Is Binance Smart Chain the "New Ethereum"?

[herurist]

bnb will still be like that and bnb I don't think will be the new ethereum because anyway they will still be different, binance smart chain will still be binance smart chain and ethereum will still be ethereum. will not be able to be equated with each other because of the system is also very different, but for the price I'm sure it will follow towards eth but of course eth will also leap far could be towards a new eth and that will definitely be more beautiful. Just wait

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[Rengga Jati]

I don't expect if BSC becomes the New Ethereum. Let BSC remain BSC with various advantages that may always be optimized by Binance.
If it becomes Ethereum, someday BSC will also experience the thing that Sam Aya is increasing extraordinary transaction costs. Isn't that?  

So far, we know the strength and also weaknesses of each, both the Ethereum platform and also BSC. Every platform will not be perfect, there will be always some weaknesses.

 Ta past, there are also many platforms or coins that were considered to be the New or the Next Etheruem. But until now, there is nothing to be the exact rival of Etheruem.
And about BSC, let's see how CZ and Binance will really make and develop it to the community and crypto world widely.

[Kez1817]

How will it be Binance Smart Chain to be a new Ethereum? Binance Smart Chain just an alternative for Ethereum in terms of gas fees but BSC is Binance chain and ETH is remain in Ethereum blockchain. They are different different to it's other, don't make a confusion.

[warg2017]

For I could say yes. Because Binance Smart Chain do what Ethereum can do although not all aspects. BSC is affordable in gas transaction at the same time fast and safe. While Ethereum is not friendly gas fee as of now. Because if gas fee, many users and tokens migrated to BSC. Good opportunity for BSC to gain more attraction and might be the next Ethereum.

Yes, i also see more and more projects migrating from ETH to BSC, exactly speaking, more and more projects are launching new coins on the BSC chain, like bounty project, most of them are using BSC-2 now.This phenomenon is very similar to ETH in 2017. So i think Binance Smart Chain is the "New Ethereum".

[manggis97]

BNB is third ranking on CMC based on circulating marketcap, so that mean is possible to overtake Ethereum. Price action of BNB similar like ETH on 2016 that rally multipled times in just for a few month. Ecosystem of BNB keep growth, the trading volume and the TVL on Pancake currently is higher than Uniswap, that mean many user prefer BSC than ETH.

[hari9981]

the trading volume and the TVL on Pancake currently is higher than Uniswap, that mean many user prefer BSC than ETH.

The reasons of it was the high transaction fee for the trade to be executed, if the ETH 2.0 success to solve that problem, ofcourse people will use Dex more frequently and its a good sign for ETH ecosystem.

[tabas]

BNB is third ranking on CMC based on circulating marketcap, so that mean is possible to overtake Ethereum. Price action of BNB similar like ETH on 2016 that rally multipled times in just for a few month. Ecosystem of BNB keep growth, the trading volume and the TVL on Pancake currently is higher than Uniswap, that mean many user prefer BSC than ETH.

But the market cap of Ethereum is still far away from the market cap of BNB. Whether there's BSC for BNB and its own market and exchange which is Binance.
The combination of those won't be par with the market cap of Ethereum. If the growth of BNB continues, there is a possibility that coming from its lower market cap to Ethereum, it could be par with it soon if more projects jump into BSC.

[FinneysTrueVision]

I didn't know much about BSC until recently. From what I can see BSC can do everything that ETH can do and it is much faster and cheaper. It might be more centralized but for many things they are doing decentralization is not the most important thing. NFT's don't need any decentralization whatsoever. DeFi on ethereum is already somewhat centralized anyways because most nodes are running on cloud servers. BSC has managed to get so many projects built on their ecosystem in a short amount of time. At the rate it is growing it wouldn't surprise me if they flipped ethereum someday.

[Dexion]

Yes, i also see more and more projects migrating from ETH to BSC, exactly speaking, more and more projects are launching new coins on the BSC chain, like bounty project, most of them are using BSC-2 now.This phenomenon is very similar to ETH in 2017. So i think Binance Smart Chain is the "New Ethereum".

