Connect with us

Binance Smart Chain (BSC)

Binance Smart Chain to Introduce Fee-Burning Mechanism

Published

on

First contributors are already not happy with possible upcoming changes

The BEP-95 update proposal has been introduced on public Binance Chain Github, which will introduce a real-time fee-burning mechanism just like the one that is being utilized now on the Ethereum chain. The main goal of the new mechanism inside the chain is to make BNB more valuable and speed up the burning process.

Two main goals of the mechanism are the speeding up of the burning process of BNB and further decentralization of BSC. The new update includes two mechanisms that will impact the network: the burning of the fixed fee that is currently being distributed to validators and a manageable burn ratio.

Advertisement

With the introduction of the burning mechanism for BSC, the process of the BNB burn will significantly increase, which will positively impact the intrinsic value of the coin. Previously, due to a deflationary effect, Ethereum’s price increased significantly in addition to an overall positive market structure.

BNB holders will be the ones to decide the redistribution of gas rewards on the network. The contributor expects validators and delegator rewards to decrease in BNB. But since the circulating supply might decrease significantly, the contributor expects to see a rise in USD value after the update.

Since there are no mining rewards inside the BSC network like those on the Bitcoin and Ethereum chains, the gas fee is being redistributed among validators. On the BSC network, the gas fee is collected from each validated block on the network and then distributed among two smart contracts.

Advertisement

If the network agrees to implement the update, the governable “burnRatio” parameter will be introduced to the network. At the end of each block, the validator will be able to invoke the deposit function, which will then initiate the burning mechanism. The burn of the coins will be achieved by transferring fees to the specified burn address.

News Source

Advertisement

Binance Smart Chain (BSC)

Binance Smart Chain Hits New ATH of 14.8M Daily Txn, CEO CZ Is Happy

Published

on

  • Binance Smart Chain (BSC) records a groundbreaking 14.8 million daily transactions in one day.
  • This represents the first time that BSC has attained such a huge number.
  • CEO Changpeng Zhao announced the news on Twitter.

This time is not just a tongue typing spell as Binance Smart Chain (BSC) hit a new record-breaking all-time high of over 14.8 million in its daily transactions in just a single day.

Since the launch of the BSC protocol, this time represents the first in its history that the BSC has gained such a huge flood of user-based transactions. Moreover, the current 14.8 million daily transactions somehow claim to be BSC’s ‘new normal’ for further progression.

Same as how we will jubilate if we are the owner of the Binance Smart Chain, CEO Changpeng Zhao is feeling blessed to see the BSC’s current performance and how the protocol is rapidly climbing new ATHs since its inception.

In fact, the BSC news has massively resurrected CZ’s crypto happiness which made him tweet directly at the discretion of his Twitter handle that “another day, another ATH for BSC. If you know, you know.”

Advertisement

In some way, this confirms how impossible it is to wake up a day without hearing a new crypto-related update from Binance — the top-ranking crypto exchange in the world. Also, the Binance Smart Chain team took the news to Twitter and gave congratulations to the whole BSC community for making it happen.

News Source

Advertisement
Continue Reading

Binance

Binance Smart Chain Targeted by Severe Criticism, Here’s Why

Published

on

An anonymous developer and cryptocurrency millionaire slams mainstream smart contracts platforms with seven points of criticism.

An anonymous blockchain expert who goes by @kaber2 on GitHub released a rage-filled analysis of the development and maintenance aspects of Binance Smart Chain.

“Rarely seen something handled so unprofessionally”

On Nov. 16, 2021, @kaber2 released seven points of criticism against popular smart contracts platform Binance Smart Chain.

Advertisement

First, there is no code review: patches are committed without proper descriptions. Thus, it is hard to find out which issues are being solved by this or that commit.

Then, the BSC development process lacks beta testing: new updates make things worse. The team pays zero attention to bug reports even when the same problem is reported by thousands of developers.

Advertisement

The critic dismissed the decision to disable peer-to-peer transaction broadcasts, as its implementation makes the entire network highly centralized.

Is centralization the worst thing about BSC?

Last but not least, @kaber2 slams the block size increase with reduced block time. All in all, he accused the team of the largest CEX of a “cash grab” approach:

Binance wanted a quick hack to make some money, but is not willing to expand even modest resources to make this thing actually work.

He/she revealed that there are 4,000 Binance Coins (BNB) in his/her bags, which is equal to roughly $2.35 million. However, the critic of BSC is considering liquidating his/her BNB holdings.

Advertisement

As covered by U.Today previously, @kaber2 is far from being alone in his/her views on Binance’s centralization.

Coinbase CEO Brian Armstrong and OKEx’s Jay Hao also accused the Binance team of centralization of its smart contracts environment.

News Source

Advertisement
Continue Reading

Binance Smart Chain (BSC)

Cryptodrop Launches $CDROP Token on the Binance Smart Chain

Published

on

Crypto Drop aspires to become the future of gaming

Crypto Drop, the new gaming platform, has announced the launch of its native token $CDROP on Binance Smart Chain. The platform plans to be the next future of gaming and a notable name on GameFi and BSC. 

$CDROP is a BEP-20 token designed to offer governance capabilities on the platform. It also introduces staking options for users, enabling passive income earning. 

Advertisement

Currently, the platform is putting forth directions for the $CDROP token sale where investors can expect daily settlements from their staking besides earning from the games. Furthermore, Crypto Drop is aiming to incentivise the process considerably and introduce more users to the platform.

Crypto Drop has stated that they plan to guarantee trust to avoid crypto dumps, as it has been common with new DeFi projects. The platform’s mission is to bring back faith to DeFi while creating more use cases for its coin.

Crypto Drop Utilises Blockchain Technology

Crypto Drop leverages blockchain technology to achieve decentralisation for its users. The team is keen on actualising blockchain’s perks to offer better security, speeds, low costs, and anonymity for its users.

Advertisement

The platform presents you with an option to play and bet on the next block hash while simultaneously still being able to stake. Incentives gained depend on the number of coins at stake—however, the platform has stated that they will be issuing out all payments in Binance Coin (BNB).

The game contains two options for the block hash game: the block hash game and the VIP game. In the block hash game, you can perform an on-chain wager between 0.01 BNB and 0.5 BNB. On the other hand, the VIP game allows you to wager between 0.1 BNB and 0.5 BNB.

The outcome is not easily predictable, ensuring the game is devoid of bias. Additionally, The blockchain leverages the Chainlink Verifiable Random Function for the VIP games. All in all, you can expect a fair outcome from your participation on the platform.

Advertisement

The Jackpot Program

Crypto Drop has a program that gives every user a chance to win a jackpot. The percentage of the profits can go up to 50% depending on the amount the user wagers on the block hash or the VIP game. Betting the maximum amount, which is 0.5 BNB, can give investors a chance at winning the 50% jackpot. Notably, part of the jackpot funds will be redirected to development, marketing, token burns, airdrops, within the Crypto Drop ecosystem.

Crypto Drop expects growth of the jackpot reserves as time goes by. It will ensure the safety of user funds and the reward distribution program by initiating smart contracts on its network.

Another essential aspect to note is that from the blockhash game, 10%, 40%, and 50% will go to the project’s expenses, jackpot, and stakers, respectively. As for the VIP game, the platform will use 10% of its proceeds to manage the project’s expenses. 30% each of the remaining will be distributed to the jackpot program, staking rewards, and the Chainlink VRF. 

Advertisement

News Source

Continue Reading