Binance ethereum competitor
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- Binance Unveils Smart Contract Blockchain but Claims It's No Ethereum Rival
- Binance Coin outperforms Bitcoin and Ether, delivering a 1,298% profit for investors in 2021
- www.makeuseof.com
- Binance Targets Ethereum Users For its Own Blockchain, Is ETH Next For Delisting?
- Cryptocurrency: What you need to know about Metaverse, Solana and other terms
- Binance Revenue and Usage Statistics (2022)
Binance Unveils Smart Contract Blockchain but Claims It's No Ethereum Rival
Binance has released a white paper detailing a new smart contract blockchain it says offers a high-performance base layer for decentralized apps — but might also be a challenger to Ethereum. The new blockchain, it said, would have a new consensus mechanism and would be capable of fast trade executions designed to combine fast confirmation times with strong on-chain governance.
Although Binance does not explicitly state BSC would be a rival to Ethereum, and the company stressed to CoinDesk this was not the company's intent, the white paper hints the new smart contract layer could perform better on several key metrics.
For one thing, its low latency platform will have faster execution times. For another, its consensus mechanism — a hybrid of EOS' delegated proof of stake dPoS system and a proof of authority PoA system — is designed to be more efficient and environmentally friendly than Ethereum's proof of work PoW.
It's worth noting that Ethereum is moving to PoS soon, via an upgrade informally dubbed Ethereum 2. Furthermore, in a statement to CoinDesk, a spokesperson said BSC was designed to ensure dapps could scale while still running on a high-performance layer to ensure a "fast and smooth user experience. Indeed, popular game CryptoKitties quickly became so popular that it managed to put a strain on the network. Binance, which only moved its token Binance Coin off Ethereum in , denied wants to challenge the original "world computer," however.
On the contrary, the Binance spokesperson said the two would complement one another in growing the blockchain ecosystem: "The industry needs more high-performance infrastructures, not just one single blockchain. Binance also wants to make BSC fully compatible with Ethereum. As it says in its white paper, it would give the new smart contract layer direct access to an ecosystem filled with "relatively mature applications and community. One of the main problems that have beset other smart contract protocols is it can be devilishly difficult to convince existing dapps to move away from Ethereum.
The process can be long and complicated: developer teams have to familiarize themselves with a new protocol and codebase. At the end of it, there's no guarantee existing users will follow them onto the new chain.
But by building a door straight into Ethereum, Binance could be looking to smooth the path making it easier for projects to switch protocols. As the exchange says in its white paper, being fully compatible means "most of the [Ethereum] dApps, ecosystem components, and toolings will work with BSC and require zero or minimum changes. There have, of course, been other contenders for the mantel of "Ethereum Killer," but Binance's innovation may be less the potential high-performance capability of the platform and more that it has minimized the risk for dapps migrating onto a new chain.
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Binance Coin outperforms Bitcoin and Ether, delivering a 1,298% profit for investors in 2021
But there are multiplying threats to its prominence as the second-largest cryptoasset on the market. In truth, we are entering the smart contract blockchain wars of the s. PR will be important. History, after all, is written by the winners.
www.makeuseof.com
The landscape of the blockchain and cryptocurrency world at the beginning of was dramatically different from what it is today. On Dec. One constant remained, however: the two cryptocurrencies at the top of the list by market cap. Bitcoin remains in the number one spot, and Ethereum, in second position, is the undisputed king of decentralized apps dApps and smart contract functionality. Transaction numbers for both networks dropped significantly with the May crash earlier this year. But while Ethereum has yet to reach those heights again, BSC has only continued to grow, reaching a new daily record of over 16 million transactions in late November, according to BSCScan. During this time, just one decentralized exchange, PancakeSwap, was responsible for more transactions on BSC than on the entire Ethereum network. Solana uses a combination of two consensus mechanisms: proof of stake , which rewards validators with its native token SOL in accordance with how much the validators have staked into the network, and proof of history , which keeps a record of historical transactions so the network can order and track them faster.
Binance Targets Ethereum Users For its Own Blockchain, Is ETH Next For Delisting?
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Cryptocurrency: What you need to know about Metaverse, Solana and other terms
Ethereum is at least a year away from getting its key blockchain upgrade out into the world, and that could give rival networks a chance to eat away at its lead in crypto apps, according to JPMorgan analysts. The ethereum network dominates in usage for decentralized finance , or DeFi, which aims to cut traditional intermediaries like banks out of financial services. The blockchain is undergoing a long-awaited change to how transactions are processed, and the upgrade has drawn investors to ethereum because they believe it could reduce congestion and costs. Many crypto watchers believe ethereum's shift from "proof of work" to " proof of stake " in mid will encourage more investors to bet on the network and its native token ether, JPMorgan analysts said in a note Wednesday. But another key stage in the etherum 2.
Binance Revenue and Usage Statistics (2022)
There are many conflicting opinions on what the future of blockchain entails exactly. Some projects will have a bright future, whereas others may fall woefully short. Hundreds if not thousands of different blockchain ecosystems are all competing for the top spot. This is by far the most exciting time to be a blockchain developer, as there is no shortage of opportunities and ways to make money. More specifically, he is confident that there will be a shakeup of the blockchain ecosystem, and a lot of projects will simply start to disappear.
Flash news. Bank of America: Solana could become "Visa" of crypto, flip Ethereum. It has been used to settle over 50 billion transactions and create over 5. Critics claim that the speed comes at the expense of decentralization and reliability.
The decentralized finance market has reinvigorated the crypto space from a brutal three-year-bear slumber, with the market now moving towards real-world solutions such as non-custodial lending, loans, credit, and away from just acting as a proxy for digital payments. But where there is technology, there is competition. Maintained and developed by the billion-dollar worth crypto exchange Binance, the blockchain offers a fast environment for developers to deploy dApps and charges only a few cents per transaction, as products like BakerySwap, PancakeSwap, and others have shown. But does it triumph over Ethereum? Interestingly, BSC was first built on an Ethereum client, noted Lesiosmier, making it possible to easily shift assets and services from Ethereum to BSC and thus increasing its appeal among both users and developers. The duo then dove into the yield farming sub-sector, which had its five mins of fame in July-August but since fizzled out.
Solana is a public blockchain platform. Its native cryptocurrency is SOL. Solana achieves consensus using a proof-of-stake mechanism, as well as a "proof-of-history" mechanism which Solana's whitepaper claims improves scalability without sacrificing decentralization and security. On 14 September , the Solana blockchain went offline after a surge of transactions caused the network to fork , and different validators had different views on the state of the network. The network was shortly brought back online on 15 September Like various other blockchains, Solana can run smart contracts.
Furthermore, information from WhaleStats considers the accumulating behavior of the 1, largest BSC addresses. Of course, without considering known crypto exchanges. More so, WhaleStats brings up a list of the top 10 holdings of BSC whales through tracking the tokens. Of course, with the greatest US dollar value among the investor group.
I perhaps shall keep silent
great all
Not bad, but we've seen better. ... ...
Very useful message
Great topic