what is unique of Binance smart chain

tbct_mt2

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Quote from: udayantha11 on February 23, 2021, 12:14:13 AM

What you all think about binance smart chain, compare to the eth smart chain are there any uniqueness. binance smart chain bsc is still baby. may be 2024 will be massive

It is not unique. Binance Smart Chain is a copy of Ethereum chain. They modify it for their purposes which overlap and satisfy the demand from community for cheaper transaction fees and shorter waiting time for confirmations. Ethereum users have been tired of long waiting for ETH 2.0 and they have been charging with too expensive transaction fees with the overloaded network.

Binance Smart Chain as consequences of such current cons of ETH chain, is adopted so well in recent months and they will maintain it in the future. They are totally centralized in the hands of Binance so they will be easily to be upgraded with protocol.

I disagree with you if you are considering Binance Smart Chain as a unique chain. Cool

Johnyz

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Quote from: tsaroz on February 24, 2021, 06:21:11 PM

To add one more, what they are doing more effectively is freezing almost all of the popular coins and creating their pegged tokens on the BSC network. Which enables us to trade those coins as a BEP tokens with cheaper fees and quicker transactions while maintaining the exact price as real token.

This is why many are thrilled to use this new BSC platform, many are tired of paying higher fees with a lot slower transactions and someone experienced to pay higher fees compare to the transacted amount. I don’t know the real unique thing about BSC but right now, we have to use this platform to save ourselves from a higher fees.

tsaroz

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To add one more, what they are doing more effectively is freezing almost all of the popular coins and creating their pegged tokens on the BSC network. Which enables us to trade those coins as a BEP tokens with cheaper fees and quicker transactions while maintaining the exact price as real token.

TimeTeller

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Quote from: goaldigger on February 23, 2021, 01:59:44 AM

Quote from: udayantha11 on February 23, 2021, 12:14:13 AM

Hi

What you all think about binance smart chain, compare to the eth smart chain are there any uniqueness. binance smart chain bsc is still baby. may be 2024 will be massive

Its unique because it is managed by a crypto exchange, offer a faster service and a lot more cheaper compare to its competitor.
Right now, honestly there's a lot of criticism with regards to BSC maybe they can't accept it for now but in time if there's a big movement under this platform for sure people will start to adopt. ETH platform are still here but if they can't address the traffic and the fees, new projects might prefer more the BSC.

This is the advantage of BSC right now, as many people are complaining about gas fees in eth network.
BSC is offering very cheap fees. I actually used it in my few transactions and I can really say, they do have cheap fees.
However, as it is centralized, many people don't like it. But if you will pay hefty fees using eth, you will change your mind and may go to BSC.
Right now, it is still in the early stage and people are just familiarizing themselves how to use it.
But if eth will address the gas fee prob too long, no doubt a lot of developers or users will migrate to BSC.

shinratensei_

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Quote from: udayantha11 on February 23, 2021, 12:14:13 AM

What you all think about binance smart chain, compare to the eth smart chain are there any uniqueness.

Im not seeing any unique feature from the BSC, it was also offering the same thing as ethereum but the only thing that makes it better if BSC will be only charging fewer fees compared with ethereum consider it's scalable enough to be used massively at the same time.

If you are seeing BSC as more detailed and it's almost the same as ethereum chain dude, BSC probably a fork from ethereum. All of features almost similar as ethereum.

guydin

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Binance Smart Chain is an independent, secure platform. It is fully EVM compatible and supports all existing Ethereum instruments. The most important advantages of BSC are fast transactions with low cost, users can transfer assets faster and with lower fees, unlike Ethereum.

The popularity of Binance Smart Chain was predicted two years ago, and even called it the "Ethereum killer". Now these predictions are partially coming true, users are switching from the ETH blockchain to BSC.

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Quote from: udayantha11 on February 23, 2021, 12:14:13 AM

What you all think about binance smart chain, compare to the eth smart chain are there any uniqueness. binance smart chain bsc is still baby. may be 2024 will be massive

I think Binance Smart Chain (BSC) is better than Ethereum network. Mainly due to two reasons ..
1. Very low transaction fee comparing to Ethereum network.
2. Very fast transaction comparing to Ethereum network.
That is why many project owners are now choosing BSC. And I don't think it will take until 2024 to mature.

cryptomaniac_xxx

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Quote from: _IRMAN on February 23, 2021, 01:36:22 AM

Quote from: udayantha11 on February 23, 2021, 12:14:13 AM

Hi

What you all think about binance smart chain, compare to the eth smart chain are there any uniqueness. binance smart chain bsc is still baby. may be 2024 will be massive

Same as ETH, but BSC has a lower fee.
No need to wait for 2024, now that mass adoption has started for BSC, many big projects are starting to move from ETH to BSC. The very high ETH fees make BSC an option.

Yes, that's the main advantage of BSC "right now", it has lower fee because you can used their native token as well to trade in their platform with no cost at all. So as long as Ethereum can't solved their current scalability issue, BSC will be the go to for the new projects in crypto space.

meanwords

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As far as I know, unlike Ethereum who currently use Proof-of-Stake (POS in the future), Binance used Proof-of-Stake Authority which means lower fees and faster transfer speed compared to Ethereum. I don't know much about the details but it seems that Binance is more centralized than Ethereum but people probably didn't care about that much since as you can see, a lot of people are migrating to BSC

goaldigger

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Quote from: udayantha11 on February 23, 2021, 12:14:13 AM

Hi

What you all think about binance smart chain, compare to the eth smart chain are there any uniqueness. binance smart chain bsc is still baby. may be 2024 will be massive

Its unique because it is managed by a crypto exchange, offer a faster service and a lot more cheaper compare to its competitor.
Right now, honestly there's a lot of criticism with regards to BSC maybe they can't accept it for now but in time if there's a big movement under this platform for sure people will start to adopt. ETH platform are still here but if they can't address the traffic and the fees, new projects might prefer more the BSC.

_IRMAN

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Quote from: udayantha11 on February 23, 2021, 12:14:13 AM

Hi

What you all think about binance smart chain, compare to the eth smart chain are there any uniqueness. binance smart chain bsc is still baby. may be 2024 will be massive

Same as ETH, but BSC has a lower fee.
No need to wait for 2024, now that mass adoption has started for BSC, many big projects are starting to move from ETH to BSC. The very high ETH fees make BSC an option.

rahmatullah9305

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Quote from: udayantha11 on February 23, 2021, 12:14:13 AM

Hi

What you all think about binance smart chain, compare to the eth smart chain are there any uniqueness. binance smart chain bsc is still baby. may be 2024 will be massive

Yes, I am still a baby but lately I have often heard about binance smart chains, but I have never heard of eth smart chains myself, so how can I make a comparison between the two? because what I know about ETH is Etherscan, not eth smart chain. Huh

udayantha11

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Hi

What you all think about binance smart chain, compare to the eth smart chain are there any uniqueness. binance smart chain bsc is still baby. may be 2024 will be massive

Topic: what is unique of Binance smart chain (Read 135 times)