Will ETH 2.0 Kills BSC and Become Greener?
Its a race to the the safest and the cheapest smartchain
The Rise of NFTs really making ETH a rising star once again. After been on the second place for a very long time behind bitcoin, but at least in its recent rise following the DeFi and also the NFTs craze giving a chance for ETH to steal the spot light from Bitcoin.
But that is not without a hindrance, with the rise of ETH price so does its fee in each trade or transaction. In the DeFi or Dex the fee seems to be a rich guy playground. Not for ordinary people as its fee can cost a deep pocket.
A Strong Rivalry with Binance Smart Chain
With that problem most of crypto enthusiast is now shifting their attention into a more cheaper alternatives, and with that comes the ETH rivals Binance Smart Chain or BSC.
With the Binance Smartchain developer can execute several project in the DeFi World and also in the NFTs. Pancakeswap is one of the popular Dex in binance smartchain, its volume now almost the same as Uniswap Dex in ETH chain.
Not only offering almost the same application for smart-contracts, BSC also offering smaller fee. That might be understandable because its price is still quite low at the moment, but that will also might become a problem if the BSC price move above $1000.
ETH 2.0 Coming Soon
With the current POW algorithm used in ETH making it one of the dirty coin based on the energy consumption used in a single transaction or it has exceeded the use of an annual needs of electricity of a Country.
source That is not the case in the Binance Smart Chain, as they are using Proof of Stake Authority where there are 25 validator needed to run the chain. And each validator must stake a certain amount of the coin and also a several other complicated terms to be eligible as the validator. This has reduce a lot of energy consumption because the whole network are validated by those validators only not with most of the miner in the POW algorithm.
The latest Sigma Prime a blockchain security provider manage to make the first transaction using the only Proof Of Stake Validator. Another leap in the merging of the POW algorithm of ETH 1.0 into the POS algorithm ETH 2.0. With this kind of algorithm its expected to reduce almost 99.98% in the energy consumption in the ETH Transaction.
source The process is still long way to go before it will definitely launched. The Cheaper and Greener ETH is still ongoing development. But will it finally manage to kills Binance Smart Chain, or most of the developer has moved its project into Binance long before the ETH 2.0 really deployed.
How would this affect the overall crypto industry, especially those miners with a lot of mining rig? So for now, I will definitely choose the cheaper Binance Smart Chain. what about you?
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