Yes, if this situation continues for a long time, and more and more people switch from ETH to BSC, this will really be a threat to ETH, and the chances of BSC to become the "new ethereum" are getting bigger

[CryptoCrookz]

BSC has two potentia issues - centralization and capacity. Binance is trying to centralize it but it is still a chain controlled by one entity. While most people don't care, once Ethereum solves its gas issues it will leave BSC behind. Of course if these gas issues persist, perhaps at that point BSC will grow enough to have a good future anyway.

[ivankoh]

I think if it is said to be a new Ethereum it is most likely to happen and of course the Binance Smart Chain is trying to beat Ethereum as it looks where they are building a new blockchain that is more solid, cheaper in gas and faster.

At first glance, it looks like a big enough challenger to Ethereum.  But no, hacking security holes and compatibility conditions is not enough.  BNB is not out of that shadow yet, $700 will be a challenge to overcome.  But it can improve and when it does, the pressure will be on the 2nd grade options - Some have been doing well on those requirements.  Until Polygon can be friendlier and easier with cross chains.  It is enough to compete in the TOP 10 and even surpass BNB.  Polygon is doing too well to kickstart the interactive cross-chain between layers 1 - 2. This will somewhat create a trend.  Not inherent independence.

[TastyChillySauce00]

There is no new ethereum as binance.The binance chain has remained its own chain and not  a competitor with ethereum, they stand alone on their own chains although they deployed the same EVM algorithms but i don't see no reason why they should be in any form of comaprism.

They are indeed competing to each other and the fact that both blockchain has EVM running under the hood further implies that bsc truly intend to take on eth's position even CZ himself trying to say that eth is a big boy's chain meaning it's expensive in a condescending remark.If you see how bsc is eating up eth's market cap as well you can know that the competition is rather fierce but bsc is actually not really a big threat, now that matic also come to the stage the competition fade even more but bsc was intended to replace eth from the very start regardless but fortunately people still prefer decentralized blockchain.

[BOAEDAN]

It is possible that Binance Smart Chain can indeed beat and replace ethereum because so far ethereum has been too expensive for transactions so that many have switched to Binance Smart Chain, so in my opinion more and more people are using the BSC platform and a lot of tokens are created from the BSC platform.

[neptunemutual]

Binance Smart Chain has a lot of advantages over Ethereum and Ethereum-compatible blockchains. Here are some of the major ones:

* Insanely fast transactions (3 seconds)
* Cheaper transactions (approx 50 times cheaper)
* BUIDL reward program. Explained below.
* Binance MVP Grant. Explained below.
* Binance Accelerator Fund and Community Programs
* Competitive and growing ecosystem of DApp and developer tools.

BUIDL Reward Program

https://www.binance.org/en/blog/open-registration-for-buidl-reward-program/

It is as simple as deploying your smart contract on the Binance Smart Chain and then calling another smart contract function to register your deployed smart contract. Now based on how much GAS your smart contract consumes monthly, you will receive a portion (30%) of the total gas back. This incentivizes developers to create high-quality smart contracts where people want to engage.


MVP Grant

https://www.binance.com/en/blog/421499824684901587/Binance-Launches-The-Most-Valuable-Builder-MVB-Accelerator-Program

The most valuable builder grant provides developers and startups with $10,000 funding, liquidity support up to $2M, and participation in workshops with top industry leaders. On top of that, some product receive a full smart contract security audit through Certik.


Competitive and growing ecosystem of DApp and developer tools

Fairly new, the Binance Smart Chain is slowly catching up. Because of faster and cheaper transactions, a lot of people like me prefer to use Binance Smart Chain for decentralized swaps and lending liquidity. I mean, we too are contributing by building a decentralized cover protocol on Binance Smart Chain.

