Concerns are growing as regards to the centralization of the Binance Ecosystem, despite Binance supporters celebrating Binance Coins (BNB) chart-topping performance for Q1 2021.
Every cycle people ghet hoodwinked by the current centralized solution to all blockchains problems. Also, in order to dump naïve retailers when it is over, every cycle influencers pump these narratives. The aforementioned was stated by Ryan Watkins, a Messari Researcher.
However, with its 21 active validators being chosen daily by Binance chain, BSC uses Proof of Staked Authority (PoSA) consensus. BSC stake BNB for a network that is governed by just eleven validators.
“It’s hard not to presume that each Binance Chain validator is in some way connected or tied to Binance,” Messari’s Wilson Withiam speculated, adding: “They each take turns producing blocks in a seemingly predefined order. There doesn’t appear to be any stake-weighted mechanism to determine which one produces the next block.”
Watkins sought to address perceived misconceptions regarding BSC’s performance, asserting its speed advantages over the Ethereum main net are a product of “the magic of centralization” rather than “technological innovation.”
“BSC is an Ethereum fork with a centralized validator set. That’s it. Nothing more,”