Bitcoin Forum

Binance Chain Faster than Ethereum & ERC20 tokens will move to Binance Chain

https://www.youtube.com/watch?v=EIlbnc7iQwU (https://www.youtube.com/watch?v=EIlbnc7iQwU)

Less than a week Binance mainnet launch and just check the number of Tx already done on Chain.
https://explorer.binance.org/

Imagine, once 1000's of coins/token listed on binance dex, there will be millions of tx per day will take place.

BNB Chain will be having a good network effect which will increase the price of BNB

Plus Quartely Burning of tokens
Launchpad Every Month
BNB required to create/list tokens on Binance DEX
Discount on Binance DEX trading if Holding BNB
40% Affiliate Commission to those who hold 500BNB

And many more use cases of BNB token.

The Binance guy in the video says their platform is faster and cheaper than Etherium. It may very well be. It could also be a better choice for tokens that don't need complicated smart contracts.

However, I have no idea how the Binance Chain (network) works. Is it POW or POS? Are there miners, or is it completely centralized? Who will secure the network from attacks, etc? In my mind, security is more important than speed or costs of transaction.

similar to NEO.. but faster than NEO.. 1 second block time and 1 confirmation and couple of thousand transactions per second

Yup, we have no idea. As far as I can tell, they've released virtually no details about how the chain is secured. If we're depending on Binance to secure the chain, that's a huge step down from Ethereum's mining security. I remember seeing that BNB is supposed to be somehow integrated, perhaps as native currency.

I love Changpeng Zhao's intensity and vision, but I've also always thought of him as a trading engine guru, not an economics guy. I wonder if they know what they're doing.

Will it be something used in more places or is it just for binance ? I mean I don't know what the purpose of binance chain without really making it used in more places? Without using it many other places the chain wouldn't be really useful to us. Look at coins like nano, it says it is instant and amazing and blockchain is super fast but in reality is it used as much as bitcoin ? It is not hence we may not know how fast it would be at the time of bitcoins peak, would it be good enough in that case ?

Ethereum had a trouble only during cryptokitties fever when everything there clogged the ethereum chain but we don't know if binance chain would be really that fast or not without actually testing it at those levels. I hope it would make a change in blockchain world but I doubt it.

Exactly, from what I read though, that it won't support any smart contract functionality and based on their testnet on Feb 20, it will just be small as compared to Bitcoin network and the size will just be small just like NEO and XRP, just smaller number of nodes. So its going to be interesting how things work out during the testing phase.

Validators will increase after certain time period, for start they are only considering 11 validators
Binance will switch from Company to Community after a certain period or once the Binance chain gets fully established (This will be an huge)
DPOS planned for Binance Chain.. so there will be staking and Governance model

From Transaction point of view, I think demand will be huge as current DEX model are slowish and required lot of confirmation to get started with trading.
CZ said that Binance dex will be same as Binance centralized exchange in terms of speed

Also Few ERC20 tokens, switching to binance and other stuff will generate more transaction on binance chain

BTC 10 years old, still we are struggling with scaling issues.
ETH 5 years old, and Casper, POS still getting delayed. tx sometimes takes 1+ mins to get confirmation and sometimes have to pay higher fees
Binance Less than 2 years old, and they are ready with a model to solve scaling issue with low fee.

Binance also planning for DPOS, interoperability
also one can customize their token as per requirement similar to smart contract

many would have missed this rally.. but I have already informed them.. this gonna be huge

There are many other pennies that can be faster than ETH and BNB and transaction processing is no longer a necessary issue. It is important to secure your coin in the safest way. Many people will tend to invest in BNB because of this feature but I will still only choose ETH because ETH has a much greater potential for growth than BNB

So it means a big dangerous for ethereum if all of ERC20 moves to the Binance chain because this will makes Ethereum down deeper and perhaps, people will move from Ethereum to Binance Chain. The ethereum teams need to solve this if they want to be the main base on the ERC20 and I hope that the update, it will help Ethereum back again.

When a new technology comes out, it will make the old one become "old," and they need to do extra hard work to compete with the new one. Making innovations will better the old one as it will give them a new chance to compete. But they need to have an agreement in their internal teams because that is the important things that they can do to get one voice to make the project bigger than before.

So we will see a competition between Ethereum and Binance if Binance chain can prove it's faster than Ethereum then the situation for the future will change, and we will see a newcomer that can beat Ethereum. It still a long journey for both Ethereum and Binance and it is interesting to follow the journey itself.

