As Binance supporters celebrate the highest performance of the Binance coin (BNB) in the first quarter of 2021, there is growing concern over the centrality of the Binance ecosystem.
On April 12, Messari researcher Ryan Watkins sought to centralize Binance smart chain auditors, saying, “In every turn, people are fooled by the latest central solutions to all blockchain problems.”
“Every influencer in the cycle influences these narratives, so they can challenge gullible retailers when it’s over.”
BSC uses the ProSA Staked Authority (PoSA) consensus, with 21 daily active auditors selected by Binance Chain – a network run by only 11 auditors. BSC auditors own BNB.
“It’s hard not to assume that every Binance chain auditor is somehow related to Binance,” Messaris Wilson Vityam suggested, adding, “all of them switch to create the blocks in a seemingly predetermined order. A mechanism for determining which one will produce the next block.”
Watkins sought to eliminate misconceptions about BSC performance by arguing that the speed advantages over the Ethereum backbone are a product of “central magic” rather than “technological innovation.”
BSC is an Ethereum fork with a central group of auditors. That’s all. nothing else “.
“If you truly believe that BSC has achieved excellence in smart contracts and want to become a global settlement team, then you are at your doorstep.”
However, Twitter user “Earoshthime” denied Watkins and others’ claim that BSC is nothing more than a Lego DeFi clone based on Ethereum, and describes transcription as an integral part of technological innovation.
When it comes to invention and innovation, copying a job is not a mistake. They said the transcription is a sign that something is worth learning, but it only takes a single symbol variation to improve it.
Mkt92z also responded in defense of BSC, describing Ethereum’s recent high fees and expansion difficulties as urging users to search for alternative protocols.
Messari’s P&L report released on April 9 for the first quarter of 2021 found that BNB was the most efficient cryptocurrency asset in the top ten by market cap, up 709% since the start of the year. The capitalization of BNB is now greater than that of the major banks UBS and Banco Santander.