Topic: Is Binance Smart Chain the "New Ethereum"? - page 9. (Read 3186 times)

for this year's bull momentum, BNB and BSC are indeed the winners. while ethereum was abandoned by their old projects who migrated to BSC. and the adoption of new projects is also more BSC.
but you can see how ethereum has also optimized transaction fees to be lower. maybe ethereum momentum is at the end of the year or early next year.

Not exactly say Ethereum but best competator of Ether.Ether is my favorite but i like most BSC it helped low fess of transactions and i think this is main reason mostly new projects based on BSC.Defi projects encourage BSC we see results how BNB hit near to $700 but Holders believe in news if they hold long it will cross $1k. I think binance encompasses a chance to supplant ethereum but the hole between binance and ethereum on marketcap is as well distant. that will be very troublesome for BNB to outperform it.

Technically speaking, Binance Smart Chain is superior than Ethereum. Yet, it's heavily centralized manipulated by a single entity. Nodes on BSC are much more limited than those on the ETH blockchain. People don't care about decentralization these days, so they'll go with Binance Smart Chain altogether. The ever-rising gas fees on the ETH blockchain has forced many people to look for other alternatives on the market. It's no wonder how BNB became the third-largest cryptocurrency by market cap at a fast pace. The longer it takes developers to scale the ETH blockchain, the faster BNB will rise to glory. Binance has all the tools required to make Binance Smart Chain a huge success. It should only be a matter of time before BNB replaces ETH as the leading altcoin on the market. Just my thoughts

Binance smart chain is a fork of ethereum. There is no way binance smart chain will be new ethereum.  The centralization of bsc has helped a lots of projects in Cryptocurrency through out the time when  outrageous fee on ethereum network were experienced.  Bsc was not perfect but it was timely in that it came as alternative.  But I hope we will continue on our decentralisation journey as fees are back to normal and other solutions are  been provided!

Indeed, currently Binance is developing very well, and many crypto users have switched to the BSC network, so that from day to day its development is increasing, but I think it is too early to say that BSC is the new Ethereum, because etherem is also growing with  perfect, especially in the last two days etherem transaction fees have decreased by 50%, this has a very positive impact on ETH's future growth, of course BNB currently cannot beat ETH's popularity ,,,

This is like a shifting of popularity for new projects.
we can preview so many ICO projects that come with the ethereum blockchain. and now all change to the BSC blockchain network.
market and developers also think about the best for their projects. because it can't also depend on waiting for ethereum transaction fees to go down. BSC has become a solution.

The project developer uses the BSC platform to make it easier when distributing and lower in cost, but for the ETH platform at this time it is also starting to be cheap, but because ETH prices are already at an expensive number, the transaction costs are visible more expensive, whereas in the past all project developers used ETH.

As much as I liked the Binance Smart Chain, they can’t be the “new” or “next” Ethereum. No one can replace Ethereum despite that we are so sick and tired of these exorbitant gas fees. As for Binance Smart Chain, fees are very low but centralized in which there’s a chance that our tokens can be locked up for good.

And I have a feeling that Eth 2.0 will be coming soon as they are transitioning from proof-of-work to proof-of-stake. With this one, Ethereum would be unstoppable!

I have the same feeling too, i have looked around the bounty project recently, most of them are using BSC. But I think it has something to do with the low gas fees of BEP20, it not means BSC can compare to ETH now, maybe it could in the future.

Indeed, the Binance Smart Chain is showing excellent growth right now and the demand for using this network is growing. However, it is too early to say that Binance Smart Chain could become the new Ethereum. If you compare the two platforms, Ethereum is decentralized and Binance is centralized. The price of cryptocurrencies has a big price difference in favor of Ethereum. The fact that Binance Smart Chain works side-by-side with Ethereum can only mean that Binance Smart Chain is likely to help Ethereum survive the fee pricing problem. Of course, these are my suggestions and everything can be completely different. Even though I myself am now using the Binance Smart Chain more, I still hope that Ethereum will solve my problems and will again be attractive to the crypto community.

Me neither. I did see all the fuss about NFTs earlier and Binance doing their own smart chain but I totally overlooked them until Pancakeswap suddenly became a challenger.

