Despite the Ethereum blockchain’s popularity, several developers believe the blockchain network is gradually becoming obsolete as more and more projects shift their bases to alternative blockchain networks. Ethereum’s slow transaction rate and high gas fees prompted this gradual shift.
The Ethereum Network’s slow transactions and high gas fees were caused by network congestion. Ethereum Network operates on a Proof of Work protocol and is gradually transitioning to a Proof of Work protocol. The current algorithm, on the other hand, is incapable of handling the current volume of transactions. As a result, transactions remain pending, and transaction speed slows as gas prices rise.
Fortunately, the crypto ecosystem is a safe haven for progress and innovation. Binance, which began as a cryptocurrency exchange, created its own blockchain, Binance Smart Chain, which has quickly become the preferred blockchain network for developers.
Binance Smart Chain is the most rapidly growing blockchain.
Binance Smart Chain, which was launched in September 2020, now hosts several projects and is rapidly expanding to become the largest blockchain network. It is intended to run concurrently with the existing and native Binance Blockchain. These concurrently running blockchains help to bring smart contract functionality to the network without slowing down the mainnet.
Binance Smart Chain was created specifically to address Ethereum’s rising gas fees, and it provides faster, scalable, and cheaper transactions. Several alternative blockchains have attempted to become ‘Ethereum Killers,’ but have failed to pique the interest of new projects.
Binance Smart Chain, on the other hand, is home to a slew of blockchain, Defi, and crypto projects. One of these projects is the upcoming Sphynx, which aims to provide a one-stop shop for trading, staking, farming, and holding. Sphynx makes use of Binance Smart Chain to enable fast, cheap, and secure transactions while also providing cross-chain interoperability within the ecosystem.
Binance Smart Chain is distinguished from other “Ethereum Killers” by its Proof of Staked Authority consensus algorithm, which strikes an ideal balance between decentralization and high performance. The fact that BSC only has 21 validators compared to Ethereum’s 11,000 nodes hints at PoSA’s potential.
Furthermore, BNB has set aside $100 million for projects that commit to building on BSC, such as its parent company, Binance. Aside from that, Binance provides a variety of features such as the Binance Wallet, Explorer, Testnet Faucet, and IDE.
Binance Smart Chain’s dual-chain architecture enables users to build decentralized apps on a single blockchain while benefiting from the fast trading services of other blockchains.