BNB Chain vs Ethereum: How Do They Compare? – BSC NEWS

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BNB Chain vs Ethereum: How Do They Compare? – BSC NEWS

Important distinction between BNB chain and Ethereum – the two most popular and utilized ones in the crypto space.
BNB chain and Ethereum are the two most popular and utilized blockchains in crypto. However, they have distinctions that not many people know about. Understanding these distinctions could make a crypto investor’s journey much easier.
The BNB chain network harbors two chains: the Binance Smart Chain network (BSC) and the Binance Beacon Chain network. There are many distinctions between the two networks and one is that the BSC network uses the BEP-20 token standard while the BNB Beacon chain uses the BEP-2 token standard. The Binance Smart Chain network was renamed BNB Chain at the beginning of the year to distance itself from the Binance exchange.
Now that the naming of the networks is clear enough let's look into their prospects. BNB Beacon chain, formerly known as Binance Chain, was developed in 2019 to facilitate decentralized trading and host BNB tokens. However, it has limited flexibility and scalability, which necessitated the Binance Smart Chain network’s development.
The BNB chain was developed as a way to introduce smart contracts similar to the Ethereum network – without causing congestion in the Binance ecosystem. It was built independently from the influence of the BNB Beacon Chain, meaning that it would still run even if the latter was compromised. It also has other perks, like its compatibility with Ethereum Virtual Machine (EVM), which allows developers to use Ethereum tools and build DApps.
The BNB Chain also has an incentive known as the Binance Smart Chain Build Reward Program. This program is there to encourage developers to come up with new solutions. It offers up to $5M in BNB to be paid back to developers in proportion to the gas fees paid for their contracts.
Ethereum was built by its core developer/founder Vitalik Buterin. He started by publishing its white paper in 2014. He envisaged a blockchain network that would allow developers to develop any program they wished. Therefore, he developed the Ethereum network and the Ethereum Token as the fuel to the network.
His innovation is the one that brought smart contracts and layer 2 solutions to the crypto sector. This qualifies Vitalik to earn the title – ‘father of DeFi.’ Ethereum then opened up the world of possibilities to the crypto space as projects like DAOs (Decentralized Autonomous Organizations) got birthed.
Ethereum has grown to be the first choice of DApp developers due to having a large pool of tools. One of the reasons why developers choose to build on Ethereum is solidity, the program used to develop Ethereum smart contracts. The network has other debuggers, unit test frameworks, and coverage tools.
Both Ethereum and BNB Chain networks have native tokens used to power them. These tokens are used for different purposes in the chains, the most common being paying gas fees.
Binance Token (BNB) was created as an ERC-20 token to help raise money for the development of the Binance crypto exchange. The token was later migrated to Binance Beacon Chain after it was developed. Then, it became the native token of the Binance Beacon Chain.
The coin is also supported by the BNB Chain for core roles like paying gas fees, making it a native token of the network. Now developers can use the token to pay network fees or create new tokens. Users can also use it on BNB chain DApps.
The Ethereum network has a token known as Ether (ETH). The token is primarily used to pay fees on the network. It is also the second largest coin in the world by Market Capitalization. This shows that it is one of the most trusted crypto assets in the market at the moment. Developers also use it when building their DApps and tokens on the Ethereum network.
The coin’s value has been surging in the past years and rivaling Bitcoin. The coin seemed to be building on the shortcomings of Bitcoin. It introduced smart contracts and now it is transitioning from a Proof-of-work mechanism to Proof-of-Stake. That transition will make the Ethereum chain more efficient and faster.
Despite being the newer blockchain, the BNB chain always tops Ethereum in the number of daily active addresses. While this metric can be argued against since BNB Chain has an advantage in that every Binance user gets a unique address on the network. It is more helpful to compare the number of transactions handled by each blockchain.
For instance, as of January 2022, the BNB chain had a total volume of 10.4M active addresses, while Ethereum had a total of 5.44M. That's almost half the traffic handled by BNB Chain. Comparing the highest number of transactions handled by each network, BNB Chain recorded a high of 16,262,505 transactions on Nov. 25, 2021. Ethereum network posted its record high number of transactions ( 1,716,600) on May 9, 2021.
On Sept. 8, 2022, BNB Chain had 1,047,751 active addresses against 475,808 posted by Ethereum on the same day. These results reflect a similar division as the networks' All Time High records show.
BNB Chain has much higher usage than Ethereum, even during a dip. These results remain consistent, although Ethereum’s value is surging as the upcoming Merge nears.
The other reason BNB Chain may have significantly higher addresses is that it is generally faster and has lower fee rates. Also, it has its versions of tokens originally developed for the Ethereum network. For instance, Shiba Inu, one of the most popular meme coins, was originally developed as an ERC-20 token.
However, a BEP-20 token of the coin was also made. Many investors may settle for the BEP-20 version due to lower transaction fees.
BNB Chain uses BEP standards (Binance Evolution Proposal), while Ethereum uses ERC standards (Ethereum Request for Comments).
Both standards are blueprints for developing smart contracts that run on their respective networks. BEP-20 standards have a similar architecture to the ERC-20 standards. The pioneer in smart contracts was ERC-20 which is why most other standards take after it.
The BEP-20 standard is fully compatible with ERC-20 and gives BNB Chain developers similar flexibility that they enjoy on the ERC-20 standard. However, the advantage that BEP-20 has is that it is interoperable with the BEP-2 standard used for BNB Beacon Chain. That means the contracts on the two networks can communicate with ease.
ERC-20 standards were introduced in 2015 and are the most common Ethereum standard currently being used. It is mostly used for the creation of fungible tokens on the network. This standard has earned a name in the crypto space for introducing smart contracts.