CZ is clearly trying to take over the token industry. Afaik he said that every project who decided to move to Binance chain will be funded and helped by Binance foundation or whatever it's called. It's a pretty good offer if the team is pragmatic and doesn't care about centralized/decentralized blablabla.

With this service binance could offer to erc20 tokens would this mean it could affect the value of ETH in the future I doubt erc20 tokens would use this one there is a lot of  upgrade also the ETH developer are doing and I hope they can give cheap and much faster service in the future to compete with othe blockchain developer.

I don’t see how their competition will benefit me because if ethereum does to take care and improve in their own technology too, a lot of ETH holdlers will end up suffering it, in as much as every business stands on their own and after profit, I don’t think it was the best time for Binance to roll out their technology considering the fact that lots of investors in ETH might lose their money if everyone start migrating from ECR20 to Binance chain.

Yes, I know people will tend to invest in BNB but before an investor conclude in investing in BNB, its price would have gone above what a small investor can afford thereby limiting the BNB community too.

9 potential tokens already confirmed including BNB for Binance Chain
This will definitely impact ETH and its value.
Who knows more token will switch to Binance Chain. because 1 second block and 1 confirmation is definitely a killer..

But even it will use the own chain, i think this will take a more time to make the demands. Moreover, with the current market conditions making demand also going down, I was just worried about the miners

It might be faster but also less decentralized at the start. Only 11 nodes, just like NEO.

anyone can run nodes after mainnet launch.. 11 nodes are only for testnet

Amazing! In this way, #Binance will change the crypto world without any doubt.

The speed is one attractive feature, and it will be a reason why the competition between the two maybe stiff, but I lack understanding of Binance chain, and I do not know how secure it will be compared to Eth.
Cost and speed are one vital aspect, but security is the ultimate

This should be a chance for Ethereum to work on their own technology too and use the loop holes of BNB chain to better their own system because the way BNB chain is gaining popularity mate, its very alarming and it just a matter of time if care is not taken by Ethereum before people fully migrate from ECR 20 token to Binance chain and this might make ethereum experience great decline in the price of their coin since Binance is faster.

Talking about new, how is neo fairing because I just remembered I have some investment in NEO to now that you mentioned it.

would be interesting to see, what will be those 8 ERC20 tokens which will move to binance chain?

will it be BAT, MCO ?

looks like ENJ is confirmed

Binance is merely an exchange coin not a virtual machine based coin or have this changed?  VM projects should be more advanced than simple blockchain.
There are lots of decentralized  exchanges on ethereum blockchain already . There is no basis for comparing the two .

All the DEX on ETH blockchain are on the verge of dying bcoz of low volume
Binance DEX will boom from the launch
plus token migration

I think this dex project gonna have bright future if token thats move to binance chain is not shitcoin, they have more selective in project or ICO that joined binance launch platform

It may be fast but wont really be enough for ERC20 token users or supporters to switch up on Binance chain.It would still be a good alternative though and it wont really cross the borders.

4 ERC20 tokens already switched to Binance chain
Many more coming.. ETH is really way too slow compare to Binance chain 1 sec block

Sorry but I'm not familiar which 4 ERC20 tokens have switched to Binance chain, so it's interesting. I think Binance one advantage though that projects are looking is that it's one of the top exchanges right now, so they have a backing, but this sort of centralized everything in my opinion.

Although four is not a good indication that others may follow though. Ethereum still enjoy the support of the community and projects so it's going to be difficult for them to simply switch.

Yes, Binance chain is very serious blockchain which they are going to keep some restrictions in the market with active developments from the team. So we have to wait for and see how far this Binance chain will help the investors to safeguard their investments. As of now, they are very selective for listing IEO on Binance launchpad, for its future we have to wait and see how far it is beneficial to the investors.

Just in case I have bnb and eth, and for those who dont know what to do, I suggest investing in both. About the future, I dont think that bnb can overtake ethereum, some people like decentralized ethereum and Vitalik, on other side CZ and bnb are new on the market, and lets not get carried away with their quick success, time needs to pass for them to establish what ethereum already have.

this is a long term hold Coin

CZ is really smart to not go with smart contract race and target max customers

It is possible for Bitcoin to supersede ethereum if they don’t also work to improve their chain services, major thing I have been hearing people seek for in Ethereum, is the speed and security, this is one complain that I feel Bitcoin too advantage on to better their own system by providing solution to it which many people have seen.

