The decentralized technologies hold great promise to rewire modern financial systems, supply chains, creative industries, and even the Internet itself, in all of these ambitious goals need scaling is the problem (the storage technology needs throughput of up to millions of transactions per second (or higher), sub-second latency2, and capacity of petabytes or more Reference. The blockchain industry is growing daily, this time last year (2020), there is nothing called Binance Smart Chain, people in the crypto space are even confused about Binance Chain and Binance Smart Chain, these are two different protocol. You surprised? Relax!
Multichain The Way To Go
Ethereum blockchain is known for the deployment of smart contracts and been the number blockchain on this, with over a 1.324Million transaction in the last 24-hrs, you can imagine how many transactions on the network since its launched in 2015, congestion on its network is real causing high gas fee, delay in transaction execution, and scalability problem is the major problem in ethereum blockchain due to volume of transactions per second.
The beauty of blockchain technology is it potential to render solution (it's a determinant of factoring out the problem and work on the idea to solve it out through the development of decentralized application). Blockchain technology is wide and has a lot to offer this digital world.
Polkadot through Gavin Wood introduced an Interoperability (Multichain) protocol that capable of connecting multiple specialized chains into one universal network. In his discovery, the Polkadot ecosystem aims to disrupt Internet monopolies and empower individual users. Projects builts on the substrate (Polkadot): Edgeware, Darwinia, MoonBeam etc...
Having a clear understanding that there are multiple problems and there is no perfect protocol (blockchain) to solve them, it's important to have a solution that connects different chains together and thereby network to resolve the different problem within an ecosystem, no wonder binance the number one exchange is supporting Polkadot projects wth $10 million funds in December 2020.
Now, Binance!
The Decentralized Finance issues of the high gas fee set to receive a solution with the launch of Binance Smart Chain. Binance Smart Chain is taking the place of Ethereum blockchain in smart contract deployment has many ERC-based projects are swapping to BSC for resolution in other to keep there community and investors. Binance Smart Chain is 6-Month old and has shaken the blockchain industry with new interesting projects to become the third-largest chain with about 50,000 active wallets per day, surpassed only by TRON and Ethereum, which have around 68,000. As at the time of writing this, BSC has 83 DApps with Pancakes DApp climbing the second position in comparison with UniSwap volume of transaction which is certain, it will surpass UniSwap soon. Many exchanges are making use of the decentralized system and supporting multichain transaction for easy asset exchange transaction as crypto enthusiasts/developers are switching to the binance smart chain. IDEX is an example announcing her support for the binance smart chains on February 1st.
Basically, Binance smart chain is for the deployment of decentralized finance projects.
What is Binance Chain?
Binance Chain focuses on trading and was launched in April 2019 to enhance speed in a transaction in a decentralized model. With a clear understanding of what is happening in a decentralized system, Binance makes some choices regarding operations, but their chain is limit and running smart contract on that chain might result to congestion within the network, this was the introduction to the development of Binance Smart Chain. Binance chain is for fast trading in a decentralized model, while Binance smart chain is for the deployment of the smart contract.
In conclusion, blockchain technology will continue to grow and it takes a project will a great team to succeed and take the front line. Developers will always find a way to provide solutions but recognizing the best protocol that can stand the test of time is the major.