![]() ![]() According to the Electric Capital Developer Report (2021), more than 20% of new Web 3 developers joined Ethereum. Yet, developers are still very much attracted to the Ethereum network. The network’s notoriously high gas fees have been coined as the culprit for the shift in sales. ![]() Read more: What are NFTs and How do They Work?Ĭurrently, Ethereum is the most popular choice for minting NFTs but for how long? Ethereum’s NFT market share fell from 95% to 80% in early 2021. But the most popular use case has been non-fungible tokens otherwise known as NFTs. And so, in 2015, the smart contract was born with Ethereum as its vehicle and ether (ETH) as its fuel.Įthereum opened up a whole new world of blockchain use case possibilities, from finance to gaming, identity management, decentralized autonomous organizations (DAOs), and supply chain management. In the Ethereum Whitepaper published in 2014, Buterin envisaged a blockchain that would give developers complete freedom to build any application they wished upon it. The Ethereum blockchain was conceived by programmer Vitalik Buterin. The incentive program offers up to $5m in BNB to be paid back to developers in proportion to the gas used for their contracts. The second smart move was to introduce the Binance Smart Chain BUIDL Reward Program to encourage builders to create dApps on the BSC platform. This makes it easier for developers to import their projects from Ethereum (should they need to bypass Ethereum’s congested network), and allow users to easily configure applications like crypto wallets to work with BSC. Users can easily transfer their assets from one to the other, easily trade BSC assets on multiple exchanges, and use them in a wide range of DApps.īSC also made a couple of smart moves early on, firstly with design- BSC is compatible with the Ethereum Virtual Machine (EVM), meaning it supports Ethereum tools and DApps. ![]() The cross-chain compatibility between BSC and BNB Beacon Chain provides users with a larger and more complete ecosystem. BSC was a way to add smart contract functionality to the Binance ecosystem without causing the inevitable congestion and impact on network throughput.īSC is an independent blockchain (rather than a layer 2 or off-chain scalability solution), which means that if BNB Beacon Chain were to go offline for any reason, BSC would continue to run. Now we have all the name changes out of the way.īNB Beacon Chain (formerly Binance Chain) was launched in 2019 to facilitate fast, decentralized trading but it has limited flexibility and scalability. The newly named BNB Smart Chain was created to run in parallel with the Binance Chain (now BNB Beacon Chain) and is powered by the token BNB.Įven the token has been given a makeover- the BNB coin was formerly known as Binance Coin but has been renamed “Build and Build” but keeps the same acronym. It first started life as “Binance Smart Chain” but in the beginning of 2022 it had a label overhaul to distance itself from the Binance exchange. Considering how young BSC is, it is proving itself as a worthy contender against a more developed and mature ecosystem.īNB Smart Chain is a relatively new blockchain designed for developing high-performance decentralized applications. As a concept, Ethereum was introduced in 2013 and the blockchain launched in 2015. That said, Ethereum is far from perfect and BSC is a direct attempt at addressing its imperfections- its volatile gas fees being the main issue for Ethereum users.Īlthough BSC’ numbers may pale in comparison to Ethereum’s, it’s important to remember just how new BSC is. Even though a number of blockchains have sprouted up around it, BSC being just one of them, Ethereum still dominates the dApp and smart contract market. On the surface it appears like a blockchain version of David and Goliath.Įthereum rose to fame by being the first to champion the use of smart contracts, an innovation that propelled blockchain’s use beyond mere cryptocurrency. According to State of the Dapps, Ethereum hosts almost 3000 dApps while BNB Smart Chain hosts just 211.
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