But it's all defi so I'm still very uncertain about the future of THAT sector. Basically everyone just staking stuff to earn more stuff. No utility other than that makes BSC a risky move for me.

well, at this point it is quite clear that many projects are more interested in using BSC than ETH. it made me think that this is the "new ethereum" too. other than that, I think BSC has many advantages over ethereum. So, it's quite natural that people today think of using BSC over ETH.

In my opinion, Ethereum and BNB are not competitors. Both are doing a great job. Although Ethereum is not good in some areas, its prices have also increased a lot.
In the future, the ETH and BSC network will become even stronger. I think Ethereum may be # 1 and BNB # 2 in the future, Bitcoin may be eliminated 

Have you updated the eth gas fee at this time, I'm not sure the current Gwei fee is considered too high and seems to be a blow to traders on Uniswap or other Dapp Eth. Can we stop comparing eth and bsc in terms of transaction gas fees and look at it from a broader perspective.

Yesterday I needed to swap few BSC tokens. Since my wallet had no BNB, I've withdrawn few from gambling casino. It took about 30 minutes before I got them in my wallet. Confirmation and swapping took also about an hour. When everything was done, I have withdrawn BNB to Binance and they were confirmed there in about 5min and I've paid for that transaction 6 cents.

If we open etherscan.io right now, we could see that a transaction can be done with the following circumstances "15 gwei $0.79 | ~ 16 mins:0 secs". This is still slower and expensive than a BSC transaction, but it does not look like a "3 sec" quick and "50 times cheaper".

Binance Smart Chain has a lot of advantages over Ethereum and Ethereum-compatible blockchains. Here are some of the major ones:

* Insanely fast transactions (3 seconds)
* Cheaper transactions (approx 50 times cheaper)
* BUIDL reward program. Explained below.
* Binance MVP Grant. Explained below.
* Binance Accelerator Fund and Community Programs
* Competitive and growing ecosystem of DApp and developer tools.

BUIDL Reward Program

https://www.binance.org/en/blog/open-registration-for-buidl-reward-program/

It is as simple as deploying your smart contract on the Binance Smart Chain and then calling another smart contract function to register your deployed smart contract. Now based on how much GAS your smart contract consumes monthly, you will receive a portion (30%) of the total gas back. This incentivizes developers to create high-quality smart contracts where people want to engage.


MVP Grant

https://www.binance.com/en/blog/421499824684901587/Binance-Launches-The-Most-Valuable-Builder-MVB-Accelerator-Program

The most valuable builder grant provides developers and startups with $10,000 funding, liquidity support up to $2M, and participation in workshops with top industry leaders. On top of that, some product receive a full smart contract security audit through Certik.


Competitive and growing ecosystem of DApp and developer tools

Fairly new, the Binance Smart Chain is slowly catching up. Because of faster and cheaper transactions, a lot of people like me prefer to use Binance Smart Chain for decentralized swaps and lending liquidity. I mean, we too are contributing by building a decentralized cover protocol on Binance Smart Chain.

It is possible that Binance Smart Chain can indeed beat and replace ethereum because so far ethereum has been too expensive for transactions so that many have switched to Binance Smart Chain, so in my opinion more and more people are using the BSC platform and a lot of tokens are created from the BSC platform.

They are indeed competing to each other and the fact that both blockchain has EVM running under the hood further implies that bsc truly intend to take on eth's position even CZ himself trying to say that eth is a big boy's chain meaning it's expensive in a condescending remark.If you see how bsc is eating up eth's market cap as well you can know that the competition is rather fierce but bsc is actually not really a big threat, now that matic also come to the stage the competition fade even more but bsc was intended to replace eth from the very start regardless but fortunately people still prefer decentralized blockchain.

At first glance, it looks like a big enough challenger to Ethereum.  But no, hacking security holes and compatibility conditions is not enough.  BNB is not out of that shadow yet, $700 will be a challenge to overcome.  But it can improve and when it does, the pressure will be on the 2nd grade options - Some have been doing well on those requirements.  Until Polygon can be friendlier and easier with cross chains.  It is enough to compete in the TOP 10 and even surpass BNB.  Polygon is doing too well to kickstart the interactive cross-chain between layers 1 - 2. This will somewhat create a trend.  Not inherent independence.

BSC has two potentia issues - centralization and capacity. Binance is trying to centralize it but it is still a chain controlled by one entity. While most people don't care, once Ethereum solves its gas issues it will leave BSC behind. Of course if these gas issues persist, perhaps at that point BSC will grow enough to have a good future anyway.