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Topic: Binance smart chain is centralized ? - page 2. (Read 206 times)

hero member
Activity: 2968
Merit: 572
Leading Crypto Sports Betting & Casino Platform
March 19, 2021, 08:52:30 AM
#7
The only advantage of it today is that many are considering it to save the fees. But without further research, they won't conclude and consider it whether it's centralized or decentralized. As the other says for its classification as a centralized chain, there will be more of the cons as many of us don't want a centralized it. But I guess for many projects and investors that don't worry about it, that's not of a much case for them but we have our own preference and thoughts regarding centralization.
sr. member
Activity: 1722
Merit: 269
March 19, 2021, 08:52:13 AM
#6
The name binance smart chain already indicates that it is tightly connected to binance and therefore also part of CZ's crypto imperium.
In Telegram i read from a lot of people that they refuse to switch from ETH to BSC even though fees are that much lower there, but those people just dislike how CZ is slowly becoming more and more powerful in the cryptosphere.
Binance also owns coinmarketcap.com now for a few months, with that they have another tool to regulate information.
member
Activity: 1162
Merit: 78
March 19, 2021, 08:31:16 AM
#5
Yes, Binance smart chain is a centralized project but if you read through their main site they will claim it a decentralized project because it operates using Ethereum Virtual Machine (EVM) but it nothing like Ethereum. However, Binance we're more after TPS and cross chains transfer.
Most crypto investors are after the BSC because of that and the profit of earn free coin.
Note : every project created by Binance are centralized
legendary
Activity: 1736
Merit: 4270
March 19, 2021, 08:10:01 AM
#4
For me, the criterion for decentralization is the ability to become a validator.
https://bscscan.com/validators#
How many of us can become validators?
Therefore, I am afraid of storing large amounts on this blockchain.
If the bridge stops working, then the withdrawal of funds will be available through the binance exchange.
I do not want to show my savings to the exchange
hero member
Activity: 2772
Merit: 524
Leading Crypto Sports Betting & Casino Platform
March 19, 2021, 08:01:25 AM
#3
There are no more than 24 nodes and it can be easily controlled by any entities include binance itself and i suggest you to read more about that here

https://www.coindesk.com/controversial-dapps-test-binance-smart-chains-decentralization

That gives a very well explained reason why BSC is totally centralized compared with ethereum. I think such an article already answered all of your questions.
member
Activity: 1204
Merit: 38
March 19, 2021, 07:54:38 AM
#2
I love bsc and its totally backed by binance. Recently heard that this is centralized and nods with binance

What is nods and how become centralized ?
AFAIK, yes. It is centralized and the reason why they use the centralized blockchain is to proceed more transactions in less time which means cheaper transaction price and more projects can be utilize the chain. But the projects running on the chain are mostly decentralized because now Defi projects are using BSC due to insane fees on the ethereum network.
member
Activity: 756
Merit: 17
2023 would most likely be as bearish as 2022
March 19, 2021, 07:35:45 AM
#1
I love bsc and its totally backed by binance. Recently heard that this is centralized and nods with binance

What is nods and how become centralized ?
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