Binance is arguably the largest crypto exchange worldwide by volume and number of users. Therefore, BSC has a lot of potential for bridging the gap between many blockchains with a multi-functional, highly dynamic, cross-compatible ecosystem.
The decentralized finance (DeFi) project must adopt a solid blockchain protocol that provides a stable, inexpensive, fast, and user-friendly platform in order to construct decentralized apps (dApps). Binance Smart Chain (BSC) has proven to be one of the top blockchains for decentralized finance and DApp development since its inception in September 2020.
In this content, we will run through some of the primary benefits and drawbacks of the Binance Smart Chain.
BSC is rapidly gaining popularity, so it must be doing something right — these are the top pros of the BSC ecosystem.
- Inexpensive Transactions
The low cost of transactions and on-chain activities is unquestionably the most compelling reason for developers and consumers to switch from Ethereum and other smart blockchains to the BSC. For example, in times of significant Ethereum network congestion, a similar transaction on Ethereum could cost over 1,000 times more than on BSC. Furthermore, gas prices on BSC are quite consistent.
2. Faster Adoption Rates
While decentralization is a major sacrifice, Binance Smart Chain’s centralized nature isn’t entirely terrible. It has many pros, including the fact that Binance already has a large user base from which can attract exponentially more users to BSC. This enables for considerably faster adoption than a smart blockchain project without the backing of a large business like Binance could ever achieve on its own. Since the beginning of this year, the number of unique addresses on BSC has increased 10x, and the total number of transactions has surged 15x, which should give you an idea of how quickly the network activity is rising.
Surprisingly, there are multiple benefits to centralization. Binance’s support comes with a great quantity of technical, human, and financial resources, in addition to a large user base. Binance committed $100 million from its coffers to the BSC Accelerator Fund in October 2020. The funds will be used to fund their blockchain’s protocols, wallets, explorers, and other tools and infrastructure.
BSC is centralized, just like the Binance chain. It used PoSA (Proof of Staked Authority) mining, which requires 21 validators to keep the chain up and running. Binance owns most of the top validators on the Binance Chain, either directly or indirectly.
2. Dependence on Ethereum’s Dev Community
BSC is primarily reliant on the Ethereum developer community, little innovation occurs on BSC, but it is carried forward from Ethereum.
Because BSC is centralized, it is vulnerable to hacking and 51% of assaults, as well as system failures, as network validators must be validated by Binance’s internal team.
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