At its core, the Binance Smart Chain is an Ethereum copy that is much faster and cheaper than the original – and it’s onboarding millions of users at an eye-watering pace.
That being said, the Binance Smart Chain is not an exact replica of the Ethereum Blockchain. For example, the BSC uses an alternative to Ethereum’s Proof-of-Work consensus model called the Proof-of-Staked-Authority (PoSA) model. This PoSA model optimizes the network for low fees and high throughput.
- BSC handled roughly 21% of transactions compared to Ethereum Blockchain
- BSC charged 0.6% of the fees.
- With 0.6% charges, BSC becomes 35 times cheaper against Ethereum Blockchain
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