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

[KeikoSimone]

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

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.

[1713270863]

1713270863

[butka]

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.

[KeikoSimone]

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

[exstasie]

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.

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.

[prtty2gal2]

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

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

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.

[Kemarit]

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.

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.

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.

[KeikoSimone]

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.

[KeikoSimone]

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

[KeikoSimone]

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.

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

[kynaz]

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

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

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

[maydna]

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.

[joniboini]

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.

[letecia012]

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

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

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.

[fullhdpixel]

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.

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.

[KeikoSimone]

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..

[Huskarls]

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

[MelodicPop]

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

[KeikoSimone]

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

[Coinfit_io]

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

[Ispep]

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