A consensus mechanism refers to the mode through which a network’s nodes reach a consensus on the data submitted to a block. There are several ways through which a blockchain reaches consensus, including Proof-of-Work (PoW), Proof-of-Stake (PoS), and Proof-of-Authority (PoA).
BNB Chain uses a hybrid consensus mechanism called Proof-of-Staked-Authority (PoSA). This mechanism adopts some popular attributes of the PoS, like stakers being the validators of the transactions on the network. However, the number of validators in the BNB Chain is limited. It supports 41 validators, unlike Ethereum, which currently has over 70K.
The network’s validators are selected from a set built on the BNB Beacon Chain and the basis of the top BNB token stakers. They are then propagated daily to the BNB Chain through cross-chain communication.
This hybrid consensus mechanism was chosen for the BNB Chain to enhance shorter block times and lower transaction costs. However, its shortcoming is that it compromises the decentralization of the network.
Ethereum was previously developed to work on a PoW consensus mechanism. However, it is in a transitional stage to Proof-of-Stake, which is a few days away. However, since it is still using PoW largely. We will cover both consensus mechanisms and how they function for the network. The first one is the current PoW mechanism.
This mechanism involves solving of Block hash for it to be included in the blockchain. The node that solves the hash correctly and first becomes the one to receive the reward from the transaction fees. That node must also prove to the verifiers that it expended a given amount of work in solving the hash of the block.
This process is messy, lengthy, and inefficient. It made Ethereum perform poorly against other networks. For these reasons the Ethereum Community decided to propose and develop the PoS mechanism. The incoming PoS mechanism will allow key Stakers to validate the network’s transactions instead of competing like miners in the PoW mechanism.
It is expected to increase the network's speed by around 10% after it goes live for the first time. Although many network users will not feel the difference in the speed of the network, the validators will benefit from a 99% reduced power usage. That means the efficiency will be much higher.
The transaction speed, gas fees, and efficiency of the networks rely on the consensus mechanism and scalability. They always seem to be affected by the same aspects and yield similar results, which is why we will cover them together.
BNB Chain is built on a faster PoSA consensus mechanism, making it more efficient as its verification process is more straightforward than other mechanisms. That gives it an edge over Ethereum, which is often affected by congestion due to slow transaction speeds.
BNB Chain’s PoSA takes 3 seconds to verify a transaction, much higher than Ethereum’s 13-15 seconds on the PoW consensus mechanism. The upcoming PoS mechanism will also make Ethereum complete the transactions at around 10 seconds which is still much lower than BNB Chain.
Currently, BNB Chain is more efficient than Ethereum, given that it uses a PoSA mechanism that does not need heavy mining equipment. That means the power usage per transaction is much lower than Ethereum. Carbon footprint is also much lower, making it is the more efficient choice between the two networks.
The Ethereum network currently relies on the PoW mechanism where miners need to compete in verifying a transaction. That means a lot of energy gets wasted by the miners who start a verification process but are beaten by faster ones.
The mining rigs used for the process also consume a lot of electricity. Comparing the resources used in running the network and its output, Ethereum lags behind in efficiency. Transaction speeds are much lower than BNB Chain.
However, things are about to get better for Ethereum as developers take steps to improve its efficiency. Founder Vitalik Buterin said that developers are working tirelessly to make the network more efficient and faster.
Scalability in cryptocurrency is the ability of a network to handle user growth and process a large number of transactions in a limited amount of time. A network must always increase its throughput without sacrificing either decentralization or security.
This is one of the issues with the Ethereum network at the moment. It cannot handle too many transactions per second due to network congestion. The network’s gas fees and transaction speed are significantly affected.
Currently, the network is operating at under 50 TPS but with a target of hitting 100K TPS once it transitions to Ethereum 2.0. These numbers are much lower than BNB Chain’s 300 TPs.
BNB Chain and Ethereum networks both have pros and cons in their favor. However, looking deeper into the chains is advisable when you want specific results. If you are a developer you should research more on development costs and expected returns.
If you are an investor, focus your research on transaction costs, efficiency, and time taken to complete the transactions. Additionally learn how to DYOR before investing in the crypto space.
The eight stars will head into the new year with momentum behind the exposure from BNB Chain.
BNB Chain announced the eight December Monthly Stars. The list of eight features projects about metaverse, GameFi, and more.
The largest active blockchain in the world detailed the eight projects in a Dec. 14 blog post from Christopher Duggan and promised an in-depth article about each. The exposure in the final month of the year should help boost the exposure of each project heading into the new year.
Here is the list of eight December Stars:
Website | Twitter | Discord | Telegram | Medium |
Website | Twitter | Discord | Medium | YouTube |
Website | Twitter | Telegram |
Website | Twitter | Medium | Discord |
Website | Twitter | Discord | Medium | GitHub |
Website | Twitter | Discord |
Website | Twitter | Discord | Telegram |
Website | Twitter | Discord | Telegram | YouTube |
The core contributor to the Floki Inu project reminds everyone on Crypto Twitter how important it is to do your own research.
In an over 20-part thread, user B Da Viking gave a levelheaded review of the recent Binance FUD.
B Da Viking, a core contributor to Floki, took to Twitter on December 17 to tackle the growing misinformation surrounding Binance. Using simple facts and observation, B hit the nail on the head and wiped away the FUD with ease.
B’s thread tackles the multitude of dynamics at play amongst the FUD. The answers are not always simple, but simply connecting certain dots can help shine a light on different motivating factors on both sides of the argument.s
B’s thread delved into four topics:
B’s thread caught so much attention it was liked nearly 4,000 times and was retweeted by both the accounts of CZ and Binance.
Read the full thread here:
Is Binance insolvent? Four critical facts about the current #Binance FUD

