Topic: Polkadot or Binance Smart Chain? - page 5. (Read 1017 times)
I am seeing a big increase in market activity in favor of the DOT project, which can rightfully take some users from ETH, since DOT has a very interesting approach to placing other projects on its network.
We have to say that polkadot is better than Binance chain because Polkadot has a huge volume. Although still we don't know the maximum supply of Polkadot where Binance coin supply is fixed. We like to hold a fixed supply of any coins. I believe Polkadot will lose the top 10 altcoins in the next 2 years when Binance has several services.
In current situation Polkadot is much better then Binance and its giving some good competition to Ethereum but as we are watching Ethereum is also working hard for some more development as they will able to bring some better technology in next few years then its going to good and more attractive then Polkadot because Ethereum is really one off best for years team behind this project is also have some good spirit to bring many new ways for better result. 
Ethereum should launch Phase 2 in 2 years and become the best decentralized project in the world.
Think about why you are using decentralized ecosystems?
I use them only to be sure that my coins or stablecoins cannot be taken away from me (for example, Ethereum and AIM). Why should I use Binance Smart Chain?
I can also trade on the Binance exchange. This is somewhat similar to a multi-brand development strategy.
Think about why you are using decentralized ecosystems?
I use them only to be sure that my coins or stablecoins cannot be taken away from me (for example, Ethereum and AIM). Why should I use Binance Smart Chain?
I can also trade on the Binance exchange. This is somewhat similar to a multi-brand development strategy.
We have to say that polkadot is better than Binance chain because Polkadot has a huge volume. Although still we don't know the maximum supply of Polkadot where Binance coin supply is fixed. We like to hold a fixed supply of any coins. I believe Polkadot will lose the top 10 altcoins in the next 2 years when Binance has several services.
Do you see BSC? BSC is an alternative solution for the binance chain, i remember when the first version of binance chain already introduced in the past and it can't attract a lot of developers to use it but this time after binance was doing some improvement on its BSC protocol and There are lots of new developers are coming to the BSC ecosystem too.
"some improvement" = being 100% compatible with ETH. You know what is the problem of new chains? The fact that there is no infrastructure for it while ETH build its own for 6.5 years. I mean like metamask, tones of wallet supporting ERC-xx tokens, exchanges that can list new token with few clicks, developers that needed time to learn new programming language etc. BSC is 100% ETH compatible, means that you can move your project to BSC without coding it from beginning, you can use metamask as your BSC wallet, exchanges can list BCS token just as simply as ETH tokens etc. Simple - BSC have access to all infrastructure that ETH was building for 6.5 years.
The first difference between the two is Polkadot is decentralized and binance chain is fully centralized, and moreover developers don't just have interest much on binance chain, there is nothing that can change this, if devs have interest on binance chain it will be well adopted today, all wins go to Polkadot still
Do you see BSC? BSC is an alternative solution for the binance chain, i remember when the first version of binance chain already introduced in the past and it can't attract a lot of developers to use it but this time after binance was doing some improvement on its BSC protocol and There are lots of new developers are coming to the BSC ecosystem too.
The first difference between the two is Polkadot is decentralized and binance chain is fully centralized, and moreover developers don't just have interest much on binance chain, there is nothing that can change this, if devs have interest on binance chain it will be well adopted today, all wins go to Polkadot still
All products from Binance are constantly being made very convenient and understandable for beginners, it's the same here, absolutely anyone can make their own cryptocurrency project there.
But, for creating DEFI projects, I think Polkadot will be more suitable.
Both were having advantages and disadvantages and it's the same like when you are comparing polkadot with ethereum. But, for creating DEFI projects, I think Polkadot will be more suitable.
Binance itself is having so many dapps that build on the BSC chain. We can see that so many defi tried to created their platform on binance and they wanna try to integrated with the binance ecosystem and community.
POLKA is much more complicated than BSC to be understood by newbie.
I think both platforms are good and promising, But if we choose only one, I prepare to pick the Binance smart Chain or BSC, Because it's a user-friendly platform and one of the cheapest transaction fees compared to many others especially Etherum including PolkaDot thats why BSC is more attractive compared to Polkadot and many others.
