Binance Smart Chain vs. Ethereum: Which Blockchain Holds The Key To The Future Of DeFi & Crypto World?

As the digital art world is increasingly embracing NFTs (non-fungible tokens) and the DApps ecosystem garnering more significant investments, especially in the digital art space, it is interesting to compare Binance Smart Chain vs. Ethereum. They might look similar superficially, but there are considerable differences between the Binance Smart Chain and Ethereum. It will be interesting to see which one gives more power to the hands of the NFT creators and the NFT buyers.

While Ethereum had a head start, the Binance Smart Chain has not been lagging too far either. The latter has been part of the Go Ethereum protocol, and hence the similarities. However, developers of BSC are rapidly making changes to make it even better, which is helping it stand out from an increasingly crowded space. It may not be long before Binance Smart Chain can stand on equal footing with Ethereum, especially seeing the rise of popular NFT marketplaces such as Quadrifolium. Quadrifolium has started gaining traction thanks to the showcase of its CryptoClovers being the first lucky tokens and the largest NFT collections on the planet. Indeed, Quadrifolium entered the NFT world with a completely new kind of token and great innovations such as lazy minting and a fair NFT royalty distribution between creators, minters and primary collectors.

Understanding Ethereum

Ethereum is a blockchain-based software platform used to support the cryptocurrency, whose market capitalization is second after Bitcoin. One can use Ethereum to send and receive tokens without the need for third-party authorization. It is made possible using blockchain’s native token, known as Ether.

The primary idea behind Ethereum is to hand back control of transactions to consumers with the help of blockchain technology. Ethereum developers aim to build applications with no central authority, thus democratizing the finance world. Moreover, it will also prevent any tampering of data by the creators themselves.

Understanding Binance Smart Chain

The Binance Smart Chain or BSC is a network built on blockchain to run smart contract-based applications. BSC runs in parallel to the native Binance Chain (BC). This arrangement allows users to work on two of the most popular platforms in the world of blockchains and cryptocurrencies.

However, there are other functionalities too that BSC provides to its consumers. It implements the EVM or Ethereum Virtual Machine, whose responsibility is to allow Ethereum-based applications. The idea behind developing BSC was to help developers create DApps or Decentralised Apps like Quadrifolium, the newest NFT social network that created a great environment for users to create, mint or buy NFTs with more features and less fees.

What Is The Difference Between Binance Smart Chain And Ethereum?

As mentioned previously, both Ethereum and Binance Smart Chain are similar to look at. BSC builds tokens and DApps that are Ethereum compatible, and the public wallet addresses are the same on both blockchains.

However, there are significant differences between Ethereum and BSC that let people decide which platform to use. The most prominent ones are listed below.

  • The Number Of Users And DApps: Ethereum is the older of the two. Hence, it commands a broader user base. Also, the number of DApps is way higher than BSC, which is relatively new. Therefore, the number of DApps on BSC is lower than that of Ethereum. However, in a short period, it has been able to garner a large audience.
  • Activity Profile: Ethereum is still the king of smart contracts with overwhelming demand, attracting many Decentralised Apps on its platform. At the same time, BSC is a favored place for NFT trade for many. Its low transaction fees, quicker turnaround time, and Ethereum compatibility allow users to switch from Ethereum to its platform.
  • Number Of Transactions: For Ethereum, the transactions per day have been hovering around 1,000,000. And in BSC, the per day transactions have grown to over 7,000,000 (as of writing this).

Detailed Comparison: Which Blockchain Comes Out As The Superior One?

While there are similarities, a detailed look will bring out some of the stark differences between the two platforms. A detailed comparison has been made relative to the number of DApps, the all-time high of active addresses, block time, mechanism of consensus, and transaction fee.

Some Popular Binance Smart Chain Based NFTs Marketplaces

There is indeed an explosion in demand for NFTs on Binance Smart Chain. The primary reason for such an event may be traced to its quick transaction times and low transaction fees. It makes BSC an attractive proposition for both users and developers. Below listed are some of the popular NFT marketplaces that are Binance Smart Chain based:

  • BakerySwap: BakerySwap is the all-in-one DeFi platform and a decentralized automated market-making (AMM) protocol on Binance Smart Chain(BSC) It has the usual marketplace that provides its users with a collection of art and other collectibles, usually furry crypto monsters. However, the feature that makes BakerySwap different from the others is the creation of NFT Bakery Combos. These NFTs are not merely collectibles; one can use them to farm BAKE, the platform’s token.
  • PancakeSwap: PancakeSwape is also an AMM and a decentralized exchange (DEX) based on Binance Smart Chain (BSC) with the farms in DeFi and a lottery for CAKE. Users trading on thePancakeSwap platform automatically draw liquidity from one or more liquidity pools available on the platform, it is then rebalance once the trade is completed.
  • Quadrifolium: However, when it comes to the front runner in this space, Quadrifolium takes the lead role. Quadrifolium is the first NFT social network built in 2021 by Tibere Pey redistributing royalties fairly. The network was constructed on the Binance Smart Chain for artists, minters and collectors, providing them with a secure environment to showcase their creations and reap their financial benefits. It is one of the most exciting projects on BSC mainly due to the showcase of CryptoClovers, the world’s most extensive digital art collection, numbering 999,999 lucky tokens that can be minted or primary bought to obtain royalties. Moreover, The latest update is that it has been awaiting evaluation by the Guinness World Records as the largest reservoir of digital collectibles.

Final Words

While Ethereum has reaped the benefits of being the first mover in the world of blockchain and cryptocurrencies, Binance Smart Chain is gradually overtaking it. And there are good reasons for it, as this article has amply illustrated. BSC has been at the forefront, with a robust NFT ecosystem, low transaction fees, and quicker block and transaction times. It is indeed a place for digital art creators and collectors since the consensus mechanism of PoSA or Proof of Staked Authority prevents any manipulation of proprietorship. Some of the most promising and popular NFTs (non-fungible tokens) such as CryptoClovers by Quadrifolium could be a prospective gold mine for crypto enthusiasts and investors. Quadrifolium is bound to grow due to its uniqueness, lucky tokens, royalty distribution for minters and primary buyers, and low fees.

References

--

--

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store