Is Binance Smart Chain the "New Ethereum"?

[Kena Banned]

Its like Ethereum but cheaper and faster since its already implementing PoS mechanism, also its have another special fundamental like used on a Binance Exchange as fee transaction to get discount.
As long the DeFi tech implemented well, its will keep goin stronger in fundamental.

I do agree, it seems as long as a chain offers defi capability and making it capable to scale for long term its enough, as we can see the recent NFT for example the games need really so much power of blockchain to just run one  and we havent seen this nft game hype on its peak, im sure in the future we gonna need more and more blockchain thats capable handling many transactions for defi and blockchain games purpose.

For that feature, i prefer EOS over BSC, its hard to create account but with the EOSPowerUp features you can have many covered transaction by just pay a single powerup.
Also, the Validator behind the blockchain is more decentralized than BSC.

[smartaction]

The use of bsc chain has increased a lot now. But it could not be as advanced as the ERC-20. The bsc chain needs to be further upgraded and more features need to be added to its contract. Then it can be an alternative to ETH

[OZmaster]

BSC can be called the new ethereum because many projects use the BSC network. maybe on the basis of this what makes as a BSC is often associated with the new ethereum even though it is very different. so I think it's a different platform but with the same goal

It certainly different platform. BSc created with defi in mind or massive token creation, eth was like a prototype chain for smart contract at the beginning and that's why eth just feels lacking compared to BSc in scalability. But eth is growing day by day and there's upgrade every time to make it not obsolete. I think eth will become hugely scalable as well in the future but I don't know whether eth can contain many transactions like other block chain that made specifically for nft based game's.

It is because validation in Ethereum is spread out over thousands of nodes, making it very hard to fool the network, or actually it is impossible to attack Ethereum I would say. BSC just choose a less secure validation process and that makes them more efficient.

[Abiky]

You’re definitely right that BSC is developing very rapidly, but I think it is due to low transaction fees compared to Ethereum. To my mind, it is not correct to compare these two blockchains  as they develop in completely different ways, moreover Ethereum is decentralised as opposed to BSC!

I think that as soon as Ethereum 2.0. launches and becomes more scaling, no other chains will be able to replace ETH.

Exactly. ETH's main selling point is decentralization. While Binance Chain is faster and cheaper to use, it's subject to the risks of a single point of failure. Most people don't care about decentralization these days as long as the cryptocurrency they're investing into brings them a lot of money in the long run. Expect to see BNB go higher in price and mainstream adoption as our society puts convenience/ease-of-use on top of everything else.

I'd say that Binance Smart Chain is the "New Ethereum" because most projects are "flocking" from ETH to BNB. Binance's "pet project" has been advancing at a very fast pace, as ETH's struggles to meet with today's demands. If this keeps up, BNB could replace ETH becoming the world's second-largest cryptocurrency by market cap. Hopefully, decentralization will prevail as ETH makes strides with network upgrades that will keep its position on the market for a very long time. Just my opinion

[Cameron1Love]

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.

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

Some of my friends said, Binance chain is still a hard fork of ethereum. There is many chance that blockchain will be slow processing someday like eth. And its not fully decentralize.

[RussianEnglishTranslation]

BSC isn't the new Ethereum, it still can't scale fast enough to be used by the world's population. The solution are L2s and sidechains like Aurora. Aurora is on NEAR and can scale Ethereum and BSC.

[lumierre]

Yes that's right, Binance continues to be popular, and it looks like it will beat Ethereum for 3 years and then bitcoin 6 years, they are supported by everything to become the next ethereum.

I think BNB will never beat ethereum and bitcoin. Extra hype of some coins can be seen during each bullrun. This is exactly the hype of BNB and DogeCoin during this bullrun. This can be understood by looking at the current crypto market.

Binance is starting to see some regulation issues and I imagine that will only continue to get worse.  While this might have an effect on demand for BNB, the demand that is created by Binance for BNB is something that isn't present in the Ethereum space.  For that reason, I could see why from an investment perspective BNB would outperform ETH, but you also have to remember that BNB might have more real demand, lower fees, a better user experience, and a massive company behind it; it still is a centralized plaything and not Ethereum or Bitcoin.  Luckily, during times of bubbles the money that's being poured in is clueless to these sorts of things, so buying BNB would seemingly be a nice trade to make here.  It also can be staked currently for about 3x the return of ETH, which is another potential draw for fresh money.

