What are the differences between Ethereum and the Binance Smart Chain (BSC)?
Competition is good for end-users.
Ethereum is the king because it enjoys the first-mover advantage.
Since its launch, Ethereum has been refining its system and is undoubtedly the leader of smart contracting.
Then the Binance Smart Chain (BSC) happened. As the name suggests, the BSC is a product of Binance—a centralized exchange.
Both BSC and Ethereum support smart contracts even though token standard diversity is denser in the latter, as would be expected.
At the same, most activity happens in Ethereum. This might, as aforementioned, to the unwillingness of developers to change camps despite BSC's compatibility with Ethereum.
However, amid the competition, the BSC is more scalable and can process more transactions per second. Accordingly, it is several times cheaper to transact in the BSC than Ethereum. As observed over the past few months, Gas remains sensitive, affecting how users interact with the base layer.
The BSC's scalability, some critics nonetheless observe, is at the expense of centralization. Most central validators of BSC under Binance, a concern for blockchain purists.