Binance is a leading cryptocurrency exchange. The organization was founded by Changpeng Zhaou in 2017. According to its website it is the largest crypto exchange by volume. Binance Smart Chain or BSC is a blockchain which runs parallel to Binance Chain or BC. Binance Smart Chain continues its operation even if Binance Chain does not function. Binance Smart Chain was developed to counter the low flexibility aspect of Binance Chain.
BSC is proved to be a smart and low cost platform for cryptocurrency users and the active wallet users are surging exponentially. BSC is compatible with the Ethereum Virtual Machines.
BSC competing with Ethereum
Ethereum is a well established blockchain which is founded on the concept of decentralization. BSC was launched in September 2020. It is already a serious threat to Ethereum due to low fees for which it attracts more users and projects. Ethereum hosts over 2800 decentralized applications. BSC hosts 800 such applications within the first year of operation.
Binance has invested heavily to make BSC extremely competitive. BSC has established superiority over Ethereum in terms of lower cost of transaction and higher speed of transaction. Ethereum is decentralized as compared to BSC which is a significant advantage for Ethereum. BSC has just 21 validators. But Ethereum has over 11000 validators.
Transactions in BSC
Binance has announced that transactions on BSC have crossed over 1.5 billion. This is achieved within a span of 14 months. BSC also hit a milestone of 13 million daily transactions during this summer.