Binance Chain Faster than Ethereum & ERC20 tokens will move to Binance Chain - page 3.

prtty2gal2

hero member

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Quote from: KeikoSimone on February 14, 2019, 04:08:35 AM

Binance Chain Faster than Ethereum & ERC20 tokens will move to Binance Chain

https://www.youtube.com/watch?v=EIlbnc7iQwU

Will it be something used in more places or is it just for binance ? I mean I don't know what the purpose of binance chain without really making it used in more places? Without using it many other places the chain wouldn't be really useful to us. Look at coins like nano, it says it is instant and amazing and blockchain is super fast but in reality is it used as much as bitcoin ? It is not hence we may not know how fast it would be at the time of bitcoins peak, would it be good enough in that case ?

Ethereum had a trouble only during cryptokitties fever when everything there clogged the ethereum chain but we don't know if binance chain would be really that fast or not without actually testing it at those levels. I hope it would make a change in blockchain world but I doubt it.

exstasie

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Quote from: butka on February 14, 2019, 04:56:34 AM

However, I have no idea how the Binance Chain (network) works. Is it POW or POS? Are there miners, or is it completely centralized? Who will secure the network from attacks, etc? In my mind, security is more important than speed or costs of transaction.

Yup, we have no idea. As far as I can tell, they've released virtually no details about how the chain is secured. If we're depending on Binance to secure the chain, that's a huge step down from Ethereum's mining security. I remember seeing that BNB is supposed to be somehow integrated, perhaps as native currency.

I love Changpeng Zhao's intensity and vision, but I've also always thought of him as a trading engine guru, not an economics guy. I wonder if they know what they're doing.

KeikoSimone

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Quote from: butka on February 14, 2019, 04:56:34 AM

The Binance guy in the video says their platform is faster and cheaper than Etherium. It may very well be. It could also be a better choice for tokens that don't need complicated smart contracts.

However, I have no idea how the Binance Chain (network) works. Is it POW or POS? Are there miners, or is it completely centralized? Who will secure the network from attacks, etc? In my mind, security is more important than speed or costs of transaction.

similar to NEO.. but faster than NEO.. 1 second block time and 1 confirmation and couple of thousand transactions per second

butka

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The Binance guy in the video says their platform is faster and cheaper than Etherium. It may very well be. It could also be a better choice for tokens that don't need complicated smart contracts.

However, I have no idea how the Binance Chain (network) works. Is it POW or POS? Are there miners, or is it completely centralized? Who will secure the network from attacks, etc? In my mind, security is more important than speed or costs of transaction.

KeikoSimone

newbie

Activity: 51

Merit: 0

Binance Chain Faster than Ethereum & ERC20 tokens will move to Binance Chain

https://www.youtube.com/watch?v=EIlbnc7iQwU

Less than a week Binance mainnet launch and just check the number of Tx already done on Chain.
https://explorer.binance.org/

Imagine, once 1000's of coins/token listed on binance dex, there will be millions of tx per day will take place.

BNB Chain will be having a good network effect which will increase the price of BNB

Plus Quartely Burning of tokens
Launchpad Every Month
BNB required to create/list tokens on Binance DEX
Discount on Binance DEX trading if Holding BNB
40% Affiliate Commission to those who hold 500BNB

And many more use cases of BNB token.

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