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Binance launched its in-house Smart Chain BSC at the beginning of the month and wants to compete with Ethereum in the future
Just in time for the beginning of the month, Binance published a blog post,that the in-house “Binance Smart Chain ” (BSC) was finally launched. Only five months after the first presentation in April 2020, BSC is a blockchain that is compatible with the Ethereum Virtual Machine (EVM). A Proof of Staked Authority (PoSA) algorithm is used as the consensus algorithm. The native Binance Token BNB is used for this. The blog entry states: “BSC is creating an ecosystem in which validators, token holders, developers and users all benefit from the advantages of a blockchain. They are characterized by high performance and offer plenty of room for further innovations. “
BSC – a parallel blockchain
The Binance Smart Chain is a „parallel blockchain“ that gives the Binance Chain programmability and works as a two-chain system. This makes it possible to use smart contracts that are fully compatible with the Ethereum Virtual Machine (EVM). This enables users to create and use the advantages of high-speed transactions on the one hand (BC) and their decentralized applications on the other (BSC). As a result, among other things, the transaction costs are lower than with Ethereum. However, the performance is consistently good and the DeFi interoperability is improved.
The right time ?
For Wilson Withiam, researcher at the analysis firm Messari, it is clear that the BSC can be such a direct competitor to Ethereum – and above all that it comes at exactly the right time. Because the demand in the area of decentrialized finance (DeFi) is picking up speed. Price explosions from Compound, Aave and other protocols are attracting more and more crypto investors. The crypto market is booming and the Ethereum blockchain is apparently reaching its limits. Any weaknesses in terms of scalability and transaction costs emerge.
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Users have to search for suitable alternatives accordingly. One possible answer can therefore be the Binance Smart Chain. Of course, it is not yet possible to say whether the new blockchain will ultimately be accepted and how it will work directly on the market. It should not fail in terms of financial resources. After all, Binance is the largest crypto exchange in the world. In the past few months, Binance had already made acquisitions worth hundreds of millions of dollars.