Binance Smart Chain: the right alternative to Ethereum?

Ah Binance hits even harder. How far will it go Binance, one might ask.

Since its launch on the cryptosphere and already enjoying numerous users on the platform Binance, the new Binance Smart Chain (BSC) service quickly became very popular.

Indeed, since its launch in September 2020, the network has continued to expand to the delight of investors.

However, for some time now, it has exceeded all expectations. This is why some people wonder if BSC will not ultimately replace Ethereum.

We are right to ask the question since on February 10, 2021, Binance Smart Chain (BSC) experienced transaction volumes higher than those of the Ethereum network. More precisely, 30% higher than Ethereum.

It's not nothing.

Binance Smart Chain: More accessible

If there is such enthusiasm, this can be explained other than by the fact that the Binance platform had a large number of users.

Binance Smart Chain is faster and has lower fees than Ethereum. Besides, this is one of the biggest problems with Ethereum: overwhelming fees.

Very often, for a simple transaction, we have to pay GAS fees that are sometimes higher than the transaction amount.

A shame, indeed. And even if Ethereum tries to solve the problem, it turns out that it takes a long time for many users.

It gets frustrating.

However, on the BSC, there are sometimes fees more than 100 times cheaper than on the Ethereum network. This inevitably has an impact on the popularity of Binance Smart Chain.

Likewise, the Binance Smart chain ecosystem contains more than 100 DeFi projects and offers more than forty crypto.

And among these projects, we can cite the famous Burgerswap or even Swap Pancakes for example.

Many projects offering very attractive returns are deployed on Binance Smart Chain, attracting more and more users.

The MVB (Words Valuable Builder) program

Likewise, it seems that everything is designed to make Binance Smart Chain more accessible and more practical. The founders deployed the MVB program. This provides additional support to developers of new projects. This is also what allows accelerated growth of the eco-system.

This ambitious program therefore allows project leaders to create innovations in the real world, raise funds, find customers, etc.

In short, this program brings projects to fruition, with the idea of always improving them and providing real added value.

Project leaders are financially supported and can receive from $10 to $000 depending on their development phase.

Binance Smart Chain, a real alternative to Ethereum?

This is a delicate question and in fact one can only speculate here. Even more, it should still be remembered that the Binance Smart Chain allows you to program smart contracts and it remains compatible with the Ethereum Virtual Machine (EVM). So it's not so much competing with Ethereum as giving it an extra layer.

Many people talk about the famous "Ethereum Killer" which are the alternatives to Ethereum that are supposed to replace them. For the BSC, this would actually be an exaggeration in terms, very clearly.

Until now, Ethereum still remains the most well-known network and many large projects have been deployed on this network. Also, it should be remembered that Ethereum is currently working on its final version or at least its improved version.

This is also why during this time, users voluntarily turn to other Eco-systems.

Likewise, as we have seen, Ethereum's high gas fees are a real obstacle. Performing the slightest operation, no matter how small, becomes costly.

For many experts, this is the ultimate flaw in Ethereum and this is what would also largely explain the ever-increasing popularity of Binance Smart Chain.

To Binance, it is rather the fact that the functionalities are more numerous and the projects more interesting.

That said, the big "flaw" of Binance Smart Chain is certainly the fact that it is developed and owned by Binance...a centralized instance…This is where Ethereum keeps its strength and prestige. It would be deplorable if the largest decentralized network were in the hands of a company...

So to answer the question, the two will certainly coexist and BSC's contribution is very important in the world of cryptocurrency.

This cannot be denied.

Discover the Binance Smart Chain

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