This 🧵looks at:

1. The Mazars FUD.
2. Claims of a Binance bank run/insolvency.
3. @CZ_Binance’s $2.1 billion FTT statement on CNBC.
4. BUSD.

These seem to be the major FUD angles. So what are the facts?
Floki began with a tweet from Elon Musk. When the billionaire announced he would name his Shiba Inu puppy Floki, it created a deluge of ‘Floki’ dogcoins. The most successful of these is Floki. Floki is currently the third most popular meme token on the market, behind Dogecoin and Shiba Inu. It is backed by a community of committed enthusiasts and a strong marketing campaign.
Website | Twitter | Telegram | Discord
Smart contract oracle network Chainlink extends to the Australian Open metaverse, Ethereum NFTs, Arbitrum and staking by T-Systems MMS.
Dominant smart contract oracle network Chainlink was on the march this week, announcing partnerships with major brands in Web3 and traditional spaces.
In this week’s roundup:
AO Metaverse, the official metaverse of the Australian Open, is integrating Chainlink VRF to ensure fairness for its AO Artball Non-Fungible Tokens (NFTs) contest. The Australian Open is one of the four Grand Slam tennis tournaments.
Collab serve 🏓
It’s time to bring the gang back together! We’re integrating @Chainlink VRF in our 2023 reveal process
Each AO Artball NFT is linked to a plot on the Australian Open tennis court. If a winning shot lands on that plot, the NFT is updated with cool features. In addition to assigning plots randomly to the 9,230 existing AO Artball NFTs from 2022, artwork will be assigned randomly to the new batch of 2,454 NFTs for 2023.
Chainlink NFT Price Feeds are now live on Ethereum mainnet, initially supporting the following collections: Azuki Official, Bored Ape Yacht Club, CloneX, Cool Cats, CrypToadz, CryptoPunks, Doodles, Mutant Apes, Vee Friends and World of Women.
Created in collaboration with @CoinbaseCloud, #Chainlink NFT Floor Price Feeds are ushering in a new era of #NFT finance.

Feeds for 10 leading NFT collections are now available for general access on #Ethereum mainnet.

Everything you need to know ⬇️
Chainlink NFT Floor Price Feeds were created in collaboration with Coinbase Cloud. They provide Web3 developers with a secure, reliable and accurate floor price feed for leading NFT collections, unlocking potential for new Decentralized Applications (dApps), Decentralized Finance (DeFi) protocols and tokens.
Chainlink Automation has gone live on the Arbitrum layer-two blockchain, and is being integrated by dApps including COTI and Armadillo, Cask, and DeFiEdge.
#Chainlink Automation is live on @arbitrum mainnet.#Arbitrum developers can now build fully automated #dApps that are decentralized end to end.