As a matter of fact, Binance Smart Chain is developing very rapidly now, but it is connected to low transaction fees compared to Ethereum. To my mind, it is incorrect to compare these two projects  as they develop in completely different ways, moreover Ethereum is an independent decentralized blockchain as opposed to centralised sidechain BSC. I think that as soon as Ethereum 2.0. launches and becomes more scaling with switching to Proof-Of-Stake, no other chains will be able to replace ETH.

[OZmaster]

You’re definitely right that BSC is developing very rapidly, but I think it is due to low transaction fees compared to Ethereum. To my mind, it is not correct to compare these two blockchains  as they develop in completely different ways, moreover Ethereum is decentralised as opposed to BSC!

I think that as soon as Ethereum 2.0. launches and becomes more scaling, no other chains will be able to replace ETH.

Exactly. ETH's main selling point is decentralization. While Binance Chain is faster and cheaper to use, it's subject to the risks of a single point of failure. Most people don't care about decentralization these days as long as the cryptocurrency they're investing into brings them a lot of money in the long run. Expect to see BNB go higher in price and mainstream adoption as our society puts convenience/ease-of-use on top of everything else.

I'd say that Binance Smart Chain is the "New Ethereum" because most projects are "flocking" from ETH to BNB. Binance's "pet project" has been advancing at a very fast pace, as ETH's struggles to meet with today's demands. If this keeps up, BNB could replace ETH becoming the world's second-largest cryptocurrency by market cap. Hopefully, decentralization will prevail as ETH makes strides with network upgrades that will keep its position on the market for a very long time. Just my opinion

I would not say it is the new Ethereum. The question is like asking "is Ferrari the new Jeep?". For now it seems BSC is the better choice as there are no obstacles, no issues arise and Ferrari does just fine. But what if we get into shallow waters or hilly areas, would you want a Ferrari or a Jeep? The financial crisis gave reason for Bitcoin to emerge at the right time in the right environment. People started understanding why Bitcoin does make sense. Now they slowly but surely tend towards using more centralized architectures again. But only until the next lesson happens. I am not saying BSC is going to fail, but it is part of a process to strike the right balance for the world we are living in right now and the conditions it depends upon.

It's like Fukushima when right afterwards the whole world started discussing ending nuclear energy consumption and push for renewables. Or let's wait until USDT Tether implodes and people will never touch a centralized stable currency again, at least for a while. Ethereum is the Jeep, and a Jeep has its merits, but maybe not right now.

[avarnet]

It could be left behind due to the price of BNB, more and more people are buying to invest for the upcoming altcoins so I never thought like what you are discussing right now, but it is very likely that what we are discussing about Binance Smart Chain is the New Ethereum ETH for the world A new crypto currency to replace mass Ethereum is coming, because I myself have invested a lot in the coin myself

[zachyboy090118]

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

We can see binance is now in its pick and making stronger in the cryptomarket, but disagree in what have you say that it replace ethereum. For me that a big  '' No No'' because ethereum is always the best decentralized blockchain and proven in so many years to be the great alts second to bitcoin.

[David.Jack]

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

Binance smart chain is the separated chain. So BNB smart chain could not replace the ETH chain. However,  regarding system development and innovation competition would be applicable.

[Karartma1]

BSC use cases are very limited right now and only attaining to idiotic projects and tokens. I personally feel it could be a good alternative to Ethereum-like blockchains but it needs to get battle tested with much more important use cases like trade finance, cross border payments with smart contracts clauses etc. It's good if you want to launch your own token and project but apart from that I don't see a real value.
CZ certainly sees the value of it though.

[Pelana vreo]

-snip-
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

I like Binance Smart chain because smart contract compatible with EVM, After seeing some new project developments on the BSC network, I don't think BSC will be the next Ethereum because ethereum is still ethereum and Bsc is a good solution with transaction fees and technology that supports EVM.
There are many new projects on the Ethereum network and as we know, BSC has few new projects and rapidly some developers are starting switch to BSC network to get cheaper transaction fees, I hope these two platforms continue to provide great progress for their users because there will be many new platforms in the future with new ideas.

