Altcoins Talks - Cryptocurrency Forum
Cryptocurrency Ecosystem => Binance Smart Chain + Ecosystem => Topic started by: IyemRoker on March 04, 2022, 02:31:21 PM
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The Binance Smart Chain is designed to be very easy and simple like operating an Ethereum coin with the erc20 blockchain type and it is really very easy to use Metamask, Truswallet and Safepal wallets.
I also definitely feel that the Binance Smart Chain opportunity in the future will be like Ethereum which is able to continue to be in the Coinmarketcap number ranking which costs up to thousands of USD for 1 coin.
But are we sure that this Binance Smart Chain has absolutely no weaknesses, if anyone knows the weaknesses of the Binance Smartchain ?
please discuss it in this thread !
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The Binance Smart Chain is designed to be very easy and simple like operating an Ethereum coin with the erc20 blockchain type and it is really very easy to use Metamask, Truswallet and Safepal wallets.
I also definitely feel that the Binance Smart Chain opportunity in the future will be like Ethereum which is able to continue to be in the Coinmarketcap number ranking which costs up to thousands of USD for 1 coin.
But are we sure that this Binance Smart Chain has absolutely no weaknesses, if anyone knows the weaknesses of the Binance Smartchain ?
please discuss it in this thread !
All blockchains including BSC have their own weaknesses. Binance Smart Chain is not truly decentralized like ETH, as it has some centralized nodes operating in their system with the use of modified PoS consensus mechanism. You may want to Google that for sure. On top of that, they are not exempted from experiencing network congestions, especially when participating in presales, minting NFTs, slippage tolerance, etc. But correct me if I’m wrong though.
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please discuss it in this thread !
as it has some centralized nodes operating in their system with the use of modified PoS consensus mechanism.
Yeps,
As far as I know, GAS transaction fees in Binance Smart Chain can be modified, increased and decreased by Changpeng Zhao or more precisely by the #DevelopmentTeam from BSC.
Such a system is very risky because it is centralized but more efficient because even if the network is congested, the transaction fees cannot be increased and this is an advantage.
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All systems that exist in cryptocurrency are always weaknesses and not all of them have real security because cryptocurrencies must also have a system called "Input-Process-Output".
Systems like "Input-Process-Output" definitely have weaknesses and they are very much felt in our daily lives and I hope you also be careful in the cryptocurrency circle, protect your assets because the one who can secure your assets is you, not someone else.
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The weakness of the BSC is definitely there but it depends on us who guard our wallet from hacking and hopefully the Private Key that we have is kept safe and secret without being known by others.
I'm also sure that this BSC has the exact same thing as Ethereum and that's what makes this BSC weakness exactly the same as Ethereum, our hope is that we are avoided by irresponsible people who can steal our BSC assets in the wallet.
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Until now, I have never seen the weaknesses of the Binance Smart Chain because I am sure that the development of the Binance Smart Chain coin is very seriously developed by Changpeng Zhao, who certainly has extensive experience in the cryptocurrency space.
It's been proven that Changpeng Zhao has a good ability to create opportunities in the cryptocurrency space, so I'm also sure that this Binance Smart Chain can be minimized to a level of weakness.
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Blockchain technology is designed in such a way so as not to experience what is called hacking and do not let this blockchain be faked or this blockchain duplicated because we also believe that if there is a duplicated blockchain then it is not a blockchain.
The Binance Smart Chain blockchain is exactly the same as Ethereum and everyone knows that the strength of the Ethereum blockchain is proven to be strong and safe, so the Binance Smart Chain must also have super good strength and security and a few weaknesses.
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Yeah I think binance smart chain has few weakness, but alot of advantages.
if we compare binance smart chain to Ethereum, we know BSC is faster and cheaper transaction fee.
Every smart chain developer will create their platform more safe and usable.
So, I don't see the weakness of binance smart chain, only to easy create there. So there are many scam projects at BSC.
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In my opinion I don't see the weaknesses of Binance Smart Chain the security is very strong just like the ethereum network but the problem of the Binance Smart Chain is the scammers can easily create many tokens.. so we should be careful picking the tokens nowadays..
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In my opinion I don't see the weaknesses of Binance Smart Chain the security is very strong just like the ethereum network but the problem of the Binance Smart Chain is the scammers can easily create many tokens.. so we should be careful picking the tokens nowadays..