Once people starts getting use to the BNB chain speed and reviews comes out on different media, gradually, people will start shifting their attention to migrating to BNB chain for the existing ones, while the new ones will basically develop their project using BNB chain.

It might be too slow right now but I expect ETH to do more better. There will be a new upcoming upgrade with ETH and it can be a good reason for an ERC20 token to stay with ETH blockchain. Well, its their choice after all maybe those 4 ERC20 tokens needs more exposure in the market and put their coin where the hype is high is good strategy.

I think the point is there is at least someone challenging ethereum for good now. I know tron and neo and eos and what not all tried some sort of ways to pick out on ethereum (either ICO or dapp or whatever) and ethereum is still strong as always but with this binance IEO thing as well I do not think it will stay strong too much.

After all, if we are looking at it technically than ethereum could still be better way to do an ICO and that is fine however binance has the tech (better or worse) and the exchange which means they have the power to list a coin on its first day which will make people interested in that coin a lot more and I think that is what ethereum is lacking and that is why binance chain could be a lot bigger than the ethereum ways of the past.

And another one, Gifto (GTO)

https://medium.com/@gifto/mass-adoption-token-meets-mass-adoption-chain-gifto-migrates-to-binance-chain-af8cf906e13a

And it's interesting that ther reason they give is that they wanted a fast network. How about security though, how secure is Binance Chain? I haven't read all about this revolutionary technology in detail and all I heard is that it's really fast. But what if the network gets clogged when majority of ERC20 tokens moves? Can it still handle workloads?

This time around, the first step is to define what is the competitor? Binance Chain does not presently have smart contracts, it becomes meaningless to treat it as a competitor

This is also my view on where these 4 erc20 tokens do tend out to switch just for them to be dragged on the current Hype of Binance Chain and might really give some traction or demand with their tokens
but i dont think it would be a worthy shot.

Well said but as said above and been trying to fight for is about that Binance chain 1 second block time and 1 second confirmation.

This is basically fight of the pros and cons of both coins actually.

Ethereum itself may "look" slower but the reality is ethereum can hold on so much stuff and can do so much stuff and also still have so much volume that it is totally understandable why it is slower than binance chain.

Moreover, binance has its own exchange as well. So right now it depends on what they are fighting about, if its the spot at marketcap than binance coin will not be as good as ethereum for a long long time but if they are fighting for which chain is better for next ICO/IEO than binance could win that since they decide who will be published and they can pick the best ones and leave the worst ones to ethereum since there is no central organism to control which ones go to ethereum blocks.   

Probably cons will be Binance chain is centralize as far as I know and this is a big no-no for those projects who wanted more anonymity or their project is centered around decentralization.

However, Binance has its advantage as well, being one of the fastest per block right now. So there is pros/cons so ICO should really weight it out before deploying their project in any mainnet.

I think the IEO is just way to early to call the winner here, I know ethereum is the leader right now and even today they are getting more funding than any IEO because of the total combined instead of just one but IEO has to really work hard and get much more coins to actually have a shot at the coin offering standard.

Right now it all depends on binance and you can't just put like a new coin offering out every week, at best you can do maybe one a month or twice a month and even that is too much which binance can't hold too long if the volumes are horrible. Whereas ethereum could allow you to go to any exchange you want right away, isn't there ethereum ICO that has been on binance before? There has been son IEO is not the only way and I doubt it will surpass ICO and eth anytime soon.

Yes, it is there choice to continue to stay top in the market, otherwise they should give their position up to others rendering same service if they are not ready to adjust or improve. The last upgrade that was done by them, I really expected heaven an heart as regards their services and thinking they would use the opportunity to resolve many of the complaints they have, but there was no effect of the Constantinople upgrade.

What assurance do we then have that another of their upgrade will make any more meaning, Binance has already solve the problem they have failed to resolve and I am begging to see people go on Binance chain.

If Binance really wants to go ahead of Ethereum with their newly launched chain, they must be ready to bend some of their rules that is being entertained by ethereum. The concept of IEO is to kick against bad projects that we have and they are strictly following that which will make their IEO get less coins that will register on their chain.

Ethereum on the other hand can entertain scammers and all source of bad guys to use its chain which they don’t care much about whoever it affects, that is the only reason why I believe Binance will not beat ETH hands down, but if they bend their rule, it won’t take them more than 6 month to remove ETH from its position.