Ethereum Competitor Revealed – Binance To Launch Smart Contract Platform

Ethereum was recently in the news when it’s been revealed that investors are buying lots of ETH lately.

It’s also worth noting that not too long ago, NewsBTC wrote that a simple market cycle fractal is suggesting that ETH is on the verge of a massive rally.

At the moment of writing this article, ETH is trading in the green, and the coin is priced at $174.39.

Binance expands its ecosystem

Binance launches a smart contract blockchain in order to expand its ecosystem.

Binance Smart Chain has been created to work in parallel with the existing Binance Chain, which is already up and running and powers Binance’s decentralized exchange.

This new standalone blockchain will have self-contained technical and business functions so that it can go on even is the Binance Chain stips working for a short period of time.

The new whitepaper revealed that the Binance Smart Chain blockchain is compatible with Ethereum and it’s expanding the blockchain ecosystem and allowing it to work with most Dapps. Another important thing worth mentioning is the fact that there are minimal or zero charges.

“To take advantage of the relatively mature applications and community, BSC [Binance Smart Chain] chooses to be compatible with the existing Ethereum mainnet…” according to official notes.

It’s been also revealed that “the implementation should leave room for BSC to catch up with further Ethereum upgrades.”

Check out the complete white paper.

A direct challenge to Ethereum

The online publication the Daily Hodl cites Messari researcher Wilson Withiam who said that this move is a direct challenge to ETH.

“Make no mistake; BSC is a clear competitor to Ethereum and, like EOS, one with seemingly endless financial support,” he said.

He continued and explained: “But money can’t always override network effects, so in the near term, BSC is a more credible threat to other emerging ETH Killers.”


Companies Mentioned

CoinMarketCap
CoinMarketCap

CoinMarketCap is a website that provides cryptocurrency market cap rankings, charts, and more. It was purchased by Binance for $400M in 2020.

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Andreas Townsend Author

I am a technical writer, author and blogger since 2005. An industry watcher that stays on top of the latest features, extremely passionate about finance news and everything related to crypto.

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