{"id":40563,"date":"2021-04-12T11:15:40","date_gmt":"2021-04-12T08:15:40","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=40563"},"modified":"2025-08-30T14:45:38","modified_gmt":"2025-08-30T11:45:38","slug":"opinion-binance-smart-chain-a-centralized-ethereum-fork-nothing-more","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/opinion-binance-smart-chain-a-centralized-ethereum-fork-nothing-more\/","title":{"rendered":"Opinion: Binance Smart Chain \u2014 a centralized Ethereum fork, nothing more"},"content":{"rendered":"<p>The advantages of Binance Smart Chain (BSC) over the Ethereum blockchain are explained by the &#8216;magic of centralization&#8217;, not by technological innovations. This was stated by Messari analyst Ryan Watkins.<\/p>\n<blockquote class=\"twitter-tweet\" data-conversation=\"none\">\n<p lang=\"en\" dir=\"ltr\">The reason why BSC is faster and more scalable is not because of some magical technological innovation. <\/p>\n<p>No, it\u2019s instead the magic of centralization. <\/p>\n<p>BSC is an Ethereum fork with a centralized validator set.<\/p>\n<p>That\u2019s it. Nothing more. <a href=\"https:\/\/t.co\/dAeWsdolg6\">https:\/\/t.co\/dAeWsdolg6<\/a><\/p>\n<p>\u2014 Ryan Watkins (@RyanWatkins_) <a href=\"https:\/\/twitter.com\/RyanWatkins_\/status\/1381421861859377153?ref_src=twsrc%5Etfw\">April 12, 2021<\/a><\/p>\n<\/blockquote>\n<p> <script async=\"\" src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>&#8220;BSC is an Ethereum fork with a centralized validator set. That&#8217;s it. Nothing more,&#8221; wrote Watkins.<\/p>\n<\/blockquote>\n<p>In his view, price action will lead people to believe anything. The analyst added that no rise in BNB or CAKE will change that &#8220;they are copycats&#8221;.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Every cycle people get hoodwinked by the latest centralized solution to all blockchains problems.<\/p>\n<p>Every cycle influencers pump these narratives so they can dump on na\u00efve retail traders when it\u2019s over.<\/p>\n<p>\u2014 Ryan Watkins (@RyanWatkins_) <a href=\"https:\/\/twitter.com\/RyanWatkins_\/status\/1381421867362320386?ref_src=twsrc%5Etfw\">April 12, 2021<\/a><\/p>\n<\/blockquote>\n<p> <script async=\"\" src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Retail investors are hoodwinked by &#8216;the latest centralized solution to all blockchain&#8217;s problems,&#8217; Watkins noted. In his view, when the cycle ends they will pay for it.<\/p>\n<blockquote class=\"twitter-tweet\" data-conversation=\"none\">\n<p lang=\"en\" dir=\"ltr\">Every cycle people get hoodwinked by the latest centralized solution to all blockchains problems.<\/p>\n<p>Every cycle influencers pump these narratives so they can dump on na\u00efve retail traders when it\u2019s over.<\/p>\n<p>\u2014 Ryan Watkins (@RyanWatkins_) <a href=\"https:\/\/twitter.com\/RyanWatkins_\/status\/1381421867362320386?ref_src=twsrc%5Etfw\">April 12, 2021<\/a><\/p>\n<\/blockquote>\n<p> <script async=\"\" src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>His Messari colleague Wilson Withiam described Binance Smart Chain as more centralized than most platforms.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Some might overlook the influence Binance Chain has over Binance Smart Chain\u2019s validator set.<\/p>\n<p>BSC has 21 active validators, making it more centralized than most platforms.<\/p>\n<p>This validator set is determined daily by Binance Chain, a network managed by just 11 validators. <a href=\"https:\/\/t.co\/UeWDj0o1DY\">pic.twitter.com\/UeWDj0o1DY<\/a><\/p>\n<p>\u2014 Wilson Withiam (@WilsonWithiam) <a href=\"https:\/\/twitter.com\/WilsonWithiam\/status\/1381420702918664194?ref_src=twsrc%5Etfw\">April 12, 2021<\/a><\/p>\n<\/blockquote>\n<p> <script async=\"\" src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>As of writing, the total value locked (TVL) in projects on BSC stood at $31 billion, according to <a href=\"https:\/\/www.defistation.io\/\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">DeFi Station<\/a>.<\/p>\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"763\" height=\"562\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/555.png\" alt=\"Opinion: Binance Smart Chain \u2014 a centralized Ethereum fork, nothing more\" class=\"wp-image-131387\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/555.png 763w, https:\/\/u1f987.com\/wp-content\/uploads\/555-300x221.png 300w\" sizes=\"auto, (max-width: 763px) 100vw, 763px\" \/><figcaption>Data: DeFi Station.<\/figcaption><\/figure>\n<p>Over the last 14 days, Binance Coin (BNB) has risen by 110%. On Tuesday, 6 April, the token price hit a new high <a href=\"https:\/\/u1f987.com\/en\/news\/binance-coin-hits-new-high-above-400\">at the $400<\/a> mark. As of writing, BNB is trading at around $564, according to CoinGecko.<\/p>\n<p>Amid the rise of BNB, the market capitalization of the stablecoin Binance USD (BUSD) surpassed $5 billion.<\/p>\n<p>In April, TVL in the DeFi sector <a href=\"https:\/\/u1f987.com\/en\/news\/volume-of-assets-locked-in-defi-protocols-reaches-100-billion\">first surpassed $100 billion<\/a>.<\/p>\n<p>Follow ForkLog&#8217;s Bitcoin news in our <a href=\"\/\/telegram.me\/forklog\" target=\"\u201c_blank\u201d\" rel=\"\u201cnofollow\u201d noopener\">Telegram<\/a> \u2014 cryptocurrency news, prices and analysis.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The advantages of Binance Smart Chain (BSC) over the Ethereum blockchain are explained by the &#8216;magic of centralization&#8217;, not by technological innovations. This was stated by Messari analyst Ryan Watkins.<\/p>\n","protected":false},"author":1,"featured_media":40564,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1307,1093,1468,1138],"class_list":["post-40563","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-bnb-chain","tag-defi","tag-messari","tag-opinions"],"aioseo_notices":[],"amp_enabled":true,"views":"21","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/40563","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=40563"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/40563\/revisions"}],"predecessor-version":[{"id":40565,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/40563\/revisions\/40565"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/40564"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=40563"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=40563"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=40563"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}