[Rahman11]

Bsc or BnB only binance based coin otherways etherum independent, need more freedom for bsc if it’s can compare against ethereum. ethereum is a most usable coin behind bsc and most market demanded after bitcoin.

[Trilliumdoll]

Binance Chain is still at earliest stage of development so it cant be compared with Ethereum chain. Binance Smart Chain still need lots of developments. I never said Binance Smart Chain is not a  brilliant blockchain innovation but it still needs time to meet up with Ethereum chain standard.Etherreum chain has been existing fore some few years now and has gained lots of trust from the global users.  Heavy transaction gas in Ethererum chain allowed some  project to make huge shift to Binance Smart Chain . Both network will make a huge impact in Crypto industry in the future.

[Evgenklm]

BNB has a good competitive advantage over ETH, during the bullish trend in the market, when ETH and BNB conquered new ATH, it is impossible to simply transfer funds in the ETH network, the commission reached up to $ 80, but BNB 0.1$ and this is a huge advantage over ETH.So BNB has every chance to beat ETH.

[el kaka22]

I feel like people need to stop thinking what will be next ethereum and start thinking about what a certain can coin become all by itself. Think about it this way, did bnb reach to what ethereum was? Easily, right now BNB is a lot bigger than what ETH was 2 years ago, that much is obvious, does that make BNB "new ethereum" I do not think so.

I think it is obvious that BNB is "what ethereum was" and that is it meanwhile ETH kept going up as well. Comparing it, in start of 2020 ETH was around 100-150 dollars, bnb is twice more than that, even a bit more, but eth is reached as high as 4k at some point and still nearly 10x bigger than BNB, so that shows that even though BNB became better than what ETH was, ETH also kept improving a lot.

[CryptoLogo]

It is difficult for BSC to compete with ethereum. BSC network with BNB as native coin is difficult to compete with ethereum because investors will always associate BNB with Binance exchangers and this makes it difficult to develop further as ethereum stands alone as a separate coin entity

It seems to me it's not that difficult. All the same, the BSC proved to be excellent in terms of an alternative network for deploying projects at a time when Ethereum showed huge commissions.
Therefore, the comparison is more appropriate than not. Even now, the fees on the Ethereum network can be called extortionate compared to the fees on the BSC network.

[Abiky]

It seems to me it's not that difficult. All the same, the BSC proved to be excellent in terms of an alternative network for deploying projects at a time when Ethereum showed huge commissions.
Therefore, the comparison is more appropriate than not. Even now, the fees on the Ethereum network can be called extortionate compared to the fees on the BSC network.

Binance Chain has all it needs to "overcome" Ethereum in the future. What's stopping it from doing so it's utterly-centralized design. Despite having low fees and blazing-fast speeds, Binance heavily controls its own blockchain network. This brings the single point of failure crypto/Blockchain tech was meant to avoid in the first place. As long as BNB remains centralized, it will only serve as an alternative than a replacement of the main Ethereum blockchain. We could say Binance Smart Chain is the "New Ethereum" in the sense that most projects have switched to it because of its high transaction capacity and unparalleled performance. "De-Fi" on BSC is on the rise, while in ETH, it has stalled quite a bit.

Fortunately, ETH is close to become a full-fledged cryptocurrency making high fees and slow transaction confirmation times a thing of the past. People will get to decide which smart contract platform is best depending on their daily needs. I have a feeling that both projects will survive for a long time thanks to their communities supporting them every step of the way. Just my thoughts

[Masyudhi]

I see a lot of people compare Binance smart chain to ethereum and say BSC will take over Ethereum, then I laugh hard. that is nnot going to happen because Binance smart chain itself is hosted on the ethereum network not is only thriving because of ethereum shortcomings (high fees).

I'm sure it's not a takeover or replacement. BSC has had tremendous adoption this year, so it's only natural for them to think that way.
BSC and several other networks such as Polygon were also adopted from the development of the first blockchain smart contract technology. developmentally I think ethereum is still the best.