All products from Binance are constantly being made very convenient and understandable for beginners, it's the same here, absolutely anyone can make their own cryptocurrency project there.But, for creating DEFI projects, I think Polkadot will be more suitable.
Binance Smart Chain uses the Proof-of-Staked Authority (PoSA) algorithm.
It is a mixture of 2 Proof-of-Stake and Proof-of-Authority algorithms.
Proof of Authority (PoA) is a reputation-based consensus algorithm that presents a practical and efficient solution for blockchains (especially private ones)
The Proof of Authority model is based on a limited number of block validators, which is what makes it a scalable system. Blocks and transactions are verified by pre-approved participants who act as moderators of the system.
https://academy.binance.com/en/articles/proof-of-authority-explained
https://bytwork.com/articles/binance-smart-chain
It is a mixture of 2 Proof-of-Stake and Proof-of-Authority algorithms.
Proof of Authority (PoA) is a reputation-based consensus algorithm that presents a practical and efficient solution for blockchains (especially private ones)
The Proof of Authority model is based on a limited number of block validators, which is what makes it a scalable system. Blocks and transactions are verified by pre-approved participants who act as moderators of the system.
https://academy.binance.com/en/articles/proof-of-authority-explained
https://bytwork.com/articles/binance-smart-chain
I think centralization is always a turn off or disadvantage when it comes to comparing most platforms with that of Binance in whichever way, that is, everything from Binance in many cases comes with huge centralization, such as its DEX, etc and that will always keep people at bay. But yet, talking about smart contracts and how needful it ought to be as decentralized as possible, then one will uphold the Ethereum blockchain, and probably that's one of the reason it keeps growing and keeping a competitive advantage. However, comparing Polkadot and Binance smart chain, I find Polkadot better because of its high rate of decentralization and that alone is an addition and considering the fact the platform is still being developed, that is to say, when more services and features have been put in place, it will be far better than Binance smart chain which has been around before it. Nevertheless, let's keep our fingers crossed and watch what Polkadot will achieve in the next few months and if the team continues working hard, they will attract a lot of users and projects and if they don't, Binance smart chain will take over.
I would not call BSC and all products build on it "centralized". Its like semi-decentralized. It has delegated POS mechanism, it may be forked by community anytime something bad happens on network (due to abuse of main nodes power) etc. And thats the point of speeding up transactions. The faster you want your chain to be the more centralized it needs to be. At the end both (fully decentralized coins such as bitcoin) and semi centralized chains (such as BSC) will find its use cases. BTC is good as store of value, BSC is good for swaps, wraps, cheap SC.
There's been a lot of hype surrounding Polkadot these days. The alternative smart contract platform is definitely faster and cheaper to use than Ethereum itself. It's already within the top ranks in market cap. Yet, people have forgotten about Binance Smart Chain these days. This smart contract platform is as cheap and fast as Polkadot (someone correct me if I'm wrong), serving as a great alternative to the Ethereum blockchain. What these platforms lack is a solid number of dApps to overcome Ethereum. There doesn't seem to be any indication that developers are going to build new and exciting dApps on both chains. As long as Ethereum has the most dApps and tokens, its rivals won't be able to stand a chance against it.
Now the question is, which of the aforementioned platforms is better? AFAIK, Binance Smart Chain (powered by BNB) has a greater level of centralization than Polkadot itself. This should make the latter platform a much better choice for everyday people. Still, there's potential for BNB as it could attract businesses and companies in the mainstream world. Which will survive in the long run, is an excellent question. Thoughts?
To be honest at this moment im with binance especially considering it a bigger ecosystem with working products and services with millions of active daily userbase, binance and its products are easily the top most used services at the moment. Now the question is, which of the aforementioned platforms is better? AFAIK, Binance Smart Chain (powered by BNB) has a greater level of centralization than Polkadot itself. This should make the latter platform a much better choice for everyday people. Still, there's potential for BNB as it could attract businesses and companies in the mainstream world. Which will survive in the long run, is an excellent question. Thoughts?
Hardware requirements and setup:
https://docs.binance.org/smart-chain/validator/guideline.html
Validators receive only commissions as a reward, this is not Ethereum where, in addition to commissions, miners also receive a block reward.
