Topic: Binance smart chain is centralized ? - page 2. (Read 248 times)
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.
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.
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.
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
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
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
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
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.
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.
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. What is nods and how become centralized ?
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 ?
What is nods and how become centralized ?
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