Binance's Smart Chain Blockchain Volumes
The crypto-currency trading Binance Smart Chain allegedly accounted for 21% of the Ethereum transaction value.
The number of transactions on the Smart Chain Binance is roughly 21 percent of the Ethereum transactions number, according to a tweet of Binance CEO Changpeng "CZ" Zhao. Despite the recent unveiling of the new blockchain, it was possible in the sphere of decentralized finance (DeFi) to gain a foothold on Ethereum.
At the same time, the CEO noted that the Commission is 0.6% of transactions on the Ethereum network. It turned out that transactions in the BSC network are 35 times cheaper than transactions in the ETH network.
Yesterday, #BinanceSmartChain handled roughly 21% of transactions compared #ETH, while only charging 0.6% of the fees, making #BSC about 35x cheaper.Maybe this is bad for #BNB price (and nodes, for now), lol. But it’s good for users & developers. CZ Binance @cz_binance
Zhao continued by claiming that BNB's market capitalization is one-tenth Ethereum's while providing a DEX blockchain, daily coin flares, and usage fee discounts on Binance.
What is Binance Smart Chain?
Binance Smart Network is a parallel Binance Network blockchain that helps you to create intelligent contracts and an offer process for BNB. Any person or association involved in the BNB can collect stakeholders to become a validator.
The BSC launch would dramatically expand the use of Binance Chain and BNB, an Ethereum Virtual Machine-compatible blockchain ready for test-driven operation by some of the top projects in the crypt-producing industry.
BSC builds an environment by implementing the trust process Proof of Staked Authority (PoSA), in which validators, token owner, developers and consumer all benefit from a rewarding blockchain providing high performance and sufficient potential for further development.
However, some experts question the safety of this approach in building a secure network. The lack of a proof-of-work mechanism in the BSC network can compromise the security of transactions, especially when it comes to Decentralized Finance (DeFi).