Mar 29, 2021
The Binance Smart Chain is a fork of Ethereum. However, BSC transactions are much faster and cheaper than Ethereum. As a result, it is onboarding millions of users at an eye-watering pace. Brave New Coin’s Aditya Das joins Andy to answer the question - Is Binance Smart Chain an Ethereum killer?
Why you should listen:
The Binance Smart Chain is cheaper and faster than Ethereum by an order of magnitude. However, this speed comes at the cost of decentralization. Binance CEO CZ calls this ‘CeDeFi’ or Centralized DeFi, DeFi with training wheels.
Key takeaway:
As the Binance Smart Chain is a fork of Ethereum, it uses popular tools like MetaMask that any user who has experimented with Ethereum is likely to be familiar with. In addition, the BEP20 smart contract standard for issuing new tokens on BSC is similar to the ERC20 smart contract standard that was originally developed for Ethereum. As a fork of Ethereum, the BSC can also run the same smart contracts that Ethereum can. This has helped the network bootstrap quickly by forking popular existing Ethereum DeFi protocols. For example, Uniswap becomes PancakeSwap, Compound becomes Venus and Zapper becomes Yield Watch.
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