Despite the popularity of the Ethereum blockchain, several developers believe the blockchain network is slowly becoming outdated as more and more projects shift their bases to alternative blockchain networks. What triggered this steady shift was Ethereum’s sluggish deal rate and high gas charges.
The slow transactions and high gas fees of the Ethereum Network were caused by network congestion. Ethereum Network deals with a Proof of Work procedure and is gradually moving towards Proof of Work procedure. The current algorithm, however, is not capable of handling the present number of transactions coming its way. As an outcome, deals stay pending, and the deal speed reduces while gas charges increase.
Luckily, the crypto ecosystem is a safe haven for advancements and innovation. Binance, which began as a crypto exchange, established its own blockchain, Binance Smart Chain, that has actually rapidly ended up being the go-to blockchain network for designers.
Binance Smart Chain, the Fastest Growing Blockchain
Binance Smart Chain was launched in September 2020 and now hosts several projects and is quickly growing to become the biggest blockchain network. It is created to run parallel to the existing and native Binance Blockchain. These simultaneously running blockchains help bring smart contract functionality to the network without compromising the speed of the mainnet.
Binance Smart Chain was established clearly to fix Ethereum’s increasing gas charges and uses quicker, scalable, and more affordable deals. In the past, several alternative blockchains have tried to become ‘Ethereum Killers’ but couldn’t succeed in capturing new project’s interest.
However, Binance Smart Chain is hosting various blockchain, Defi, and crypto projects. One of these projects includes an up-and-coming Sphynx which aims to provide an all-in-one solution for trading, staking, farming, and holding. Sphynx utilizes Binance Smart Chain to make it possible for quick, low-cost and safe deals and provide cross-chain interoperability within the environment.
What separates Binance Smart Chain from other “Ethereum Killers” is its Proof of Staked Authority consensus algorithm that creates an ideal balance between decentralization and high performance. The capacity of PoSA can be meant by the truth that BSC just has actually 21 validators compared to Ethereum’s 11,000 nodes.
Moreover, BNB has set aside $100 million for projects that commit to building on BSC, like its parent company’s Binance Launchpad. Apart from this, Binance likewise uses numerous functions such as Binance Wallet, Explorer, Testnet Faucet, and IDE.
The dual-chain architecture of Binance Smart Chain empowers its users to build decentralized apps on a single blockchain while taking advantage of the fast trading services of other blockchains.
