Messari analysts warn that the method of selecting Binance Smart Chain validators has centralized the protocol; 11 Binance Chain Validators In one-day intervals, select Binance Chain Validators.
to the the report Coin Telegraph As Bainance fans celebrate the rise of the Baines Quinn (BNB) in the digital currency chart in the first quarter of 2021, concerns are growing about the centralization of the Bainance ecosystem.
On Monday, Ryan Watkins, a survey researcher, criticized the centralization of China’s Bainance credentials, saying:
In every era, people are deceived with the latest centralized solution to all the problems of the Blockchain. Influential people pump such stories so that investors can remain ignorant after the noise is gone and the dump that these people have made!
Bainance Smart Chain uses the Proof-of-Staked Authority consensus method, which is a combination of the Proof of Stake and Proof of Authority methods.
The 21 active Bainance smart chain validators are selected daily by Bainance China, which in turn is managed by only 11 validators. Smart China Binance Creditors share BNB tokens.
Wilson Withiam, another Masari researcher, suggested:
It is difficult not to assume that every Chinese Binance validator is somehow connected to or associated with Binance, each in turn producing blocks in a seemingly predefined order. There seems to be no stock weight-based mechanism for determining the manufacturer of the next block.
Some may ignore the influence of Bainance China on the set of Bainance smart chain validators. Bainance Smart China has 21 active validators, which makes it more centralized than most platforms. This set of credentials is selected daily by Bainance China and the network itself is managed by only 11 validators.
Watkins is trying to correct common misconceptions about China’s Bainance Smart performance. He explained that the advantage of this network’s speed over Ethereum’s main network is the product of “magic of focus” and not “technological innovation”.
Bainance Smart China is an Ethereum fork with a centralized set of credentials. That is nothing else. If you really think that China’s Bainance Smart will excel in smart contracts and become a global settlement layer, you are sorely mistaken.
But a Twitter user named Earoshthime dismissed Watkins and others’ claim that China’s Bainance Smart was nothing more than an Ethereum-mounted defy toy, saying that copying was at the heart of technological innovation.
When it comes to invention and innovation, copying is a feature, not a problem. Copy indicates that something is worth examining, but only needs a different character to make it something better.
Another user, Maurice K Taylo, defended China’s Bainance Smart, saying that Ethereum’s high fees and scalability problems could lead users to look for alternative protocols.
According to Taylor:
Ethereum has to hurry and solve its scalability problem, which causes ridiculously heavy fees. These fees greatly empty people’s pockets. At some point, people think more about their money than their defense.
The orbital performance report for the first quarter of 2021, released on Friday, showed that Binance coin has the best performance among the top 10 cryptographic assets in terms of total market value. BNB has grown by 709% since the beginning of 2021. Its total market value is now higher than that of major banks such as UBS and Banco Santander.