Binance Smart Chain (BSC) could very well the first legit Ethereum competitor out there. Over the past few years, we have seen coins like Neo and Qtum that tried to kill Ethereum but the truth is, no body uses their chains. Atleast, not the top 25 tokens in the market since they all run on Ethereum blockchain.
Despite downplaying a potential rivalry, Binance’s new Ethereum-compatible smart contract layer is 100% trying to compete with Ethereum. Meet Binance Smart Chain that is fully compatible with Ethereum contracts.
Binance is entering a very crowded market however as the number of smart contract platforms has exploded over the past three years with at least fourteen more set to go live through 2021.
From a network perspective, it’s a relatively undifferentiated system with similar perceived benefits to many within the “Ethereum & Friends” pack. Binance Smart Chain BSC is reminiscent of EOS, handing control over to just 21 nodes.
Binance Smart Chain’s advantage lies in its proximity to other Binance products. Binance Smart Chain will have a direct connection to Binance Chain and its trading engine.
And Binance Smart Chain uses BNB which already offers a hodgepodge of utility functions that generate demand and make token dissemination easier. Binance’s chances of breaking through Ethereum’s developer network-effect however, are slim to none.
Binance’s chances of breaking through Ethereum’s developer network-effect however are slim to none.
Binance Smart Chain lacks the decentralized properties that actually attract Web 3 developers in the first place lacks the decentralized properties that actually attract Web 3 developers in the first place. But for most of the remaining smart contract market, Binance is coming
I am from Brisbane, Queensland and I hold post of Associate Editor at Cryptocoindaddy.