Binance has greater clout, and it is impossible to predict how far Binance will go. The new Binance Smart Chain (BSC) service has received a lot of interest since its launch in the crypto industry, and some users are already using it on the Binance platform. Since its inception in September 2020, the network has proven to be a hit with investors.
Only that, for the time being, he has outperformed all expectations. As a result, some are wondering whether BSC may someday replace Ethereum. We have the authority to ask the question since, as of February 10, 2021, the Binance Smart Chain (BSC) outperformed the Ethereum networks in terms of transaction volume. It outperforms Ethereum by 30% in particular.
Binance Smart Chain: More accessible
If such lunacy exists, it will be explained in ways other than that the Binance platform has a high number of users.
Binance Smart Chain was shown to be faster and less costly than Ethereum. One of Ethereum's most serious flaws is its excessive fees. For a simple transaction, we often have to pay the GAS cost, which is sometimes more than the transaction price. We've already reached the peak. And although Ethereum is working to resolve the problem, it seems that it will take a long time for many users.
It gets infuriating.
However, BSC prices are typically more than 100 times cheaper than Ethereum network costs. It is certain to have an impact on Binance Smart Chain's popularity.
Similarly, the Binance Smart Chain ecosystem contains more than 100 DeFi projects and 40 cryptocurrencies.
Among these projects is the well-known Veneraswap. Many projects with attractive returns are installed on Binance Smart Chain, attracting an increasing number of customers.
The MVB program (Valuable Words Builder)
Similarly, it seems that every effort has been made to make the Binance smart chain more accessible and user-friendly. The founders created the MVB programme, which aids new project developers and enables the ecosystem to expand tremendously.
Consequently, this ambitious curriculum helps project leaders generate real- world concepts, get funding, discover clients, and so on.
In a word, this programme makes ambitions a reality to continuously improve and create actual value. Project leaders get financial assistance ranging from $10,000 to $100,000 based on their level of development.
Binance Smart Chain: a real Ethereum replacement?
It is a difficult question that can only be pondered on. Keep in mind that the Binance Smart Chain lets you to create smart contracts while adhering to the Ethereum Virtual Machine (EVM). As a result, it does not compete with Ethereum in the sense that it adds a layer on top of it. Many people are talking about the well- known "Ethereum Killer," the Ethereum competitor that is supposed to replace it, which is an exaggeration for a BSC.
Ethereum is still the most popular network, with many huge apps operating. It also should be mentioned that Ethereum is making progress on its final, or at least improved, version.
It is also why consumers readily move to different ecosystems during this time. Furthermore, as we have seen, the high gas prices on Ethereum are a significant barrier. Even the slightest procedure, no matter how little, gets costly.
Conclusion
According to many analysts, this is Ethereum's ultimate disadvantage, which would also explain the rising popularity of the Binance Smart Chain. The features are more numerous, and the projects are more attractive for Binance.
The main "disadvantage" of Binance Smart Chain is that it was created and controlled by Binance, and it is where Ethereum's power and status are maintained. It would be awful if the world's most excellent decentralised network fell into the control of a corporation.
To answer the question, yes, the two will coexist, and BSC's contribution to the cryptocurrency world is significant.
