Binance Smart Chain vs Ethereum | Is This "THE" Ethereum Killer?

Binance vs Ethereum Consensus Mechanisms?

Binance has made huge strides in catching up with Ethereum in terms of the trading volume.

They also both have extremely similar applications built on top of them like decentralized exchanges and lending and borrowing platforms.

But they operate on two vastly different consensus mechanisms.

A consensus mechanism is a system that allows nodes or participants in a distributed computer system or blockchain to reach a "consensus" about the correct set of data or transactions.

This is what gives blockchain networks their security and allows the participants to verify the authenticity of transactions without needing to trust each other. (insert clip 2)

Different blockchains have different ways of forming this consensus.

Binance uses a method called Proof-of-Authority or PoA.

In PoA, the block creators are known as validators.

These validators, of which there are only 21, are pre-approved and chosen by Binance, as explained by Binance's own website.

To be approved, they must confirm their real identities, invest money to prove long-term commitment, and be equal to all other candidates, making PoA reputation-based by design.

In this model, Binance has absolute control over the blockchain.

They decide who becomes a validator and they remove validators at their discretion.

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