Former Monero Lead Dev Calls Binance Smart Chain a Drop-In Replacement for Ethereum, Here's Why

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Fri, 09/11/2020 - 14:13
Vladislav Sopov
Prominent developer and entrepreneur Riccardo Spagni (@fluffypony) is sure that Binance Chain (BNB) will replace Ethereum (ETH) as dApps hosting platform
Former Monero Lead Dev Calls Binance Smart Chain a Drop-In Replacement for Ethereum, Here's Why
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Riccardo Spagni indicated a striking difference between Binance Smart Chain and the rest of the "Ethereum killers." It may finish Ethereum's (ETH) dominance in the segments of decentralized applications (dApps) and decentralized financial instruments (DeFis).

Riccardo Spagni: "Sorry for your loss, Ethereum"

Binance Smart Chain, a native smart contract environment developed by Binance cryptocurrencies exchange ecosystem, has started to onboard decentralized applications (dApps). Its holistic compatibility with the Ethereum Virtual Machine will make Ethereum-based dApps migration seamless. Mr. Spagni admitted that this release brings some bad news for the second most liquid blockchain.

So 'Binance Smart Chain' launched, & it's basically a drop-in replacement for ETH. You point your wallet at their version of Infura, use their clone of Etherscan, & you keep your ETH address. A bunch of projects are already planning migrations. It has Binance money. sfyl, ETH.

He emphasized that Binance Smart Chain delivers an out-of-the-box infrastructure with transaction processing tools and explorers.

Thus, many Ether-based dApps teams disappointed by enormous Ethereum (ETH) fees may migrate to Binance Smart Chain soon. This process will be incentivized financially by what Mr. Spagni has called "Binance money."

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He also asked whether Ethereum (ETH) is able to offer dApps teams something besides the "world's highest fees." As covered by U.Today, in August, Ethereum's (ETH) average fee reached its all-time high due to DeFi euphoria accompanied by a spike in Ether-based Ponzi schemes.

What about Tron (TRX) and Polkadot (DOT)?

Mr. Spagni added that a possible exodus from Ethereum (ETH) is likely to benefit Binance Smart Chain more than any other blockchain.

While Tron (TRX) will not be able to hold its patented status of "Great Ethereum scale-off," Polkadot (DOT) can hardly compete with BSC. Some teams view it as a prospective hosting platform:

I understand the Polkadot and some other projects are planning / already have similarly easy migrations, although they don't have Binance money being thrown at them.

As U.Today reported immediately after the release of Binance Smart Chain's whitepaper, its compatibility with Ethereum (ETH) poses a huge threat to its supremacy in the decentralized applications segment.

About the author

Blockchain Analyst & Writer with scientific background. 5+ years in IT-analytics, 2+ years in blockchain.

Worked in independent analysis as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)