[bakasabo]

Binance Smart Chain has a lot of advantages over Ethereum and Ethereum-compatible blockchains. Here are some of the major ones:

* Insanely fast transactions (3 seconds)
* Cheaper transactions (approx 50 times cheaper)

Yesterday I needed to swap few BSC tokens. Since my wallet had no BNB, I've withdrawn few from gambling casino. It took about 30 minutes before I got them in my wallet. Confirmation and swapping took also about an hour. When everything was done, I have withdrawn BNB to Binance and they were confirmed there in about 5min and I've paid for that transaction 6 cents.

If we open etherscan.io right now, we could see that a transaction can be done with the following circumstances "15 gwei $0.79 | ~ 16 mins:0 secs". This is still slower and expensive than a BSC transaction, but it does not look like a "3 sec" quick and "50 times cheaper".

[erep]

It is possible that Binance Smart Chain can indeed beat and replace ethereum because so far ethereum has been too expensive for transactions so that many have switched to Binance Smart Chain, so in my opinion more and more people are using the BSC platform and a lot of tokens are created from the BSC platform.

Have you updated the eth gas fee at this time, I'm not sure the current Gwei fee is considered too high and seems to be a blow to traders on Uniswap or other Dapp Eth. Can we stop comparing eth and bsc in terms of transaction gas fees and look at it from a broader perspective.

[cilgindansci]

In my opinion, Ethereum and BNB are not competitors. Both are doing a great job. Although Ethereum is not good in some areas, its prices have also increased a lot.
In the future, the ETH and BSC network will become even stronger. I think Ethereum may be # 1 and BNB # 2 in the future, Bitcoin may be eliminated 

[Farma]

well, at this point it is quite clear that many projects are more interested in using BSC than ETH. it made me think that this is the "new ethereum" too. other than that, I think BSC has many advantages over ethereum. So, it's quite natural that people today think of using BSC over ETH.

[slaman29]

I didn't know much about BSC until recently. From what I can see BSC can do everything that ETH can do and it is much faster and cheaper. It might be more centralized but for many things they are doing decentralization is not the most important thing. NFT's don't need any decentralization whatsoever. DeFi on ethereum is already somewhat centralized anyways because most nodes are running on cloud servers. BSC has managed to get so many projects built on their ecosystem in a short amount of time. At the rate it is growing it wouldn't surprise me if they flipped ethereum someday.

Me neither. I did see all the fuss about NFTs earlier and Binance doing their own smart chain but I totally overlooked them until Pancakeswap suddenly became a challenger.

But it's all defi so I'm still very uncertain about the future of THAT sector. Basically everyone just staking stuff to earn more stuff. No utility other than that makes BSC a risky move for me.

[ven7net]

Ever since the "De-Fi" craze began on 2020, Binance Coin has been on a constant uptrend in price. It went all the way from nearly $20 to just $500 in a matter of months. Binance has done a good job in promoting its own currency, resulting in massive adoption in the mainstream world. The world's largest crypto exchange owns "CoinMarketCap" so it has all the tools to make BNB a huge success. With near-zero fees and near-instant transaction confirmation times, Binance Smart Chain (which powers BNB) could become the "next Ethereum" in the crypto/blockchain space. Vitalik and his team better hurry up on scaling Ethereum before it's too late. With how fast BNB has grown lately, it could flip ETH sometime in the future.

What do you think? Is Binance Smart Chain the "New Ethereum"? Or is it too early to tell? Do you think it will replace Ethereum sometime in the future? Are current prices sustainable in the long run? Your input will be greatly appreciated. Thank you very much

Indeed, the Binance Smart Chain is showing excellent growth right now and the demand for using this network is growing. However, it is too early to say that Binance Smart Chain could become the new Ethereum. If you compare the two platforms, Ethereum is decentralized and Binance is centralized. The price of cryptocurrencies has a big price difference in favor of Ethereum. The fact that Binance Smart Chain works side-by-side with Ethereum can only mean that Binance Smart Chain is likely to help Ethereum survive the fee pricing problem. Of course, these are my suggestions and everything can be completely different. Even though I myself am now using the Binance Smart Chain more, I still hope that Ethereum will solve my problems and will again be attractive to the crypto community.