Binance Smart Chain Unlikely To Foster A Developer Ecosystem
Binance, the massive crypto exchange run by CZ, proposed Binance Smart Chain (BSC), an additional blockchain, separate from Binance Chain, that will enable programmability through smart contracts in hopes developers will build applications on this atop, while offloading throughput to Binance Chain.
The reasoning is clear, if Binance is able to attract developers to build viral applications, this can attract large consumer interest and bolster Binance’s ecosystem but also add another use case for BNB (native token), as it is used for staking. It would be naive to dismiss the resources Binance can put behind this initiative from a monetary perspective and a community one.
Binance Smart Chain is compatible with Ethereum, with the go-to-market being developers are able to port over their applications with ease (unlikely in practice) and benefit from lower fees (product of a more centralized chain). Binance Smart Chain is controlled by 21 nodes who stake BNB, implying it is not only more centralized versus Ethereum’s 1000’s of nodes and community led off chain governance, but CZ will likely reign control over the chain given his influence and his BNB stake. Binance Chain never decentralized, why would its new programmable sibling?
While a high profile launch,