Binance Smart Chain has the same weaknesses that any other smart contract platform can have. The core architecture is important and that is why Binance cares about keeping it secure, but the code that smart contracts are written with can contain programming errors, and that's where the biggest problem is. As much as Binance cares about keeping the core secure, it doesn't do much good if #DevelopmentTeam s make mistakes that leave the door open for possible attacks. The code of smart contracts is the most important and at the same time it can be one of the biggest weaknesses.
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There are several problems with BSC that we can easily see:
+Decentralization: Binance is accused of manipulating the BSC network;
+Many DeFi projects and protocols have been hacked and lost millions of dollars, showing that the ecosystem is still weak in the audit area;
+BSC used to have speed and congestion problems.
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Binance Smart Chain, BSC network has grown in popularity and utilization cases, despite the fact that it's an Ethereum fork, it has quite a number of feature and advantages that make it a standout from other EVMs. One weakness that i have seen in BSC is also one of its strength which is the low network fee that has become very attractive to scammers. Virtually all active addresses on BSC network has been attacked by scam and spam tokens.
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Algorithms of POS, POSa and POW are different, you can see details on wikipedia and some trusted sources, for now the level of security of transactions will be a long term problem for BSC, it may not be visible at this time, but when many projects use the BSC Ecosystem, there must be some congestion that occurs.
there are only 2 options, fast but vulnerable to attack (security) or blockchain with slightly slow transactions but with good security like ethereum.
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In my opinion, the weakness in BSC is a lack of security because projects that use the BSC network are often attacked by hackers and the hacker can break into the network, this is one of the weaknesses of the BSC network.
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The hype around the alternative DeFi ecosystem Binance Smart Chain (BSC) is gaining momentum amid record high fees on the Ethereum network. But it's only a matter of time before people care about cheap transactions and not about decentralization.
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The Binance Smart Chain is designed to be very easy and simple like operating an Ethereum coin with the erc20 blockchain type and it is really very easy to use Metamask, Truswallet and Safepal wallets.
I also definitely feel that the Binance Smart Chain opportunity in the future will be like Ethereum which is able to continue to be in the Coinmarketcap number ranking which costs up to thousands of USD for 1 coin.
But are we sure that this Binance Smart Chain has absolutely no weaknesses, if anyone knows the weaknesses of the Binance Smartchain ?
please discuss it in this thread !
Everything has weakness.
But I think binance smart chain is good smart contract platform.
many projects have integrated to this platform.
In my opinion It's good alternate platform beside Ethereum, ADA , Solana and polygon Matic
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The Binance Smart Chain is designed to be very easy and simple like operating an Ethereum coin with the erc20 blockchain type and it is really very easy to use Metamask, Truswallet and Safepal wallets.
I also definitely feel that the Binance Smart Chain opportunity in the future will be like Ethereum which is able to continue to be in the Coinmarketcap number ranking which costs up to thousands of USD for 1 coin.
But are we sure that this Binance Smart Chain has absolutely no weaknesses, if anyone knows the weaknesses of the Binance Smartchain ?
please discuss it in this thread !
TBH I didn't find the weakness of BSC, Maybe I didn't research detaily but I doesn't read the news about it.
Hopefully BSC is always have lower gas fee.
And believe it, BSC will be the next ERC20 platform
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Yes of course, every network has a weakness. One of the weaknesses may be the security system and also easy ways of creating token on the BSC network. and then making the tokens as shit tokens and also scam projects. But so far this is also faced by other networks such as the ERC20 network, SOL, and Polygon. So this is not new. That is why we must be more careful to choose best tokens of BSC if going to invest
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Weakness and loss are less, I see more advantages of BSC. Like its fee. But if you are talking about its weakness. So I think he is. Its protection power. That's because whenever I swap or transact tokens from my BSC wallet. So the entry of fake wallet is definitely there in the wallet. Which disappoints a bit. Everything else is great.
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me too, I also didn't find the weakness of binance smart chain.
too easy to create tokens there.
We must be careful to invest in BEP20 tokens , too many scam there.
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https://beincrypto.com/bsc-network-issues-give-developers-a-tough-time/ I've read this article and as I see it, some issues have been found, such as increasing tokens in the BSC wallet suddenly arriving, even though you didn't buy them.
Honestly I like the BSC network which has a lower cost, but the level of network security needs to be improved
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In my opinion, the weakness in BSC is a lack of security because projects that use the BSC network are often attacked by hackers and the hacker can break into the network, this is one of the weaknesses of the BSC network.
Thats the fact, maybe binance team should rethink be about this.
They must improve their security program.
Because many hackers or scammer spread fake tokens to take users assets.
Every technology have weakness