Daily Transactions - BSC vs Ethereum blockchain

in LeoFinancelast month

The number of transactions is becoming an issue fast on the Binance Smart Chain. In the last days, there were periods when it was impossible to put the transaction through.

Take a look at these two charts. They show the daily number of transactions for the last month on the two most popular blockchains.

Binance Smart Chain Daily Transactions Chart

Ethereum Daily Transactions Chart

10 million transactions daily on BSC versus a meager 1.7 million on Ethereum. BSC is five times more utilized and burdened.

Yes, BSC is a private chain with a company providing the nodes while Ethereun is a public chain. Can, from this point of view, BSC scale and adapt quicker and better?

This also shows that BSC is for the time being the most utilized, shall we say the best blockchain.

What is your opinion?

Please, do correct me if I got anything wrong here. thank you!

Better and better

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That is absolutely nuts! Amazing to see how much the chain has grown in such a short time. Really gets you thinking about the benefits of decentralization and makes you a bit worried about the centralized nature of BSC. Crazy numbers though.

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makes you a bit worried about the centralized nature of BSC

Yes, it's scary.

Yet, I am counting on Binance's greed factor. 10 M transactions are 10 M fees. Let's assume that the average fee is $0.30

10,000,000 x $0.30 = $3,000,000

3 million daily!

They are well incentivized to keep the chain and do everything to keep it functioning.

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Oh yeah, for sure. I use it myself. I will probably continue to. I just know in the back of my head, it isn't as ideal as some of the alternatives.

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I don't mind centralized as long as it works.

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In this case, centralized and owned by Binance. They are seen as good guys in this crypto jungle, I believe.

Recently they had a fair share of trouble - IRS investigations and BSC overload. Yet, always a decent and timely communication and a positive and no-nonsense approach. So far so good.

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Like many people I'm sure, I've definitely noticed transactions not going through in the past couple days. Obviously BSC is booming and with it some growing pains. We shall see how CZ handles this and what measures they take to improve the network, we'll be watching!

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It's been working fairly well in the last few days. The occasional hiccup here and there, otherwise fine.

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