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Binance Smart Chain (BSC) is attracting attention in the community, when the price of BNB increases sharply, leading to the development of the entire BSC ecosystem. However, the issue of centralization or decentralization of BSC is still open.
Binance Smart Chain – Centralized or Decentralized?
Despite BNB’s impressive price performance, BNB’s market capitalization surpassing that of Santander and UBS banks, many analysts are still concerned about the “decentralization” of the Binance ecosystem.
As mentioned in the article comparing Binance Smart Chain (BSC) vs Huobi Eco Chain (Heco) vs OKExChain, BSC uses a Proof of Staked Authority (PoSA) consensus mechanism with a total 21 validators is active.
These validators are selected by Binance Chain every day and validators must stake BNB back. Meanwhile, Binance Chain also only has 11 validators manage.
Messari analyst Wilson Withiam speculates:
It’s hard not to presume that each Binance Chain validator is in some way connected or tied to Binance.
They each take turns producing blocks in a predefined order. There doesn’t appear to be any stake-weighted mechanism to determine which one produces the next block.
— Wilson Withiam (@WilsonWithiam) April 12, 2021
“It’s hard not to assume that each of these validators has some sort of binding ‘relation’ to Binance. Each validator takes turns mining blocks in a seemingly pre-determined order. There doesn’t seem to be any staking weight mechanism to choose which validator will mine the next block.”
Withiam also further explained the misconceptions about BSC’s performance – claiming BSC’s speed advantage over Ethereum is due to a “centralized hand” and not to the miracle of technological innovation.
“BSC is a fork of Ethereum with a centralized validator mechanism.
If you really think that BSC has gained the upper hand in smart contracts and will become the new breakthrough in the blockchain field – you are wrong.”
Ethereum vs. Binance Smart Chain – Who wins?
However, many BSC fans quickly refuted this view. That BSC “copy” Ethereum is understandable in the evolution of technology. Meanwhile, BSC is a latecomer but does better than Ethereum.
When it comes to invention & innovation, copying is a feature not a bug. Copying is a sign that something there is worth exploring but it only takes one character difference to be better – history determines this. This is the story in every sector.
— .T. (@earoshthime) April 12, 2021
“In the realm of invention and innovation, copying is a feature, not a fault. Copying good things and making them even better is the right thing to do. This is exactly the case with BSC.”
Along with the situation that Ethereum transaction fees continue to be “expensive” and Ethereum 2.0 upgrades continue to be delayed such as the Optimism scaling solution for Ethereum “missing the date” to deploy until July, the community has reasons to quit Ethereum looking for better alternatives.
And of course, with many existing advantages, Binance Smart Chain is the right choice at this time.
To understand more about BSC and CZ’s “shilling” strategy, please read the article Binance Smart Chain – From 0 to 1 done, from 1 to n far? Under CZ’s “mold” hand and the potential of the Binance ecosystem, it can be seen that at the present time, BSC is still a formidable rising opponent of Ethereum.
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