Binance Smart Chain (BSC) and why it’s known as the Ethereum slayer
BSC is best described as a new and improved blockchain that runs parallel to the traditional Binance Chain that was launched in 2019. The primary focus was to facilitate and expedite seamless and decentralized trading. BSC embraces and boasts smart contract compatibility and functionality with the Ethereum Virtual Machine. BSC is a stand alone independent blockchain that would be able to self function even if Binance chain is offline.
Due to the fact that BSC is Ethereum Virtual Machine friendly/compatible, it opens up a whole new dimension of potential new users and programmers to utilize with the support of Ethereum tools and Dapps. By doing this, developers are able to capitalize on the similar yet simple programming to port and/or expand projects over from the traditional Ethereum Chain. This allows users to connect certain popular applications like Metamask to the BSC seamlessly. BSC is able to achieve an astounding 3 second block time with a new and upgraded Proof of Stake Authority consensus model (POSA), where participants are given the opportunity to become validators/accountants when BNB is staked. When a proposed block is valid, stakers will receive transaction fees. Moreover, readers and users should take note that there is no block subsidy for freshly-minted BNB as BNB is non inflationary. The supply of BNB will deplete and decrease due to the face that Binance regularly conducts burning of coins.
The importance of this notion is to educate and encourage both existing and potential users to understand and embrace the BSC instead of using and continuing building Dapps on the Ethereum Virtual Machine. This article will show 2 key points which will substantiate why BSC is way better than EVM.
The 1st key difference to note is the transaction speed between BSC and ETH
BSC average block transaction speed is 3seconds, while ETH block transaction speed is 15seconds. BSC has a 5x advantage in this aspect.
The 2nd key difference to note is the price of gas fees that are charged by the 2 separate blockchains. Gas fees are also known as GWEI which is the constant measurement used to calculate gas fees. From the attached diagram below, BSC is 35x cheaper in terms of gas fees. This would mean that users will be able to enjoy cheaper and faster transaction fees and speed while earning yield rewards from liquidity pools and staking.