BSC (formerly Binance Smart Chain
Note: Data in this section last updated August 26th, 2022
Binance Smart Chain (“BSC”) is a standalone blockchain that was launched by Binance – the world’s largest cryptocurrency exchange – in late 2020 to provide smart contract capability that was not available on the original system.
The project leverages a monochain model that combines Delegated Proof-of-Stake with Proof-of-Authority to achieve consensus, achieving excepted speeds of up to 250 TPS with 3 second block times. Binance Smart Chain uses the existing BNB token and is EVM-Compatible.
There are over 1,000 dApps in the BSC ecosystem including:
BSC Ecosystem Overview
Binance Smart Chain has its share of supporters and detractors. Some of the more common praises and criticisms are listed below:
Although Binance Smart Chain spent most of the year as the undisputed #2 project to Ethereum, it has been steadily losing share to competitors and has recently fallen behind Tron in TVL. Perhaps even more worrisome, some critics argue that its centralization effectively disqualifies it from being classified as a true smart contract platform. Again, decentralization is the only attribute that makes blockchains disruptive, so a centralized chain is little more than an extremely inefficient copy of Visa.
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