What does it take to become a validator? You must be voted on with a BNB token. In more professional terms, users delegate the validator with their tokens,
and the validator distributes the reward among its delegates. If you have tokens, and there is no interest in making a node, then delegate the tokens to the validator, and get profit.
That is, whoever has more BNB tokens is the one who will be the validator. Who has more rubles (BNB tokens)?
Binance. This is how decentralization works for Binance Smart Chain
But you do not think that Binance Smart Chain is bad, Polkadot has a similar scheme for assigning validators.
https://docs.binance.org/smart-chain/validator/guideline.html
Validators receive only commissions as a reward, this is not Ethereum where, in addition to commissions, miners also receive a block reward.
What does it take to become a validator? You must be voted on with a BNB token. In more professional terms, users delegate the validator with their tokens,
and the validator distributes the reward among its delegates. If you have tokens, and there is no interest in making a node, then delegate the tokens to the validator, and get profit.
That is, whoever has more BNB tokens is the one who will be the validator. Who has more rubles (BNB tokens)?
Binance. This is how decentralization works for Binance Smart Chain
But you do not think that Binance Smart Chain is bad, Polkadot has a similar scheme for assigning validators.
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Polkadot is far better than BSC, you know there are a lot of things to be developed in Polkadot eco along with its parachain which allows other blockchain to communicate with one another. As a result more projects are getting interested into Polkadot lately. Even, Binance has donated $10 million to develop the Polkadot Eco.
I think it’s better than BSC without any doubt.
I think it’s better than BSC without any doubt.
the two seem now to be linked and compared, but I see if possible there should be a choice because they both have different platforms, prices, concepts and exchanges. but in my opinion BSC is still the best because having a large exchange like binance seems more convincing than polkadot
I think both platforms are good and promising, But if we choose only one, I prepare to pick the Binance smart Chain or BSC, Because it's a user-friendly platform and one of the cheapest transaction fees compared to many others especially Etherum including PolkaDot thats why BSC is more attractive compared to Polkadot and many others.
Although not as expected, but I think Binance Smart Chain and Polkadot are good, both my investments in it are very profitable. Personally, I still prefer polkadot because they are very active in this market, and I think it will be in 3rd place soon, and I think it is well worth the moment this.
I think centralization is always a turn off or disadvantage when it comes to comparing most platforms with that of Binance in whichever way, that is, everything from Binance in many cases comes with huge centralization, such as its DEX, etc and that will always keep people at bay. But yet, talking about smart contracts and how needful it ought to be as decentralized as possible, then one will uphold the Ethereum blockchain, and probably that's one of the reason it keeps growing and keeping a competitive advantage. However, comparing Polkadot and Binance smart chain, I find Polkadot better because of its high rate of decentralization and that alone is an addition and considering the fact the platform is still being developed, that is to say, when more services and features have been put in place, it will be far better than Binance smart chain which has been around before it. Nevertheless, let's keep our fingers crossed and watch what Polkadot will achieve in the next few months and if the team continues working hard, they will attract a lot of users and projects and if they don't, Binance smart chain will take over.
In my opinion, both projects are great to invest in, the only issue with the Binance chain is that it is more centralized than polka dot. The good thing about the Binance chain is that it is backed by one of the biggest cryptocurrency exchange. But, I have not seen any successful projects on the Binance chain whereas on Polkadot there have been few projects that have been successful. So, if I investing then I will equally invest in both the projects and hold them for long term.
Name project that is successful on polkadot. I can name one that is successful on BSC - its pancake swap, TOP 7 biggest DEX, top 114 token.
BSC (aka BNB) is not only a chain. Its great investment product, yield passive income from launchpads, lauchpools, burns (~15% supply annual) - https://bitcointalksearch.org/topic/m.53299809.
In my opinion, both projects are great to invest in, the only issue with the Binance chain is that it is more centralized than polka dot. The good thing about the Binance chain is that it is backed by one of the biggest cryptocurrency exchange. But, I have not seen any successful projects on the Binance chain whereas on Polkadot there have been few projects that have been successful. So, if I investing then I will equally invest in both the projects and hold them for long term.
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