Source: Binance Smart Chain
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The rush on binance smart chain is that Dego has create NFT on binance chain for that lot of peoples coming to Binance chain reason.
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Ethereum gas fee is a major problem in case of exchange. The fee is some what higher which is beyond capacity of many traders. Especially small trades are feeling a burden of this higher fees. That's why current projects are migrating to the Binance smart chain.
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I just found out about this binance smart chain and I think it's a wonderful step to reduce traffic congestion on ethereum. This can be an alternative to suppress gas prices while waiting for ethereum 2.0 to be released.
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Currently, various types of alt coins are rushing towards the binance smart chain for ethereum gas problem. Because there are some benefits. Currently gas fees have become a major cause of the problem. With the increase in gas fee, these users are suffering a lot. So altcoin is running towards Binance smart chain. I have seen many altcoins in Binance smart chain so far, it is a very good thing. But etheteum platform has been damaged a bit.
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It seems one of the best things happening to crypto right now is the binance smart chain. Cost of gas is between 0.01$ to 0. 0.06$ . It is really good to have competition because eth gas price won't go down that much if no competion
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It is quite understandable as to why most projects are increasingly turning to the Binance smart chain. It is highly efficient, smooth and cheaper compared to most platforms out there and with Binance's plans to full interoperability, the Binance smart chain will undoubtedly become one of the best blockchains. Also, binance's continuous seed funding support for entry projects mean there is a possibility of some of these projects obtaining developmental funds from binance should they offer an attractive innovation built of the binance blockchain.
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Yes, it is true, how does BSC haver is one of them to be an alternative for all people who want to make transactions but object to fees. And of course, this is easy too. But on the other hand, it is new and we don't know yet if it will be as effective as BSC.
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Yes, this is a very good observation and it is really great cause Binance smart chain transaction fees are way lower than the Ethereum network which is a major factor to consider. Most times the transactions on smart chain happen swiftly which is amazing. I hope the transaction fee won't get higher with time as many projects rush to it.
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Ethereum Gas fee is currently a big problem. That's why most coins have started using Binance smart chian. And because of the gas fee problem, many projects are benefiting by using binance smart chain. So if the gas fee does not decrease in the future. I think the ethereum platform will suffer somewhat. There is a lot of speculation that the binance smart chain will go a long way. But I think things are moving in a different direction. I believe this trend will continue.
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I think the reason is about the expensive Ethereum Network transaction fees, Actually, until now the transaction fees are not yet normalized and even sending a few tokens can cost you more than $1 unlike before it's just only $0.10 - $0.50 cents.
That's just for sending tokens from a wallet. If you want to interact with smart contracts or protocols like uniswap, 1nch etc, The fees multiply by 20x to 30x. It's insane. I wanted to get a taste of DeFi and decided to try one of the protocols and provide liquidity. What happened? I was charged around $50 to interact with. What if I repeat the transaction 10 times? That's a solid $500 in transactions fee. This leaves a bad taste in everyone's mouth especially if they're new users. This is why we need ETH 2.0 to be launched asap.
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Blockchain needs speed and transparency. The binance smart chain platform is one of the coolest network for any altcoin to operate on. Even before the high gas fees on the ethereum blockchain chain, am glad notable coins like $AWC from atomicwallet.io were partially migrated on that platform.
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Currently I need many other fees for transactions and for exchanging tokens or for any transaction from the ethereum platform. As a result the user is being harmed. The user wants to get rid of it. Users are not comfortable. The result is being damaged. So many users have left here. This is a problem right now and it probably won't last very long. However I think ethereum 2.0 is needed to expect some good results. So everyone believes that such gas fee will be reduced. But the current binance smart chain is in a good position.