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BCH $510.98 (-6.1%)
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Messari Drags BSC’s Centralized Validator Consensus

Messari Drags BSC’s Centralized Validator Consensus
  • Messari researcher drags Binance Smart Chain for centralizing its validators.
  • BSC uses Proof-of-Staked Authority consensus.
  • BNB price reached a new ATH today.

Messari researcher Ryan Watkins calls out Binance Smart Chain (BSC) for centralizing its validators. However, despite the Binance holders celebrating Binance Coin’s (BNB) price surge, there were growing concerns regarding this centralization of the Binance ecosystem.

The BSC blockchain network uses Proof-of-Staked Authority (PoSA) consensus. More so, it selects its 21 active validators on a daily basis. The Binance Chain, a network governed by 11 validators, makes this selection. Even more, validators of BSC stake BNB.

Messari’s Wilson Withiam speculates saying,

It’s hard not to presume that each Binance Chain validator is in some way connected or tied to Binance. 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.

BSC is an Ethereum Fork Hosting a Centralized Validator Set

Watkins explains that BSC is an Ethereum fork and hosts a centralized validator set. On considering invention or innovation, copying is normally a feature, not a bug. Moreover, ‘Mkt92z’ replied to Watkins’ tweet, describing that Ethereum’s high gas fees and the scaling issue have driven users to see other alternative protocols.

Furthermore, BNB was the best-performing cryptocurrency that ranked among the top ten by market cap. Even more, the BNB market cap is presently greater than that of UBS and Banco Santander.

According to CoinGecko, the BNB price is trading at $576.15, thus, reaching a new ATH, with a 24-hour trading volume of over $9.784 billion.

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Crypto trading has enticed Ananthi Reeta to write for CoinQuora. She consistently contributes news and feature articles. She has covered several different blockchain and crypto niches, especially altcoins.