Learn how reliable, high-performance smart contract automation can benefit your Arbitrum dApp ⬇️
Chainlink Price Feeds first went live on Arbitrum in August 2021, according to a news release.
IT service and consulting firm T-Systems MMS is participating in the new $LINK staking program.
#Chainlink node operator @TSystems_MMS is participating in #Chainlink Staking.

Discover why @mms_blockchain anticipates the increasing adoption of blockchain technology and how participating in Staking helps support the #Web3 economy ⬇️
A subsidiary of global telecom giant Deutsche Telekom, T-Systems MMS has been a Chainlink node operator since June 2020, according to a post on the company’s blog.
In addition to continuing as a node operator, T-Systems MMS will be staking LINK tokens during Chainlink Staking v0.1.
Last four weekly Chainlink Roundups:
Chainlink is the industry standard for building, accessing, and selling oracle services needed to power hybrid smart contracts on any blockchain. Chainlink oracle networks provide smart contracts with a way to reliably connect to any external API and leverage secure off-chain computations for enabling feature-rich applications. Chainlink currently secures tens of billions of dollars across DeFi, insurance, gaming, and other major industries and offers global enterprises and leading data providers a universal gateway to all blockchains.
Website | Twitter | Docs | Community
Staked BNB continues to climb despite price fall.
BNB Chain’s validator staking has eclipsed 21 million once again, despite the recent fall in BNB price. The total price value of the staked BNB is roughly $5.2 billion.
The amount of staked BNB tokens first rose above 21 million in late November but fell in early December. The 21 million staked as of December 2022 is a 700% increase from last year. The more staked tokens there are, the more decentralization the chain’s consensus has, and thus more security.
As tweeted by notable personality V_bnbchain in a short thread on Dec. 17, the increase in validator staking gives builders more ability to focus on other priorities.
The team is designing *another* big chunk of BNB ecosystem, which is beyond the current functions of Beacon Chain and Smart Chain but still integrated with them and expands the utility of BNB. I am looking forward to 2023. 3/4
Previously known as the Binance Smart Chain (BSC), BNB Chain is a community-driven, decentralized, and censorship-resistant blockchain that is powered by Binance. It consists of BNB Beacon Chain and BNB Smart Chain, EVM compatible and facilitating a multi-chain ecosystem. Through the concept of MetaFI, BNB Chain aims to build the infrastructure to power the world’s parallel virtual ecosystem.
Website | Twitter | Discord | Telegram | GitHub |
Core DAO aims to align with Bitcoin miners long-term to find mutual incentivization.
The Core DAO team confirmed the long-term vision of the project to remain aligned ahead of the much-hyped mainnet launch. The Core DAO's long-term vision is to grow its ecosystem and develop a symbiotic relationship with Bitcoin miners.
In a blog post from December 15, the Core DAO team assured users that everything from audits to testnet activity is squared away for the mainnet launch. Most importantly, the Satoshi Plus consensus mechanism is ready to be completely launched along with the mainnet. The blog confirmed that Core DAO is ready to synchronize with Bitcoin miners to take advantage of the delegated hash power capabilities from Satoshi Plus.
The Bitcoin mining community can use the Core DAO Satoshi Plus consensus to boost rewards and diversity incentivization. The Core DAO team confirmed that Satoshi Plus should strengthen the more miners who join.
So far, the testnet has also shown strength in numbers:
The mainnet was also recently audited by CertiK. It is expected to launch imminently, but no date has been confirmed.
Core DAO is the official decentralized organization developing the Satoshi Plus ecosystem. It represents an opportunity for miners to access new revenue streams by contributing hash power to the chain. Inspired by the principles of both blockchains, Core displays a deep appreciation for the history of the crypto ecosystem paired with an even greater excitement for Core’s role in its future.
Website | Docs | Twitter | Discord
Buy Crypto with a bank transfer, credit or debit card, P2P exchange, and more. Not investment advice. All trading risk. Terms apply.
Buy Crypto with a bank transfer, credit or debit card, P2P exchange, and more. Not investment advice. All trading risk. Terms apply.
Buy Crypto with a bank transfer, credit or debit card, P2P exchange, and more. Not investment advice. All trading risk. Terms apply.
Buy Crypto with a bank transfer, credit or debit card, P2P exchange, and more. Not investment advice. All trading risk. Terms apply.


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