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2021-09-18 06:28:51

Why Projects Are Switching to the Binance Smart Chain

Despite the popularity of the Ethereum blockchain, several developers believe the blockchain network is slowly becoming outdated as more and more projects shift their bases to alternative blockchain networks. What caused this gradual shift was Ethereum’s slow transaction rate and high gas fees. The slow transactions and high gas fees of the Ethereum Network were caused by network congestion. Ethereum Network works on a Proof of Work protocol and is slowly moving towards Proof of Work protocol. The current algorithm, however, is not capable of handling the present number of transactions coming its way. As a result, transactions remain pending, and the transaction speed decreases while gas fees increase. Luckily, the crypto ecosystem is a safe haven for advancements and innovation. Binance, which started as a crypto exchange, developed its own blockchain, Binance Smart Chain, that has quickly become the go-to blockchain network for developers. Binance Smart Chain, the Fastest Growing Blockchain Binance Smart Chain was launched in September 2020 and now hosts several projects and is quickly growing to become the biggest blockchain network. It is designed to run parallel to the existing and native Binance Blockchain. These simultaneously running blockchains help bring smart contract functionality to the network without compromising the speed of the mainnet. Binance Smart Chain was developed explicitly to solve Ethereum’s rising ga...

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