![]() Simply put, this means BSC is centered upon 21 validators who stake BNB in order to validate the BSC network.Īs such, this may be a layer-one (L1) smart contract platform, but it’s also extremely centralized with 21 validators compared to the 1,000s of validators that Eth2 will have. Specifically, the network uses a modified version of proof-of-stake (PoS) consensus known as a proof-of-staked-authority (PoSA) algorithm. Why Binance CeDeFi (oh god such a dumb term, cant believe I am using it) ecosystem exceeded my expectations and is it sustainable? Should I FOMO in now or just focus on other things? - □Fiskantes FebruWhat is Binance Smart Chain (BSC)īinance Smart Chain is Binance’s smart contract platform for decentralized apps (dapps). And we’ve been seeing more of these migrations lately as some apps have been trying to win over users with cheaper transaction fees.Ī non-trivial portion of this BSC activity has seemed spoofed recently, but there’s no question that Binance’s in-house smart contract platform has also been attracting unprecedented interest in this current crypto bull run amid the backdrop of acutely high ETH fees.Īll this said, let’s dive into what BSC is and what it can do so we can get a realistic idea of how to accurately consider it within the cryptoeconomy’s present conditions.ġ/ Since $BNB is now TOP 3, maybe its good time to post my reflections It’s a modified Ethereum fork and is thus compatible with the Ethereum Virtual Machine (EVM), meaning it can easily port over Ethereum apps and users. the fee paid for Ethereum transactions, a reality that’s boxed out many people from partaking in the Ethereum network lately.Įnter Binance Smart Chain (BSC). Yet this major demand has led to an acute spike in ETH gas prices, i.e. In every metric and every regard, Ethereum is totally dominating when it comes to attracting demand for decentralized apps, or dapps, at the moment.Ĭonsidering the Ethereum ecosystem’s extensive organic activity lately, this dominance is set to continue for the foreseeable future. This includes interacting with dapps.Ethereum is the unquestionable king of the hill when it comes to smart contracts right now. MATIC on Polygon is more useful if you want to make transactions on Polygon mainnet.ERC-20 MATIC on Ethereum is more useful for staking or delegation.However, as wallets generated by centralized exchanges are typically custodial, you would need to be able to obtain the wallet's private key through customer support routes - which might not be possible. Theoretically, these funds could be retrieved by importing that wallet's private key into another wallet, such as MetaMask. The exchange's wallet is unlikely to support Polygon, and will likely use Ethereum instead (with the ERC-20 MATIC token). Do not send this straight to the wallet you intend to use on Polygon - you may lose the tokens. Binance, Coinbase, Kraken), your ERC-20 MATIC will go straight into your exchange wallet. If you want to use these ERC-20 tokens on Polygon itself, you must use a bridge to swap your ERC-20 MATIC 1:1 for Polygon network MATIC (see below).įor example, when you buy on a centralized exchange (e.g. MATIC is commonly bought/traded on centralized and decentralized exchanges as an ERC-20 token, i.e., a token usable on Ethereum. The most important thing to remember when using Polygon is the form taken by its native token, MATIC. It also has a highly active ecosystem of dapps, including DeFi, gaming, and NFTs - all recorded here. In addition to the PoS, the Polygon team is also working on several layer 2 (L2) networks, which are in varying stages of development, and which you can find under the 'Solutions' tab on their homepage. This is a sidechain: its own network, distinct from Ethereum mainnet, although accessible via bridges (see Using bridges below). Founded as Matic Network in 2017, the project completed a rebrand in February 2021 to its current name, keeping the name of its token, MATIC, consistent throughout.įrom a user perspective, the main element of the Polygon project is likely to be the Polygon Proof of Stake (PoS) network. Recognizing that high demand for Ethereum mainnet has increased transaction fees and congestion, Polygon's solutions are intended to expand capacity and dramatically reduce transaction costs for users. ![]() ![]() In short, Polygon is a collection of tools and features which improve the scalability of Ethereum and connect EVM-compatible networks. Polygon styles itself as "Ethereum's internet of blockchains". Network name Polygon Mainnet Token MATIC RPC Chain ID 137 Block explorer Polygonscan Website polygon.technology
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