BNB Smart Chain vs. Ethereum: There is not much difference between the BNB Smart Chain (BSC) and Ethereum doesn’t look much different. In fact, both blockchains share several similarities, including the same public wallet addresses of the users.
Courtesy of BSC’s compatibility with the Ethereum Virtual Machine, the cross-chain projects have been operating across both networks. Indeed, there have been similarities between both networks and that’s what makes them compatible. However, their differences make a significant impact on the users and developers.
BNB Smart Chain vs Ethereum
BNB Smart Chain, prominently known as Binance Smart Chain, was first introduced to blockchain technology in 2020. Since then, the BNS Smart Chain has been pitted against Ethereum when it comes to the battle of blockchains.
On the other hand, Ethereum is one of the biggest and most popular blockchains in the world followed by the premier chain, Bitcoin. As per the State of the decentralized applications, Ethereum provides almost 3000 decentralized applications while the BNB Smart Chain has only 211.
It is pertinent to mention that Ethereum rose to its fame as it was the first one to master the use of smart contracts which turned out to be an innovation that led to the exploration of blockchain’s use beyond cryptocurrency. Although several blockchains have germinated around it and BSC was just one of them, Ethereum still took over the market of decentralized applications and smart contracts.
It is also worth mentioning that Ethereum is far away from being perfect because, as they say, no one is perfect. On the other side, BSC is an attempt to address its imperfections, however, its volatile gas fees have been the main issue for Ethereum users.
Although BSC’s numbers may vary in comparison to those of Ethereum, it is still important to always remember how new BSC has been. It may be recalled that Ethereum was introduced in 2013 while blockchain technology was launched in 2015. Indeed Ethereum has been in the business for a long time now, and considering the fact that BSC is young, it has proved itself as a worthy competitor against the much-developed and existing ecosystem.
About BNB Smart Chain
BNB Smart Chain has emerged as a relatively new blockchain that was initially designed for the development of high-performance decentralized applications.
Notably, it kicked off its venture as “Binance Smart Chain”, however, it was titled overhaul to restrict itself from the Binance exchange last year. The newly entitled BNB Smart Chain was created to process in parallel with the Binance Chain, which is now known as BNB Beacon Chain. It is powered by the token BNB.
Even though the token was being reformed, the BNB coin was earlier known as Binance Coin but, now, it has been renamed as “Build and Build”. However, it keeps the same abbreviation.
Names changed? All sorted? Should we move ahead? It seems you are all set. So, let’s go further and do more. BNB Beacon Chain, earlier known as Binance Chain, was launched in 2019 to provide fast, decentralized trading. However, it has restricted flexibility and scalability. BSC turned out to be a way to add the functionality of smart contracts to the Binance ecosystem and it doesn’t even cause the inevitable congestion and any kind of impact throughout the network.
BSC is also said to be an independent blockchain, instead of a layer 2 or off-chain scalability solution. It means that if BNB Beacon Chain would have to go offline for let’s say any reason, then BSC would continue to work. In simple words, BSC can work even after going offline. In the meanwhile, the cross-chain compatibility between the BSC and BNB Beacon Chain helps users with a huge and complete ecosystem where the users can easily transfer their assets, and trade BSC assets on multiple exchanges, besides using them in a wide range of decentralized applications.
Have you ever played Chess? Why Chess? Well, it’s just an example. In Chess, the person who keeps making good moves from the beginning has a brighter chance to win the game. Similarly, the BSC made some really smart moves in the initial stage. BSC is said to be compatible with the Ethereum Virtual Machine (EVM) which means it supports the Ethereum tools and decentralized applications.
This way, it becomes very easy for the developers to import their projects from the Ethereum network, in case they have to bypass Ethereum’s congested network. It allows its users to easily go through applications like crypto wallets in order to work with the BSC.
The other smart move by BSC was to bring on board the Binance Smart Chain BUIDL Reward Program that encourages the builders to create decentralized applications on the BSC platform. The BUIDL Reward Program program proposes up to $5m in BNB to be paid back to the developers in return for the amount of gas used for their contracts.
It is pertinent to mention that the Ethereum blockchain network was originated by the programmer Vitalik Buterin who forecasted a blockchain that would provide the developers with the complete freedom to create an application of their own wish. In 2015, the smart contract was created with the help of the Ethereum network as its vehicle and ether (ETH) as its fuel.
Ethereum created a lot of opportunities for the blockchain use case possibilities. Be it finance, gaming, identity management, decentralized autonomous organizations (DAOs), and supply chain management, the Ethereum network has turned out to be the best in business. In the meanwhile, the most popular use case of the Ethereum network has been the non-fungible tokens, which is also known as NFTs.
As of now, the Ethereum network is one of the most popular choices for making NFTs but the question is for how long? It may be recalled that the NFT market share fell down from 95 percent to 80 percent in early 2021. The network’s costly gas fees were cited as the culprit for the drastic change in sales.
Despite this fact, the developers have been attracted to the Ethereum network. As per 2021’s Electric Capital Developer Report, more than 20 percent of the new Web 3 developers have come on board Ethereum. The scripting possibility that Solidity provides is said to be one of the main reasons that the developers of decentralized applications choose Ethereum over other blockchains.
Ethereum has also been supporting tools, including the tutorials and developer tools like debuggers, unit test frameworks, and test coverage tools.
BNB Smart Chain vs. Ethereum
Despite being a newcomer, BSC has surpassed Ethereum at the top of the list with its unique active addresses. As per the report, the BNB Smart Chain (BSC) is having a volume of approximately 10.4 million unique active addresses while the Ethereum network has almost half that, at around 5.44 million.
Reportedly, the highest number of 16,262,505 transactions on November 25, 2021, was recorded on BSC while Ethereum recorded the highest number of 1,716,600 transactions on May 9, 2021.
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