Binance Smart Chain
Binance Smart Chain (BSC) is an open-source smart contract-enabled blockchain launched in September 2020 by the Binance exchange[1]. It is a fork of Ethereum.[2]
Background[edit]
Due to increased transaction volume on the Ethereum blockchain in 2020, which resulted in higher transaction fees, BSC was one of the smart-contract chains that experienced growth in late 2020 and 2021.[3]
Criticism[edit]
Despite requiring lower transaction fees in comparison to Ethereum, BSC is often criticized by cryptocurrency experts and the blockchain community for its lack of decentralization[4], a desired feature for blockchains due to security advantages.[5]
References[edit]
- Yahoo! Finance - Binance Says ‘Rollback’ Not Possible After DeFi Exploits on Binance Smart Chain
- Wall Street Journal - DeFi Is Helping to Fuel the Crypto Market Boom—and Its Recent Volatility
- Forbes - Binance, World’s Largest Crypto Exchange, Aims To Disrupt NFTs With Its DeFi Playbook
- CNBC - Binance, the world’s largest cryptocurrency exchange, is launching an NFT marketplace
- New York Times - Wirecutter: The Best Two-Factor Authentication App
Citations[edit]
- ↑ "Binance Smart Chain Launches Today". Binance Blog. Retrieved 2021-06-13.
- ↑ binance-chain/bsc, binance-chain, 2021-06-13, retrieved 2021-06-13
- ↑ Conway, Luke. "Binance vs. Ethereum: What's the Difference?". The Street Crypto: Bitcoin and cryptocurrency news, advice, analysis and more. Retrieved 2021-06-13.
- ↑ "Controversial Dapps Test Binance Chain's Decentralization". CoinDesk. 2021-03-03. Retrieved 2021-06-13.
- ↑ Anderson, Mally (2019-02-07). "Exploring Decentralization: Blockchain Technology and Complex Coordination". Journal of Design and Science.
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