Binance smart chain is centralized ?

[eaLiTy]

I love bsc and its totally backed by binance. Recently heard that this is centralized and nods with binance

What is nods and how become centralized ?

BSC is supported by a single entity and any changes they make will be under their discretion, in ETH there are multiple developers and thousands of nodes while BSC works with PoSA consensus and  they have basically 21 validators and you can become their chain validator but if you are planning to spend money on that there are much better coins with much lower requirements.

You can read further about validators here

[bitcon]

Of course, it cannot be denied that despite its rapid development and popularity, BSC has a number of disadvantages. However, Binance Smart Chain is really centralized as it was developed by a centralized exchange. Binance has tremendous control over the network.

BSC has a temporary benefit due to the difficulties Ethereum faces - very high gas fees. Once Ethereum finds a way to solve the problem, the progress made by BSC will be nullified.

[Japinat]

It is centralized, that's why I don't really see it could compete against ETH although ETH platforms now charge a huge transaction fee. People transfer to BSC due to its lower fee but when ETH could sort and run the ETH 2.0 successfully, people will start coming back.

[Golftech]

It cannot be mined and the developer holds a lot of supply. I think that's the reason it's called centralized.

The BSC referred to in this case is the blockchain and not any token. It is considered by many people as centralized since there are only 21 validators compared to the thousands of nodes on the Ethereum chain. Less nodes means more control. More control means more centralized.

Giving that fact, those  nodes holders can control most of the movements of this chain, I follow you with your statement. It's assumed

centralized as control are being dictated by few.

It is centralized, that's why I don't really see it could compete against ETH although ETH platforms now charge a huge transaction fee. People transfer to BSC due to its lower fee but when ETH could sort and run the ETH 2.0 successfully, people will start coming back.

For now, Yes it's been use as alternative since ETH gas fee really taking small investor's down. Traders who can't afford to

pay the transaction fees will find and willing to use alternative to continue doing business.

[ingiltere]

I love bsc and its totally backed by binance. Recently heard that this is centralized and nods with binance

What is nods and how become centralized ?

It's as centralized as other chains. The market is open to join for everyone, if you get high amount of BNB and start staking you can be a validator and have big power too. It's not much different than other staking coins, whether it's Ethereum or Tron Chain or whatever else.
If you want decentralization you should stick to Bitcoin, none of other coins are decentralized as much as Bitcoin.

[SquallLeonhart]

As long as validators are limited it will always be a centralized project. However this allows them to be a lot faster and a lot cheaper, when ethereum peaked at 100+ gwei, BSC allowed people to move money around for just 60 cents, that is not something you could find in ethereum, not anymore at least. Plus binance spends over hundred million dollars to help projects to be built on BSC, and that is why I think they are not bad at all even while being centralized.

So long story short, it is centralized and that is a bad thing, but it is centralized for a great company and that is a good thing, those two things feel like it is canceling each other out and making it just decent. I think defi projects on BSC could be huge in the future, by the looks of it ETH will stay like this for some more time and because of that BSC and obviously because of that BNB will be bigger and bigger.

[tvplus006]

I think some of the tokens that are released with the BSC also have the possibility to be listed on the Binance Exchange. I actually see that the BSC could be better in the future. just look at the current momentum when ethereum becomes a conversation about its obstacles. BSC is a solution and gets positive enthusiasm from the market. really extraordinary, I am sure the adoption will continue to increase.

But if we look at this situation from the other side, we will see that despite the fact that Binance smart chain has lower fees, most projects are now still built on the ethereum blockchain. Thus, developers choose decentralization, just like large investors, preferring it to a centralized BSC.