Binance Smart Chain And CeDeFi Explained
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- Опубліковано 2 бер 2021
- So what is Binance Smart Chain? How is it different from Ethereum? And what is CeDeFi all about? You’ll find answers to these questions in this video.
In April 2018, Binance - one of the biggest cryptocurrency exchanges, decided to launch their own blockchain - Binance Chain.
The main idea behind Binance Chain was to create a high-speed blockchain able to support large transaction throughput.
To achieve this, the team behind Binance Chain chose the Tendermint consensus model with instant finality and instead of supporting multiple applications, decided to focus on its primary app - Binance DEX.
With DeFi on Ethereum flourishing and Binance DEX not getting as much traction as expected, Binance very quickly realised that the main feature missing from Binance Chain was the ability to run smart contracts and allowing other teams to deploy their own applications.
At this point, Binance made an interesting decision. Instead of trying to add smart contract capabilities to Binance Chain and sacrificing its performance, they decided to launch another chain in parallel to Binance Chain and this is where Binance Smart Chain comes into play.
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PancakeSwap and BSC did what many said couldn't be done. They not only is the future I think they will kill Ethereum before the 2 years it will take for ETH to get fully deployed to lower gas fees. There's no real reason to pay those gas fees on ETH why buy a CD when there is Mp3 technology already out lol
@Noah Porter Let me see your extremely smart advice one more time. Please share your thoughts about Hugo_finance
You should do a video on Telos. They’re scaling solution is decentralized.
The price of permissionless is $4 to $100 per transaction, depending on the time of day and whims of the market. That money isn’t going to developers to pay for improvements, it goes to validators to pay for PoW electricity. Side-chains work great once you’ve paid ETH gas to get there, up until you have to pay gas to leave. Meanwhile, Polygon’s as centralized as BSC, so what’s the point? Luckily AVAX and half a dozen other true deFi are opening by July. What will happen to Ethereum? Devoted whales will use side chains. BSC users will have no incentive to go anywhere. People just starting out on Avalanche deFi will expand to BSC until the pickings aren’t as thin. Let’s stop pretending this isn’t about money. Yes, money on Ethereum might be a tiny bit more secure, but even the Mafia would blush at the price of protection.
Centralized decentralized finance, we have come full circle.
yup hah
Haha yeah what a joke.
@@justin-fractionalhub5532 jokes making me rich
Ouroboros
I honestly don't believe the term CEDEFI, the two terms are contradictions to each other, its closer to a centralized private network which also seems to be able to run DeFi smart contracts.
waiting for decentralized centralized decentralized finance now.
automatic centralized decentralized centralized finance, or AC/DC-FI
@@NagashSagan lol
Says CZ haha
@@NagashSagan I'm DYING! lol
Aahahhahahahahah
I learned more from this video than watching all the FUD that's being slung on Twitter
All the newbs coming to this space don't realize that a centralized blockchain goes against all the reasons blockchains exist in the first place.
Who cares. Gains are gains
@@MrNH718 some can take your gains.. Like the banks. Do
Have fun paying 50 dollars just to send 10 dollars worth of ETH imma keep making gains with with BSC
@@internetexplorer3558
>Sending around 10 dollars
>making gains
Ok big guy
have you used uniswap? have you used pancakeswap? try them for say a year (like i have) and see how you feel then. eth have a crap ton of work to do. their network is completely unfit for volume. it was in 2017 and it still is. i cant believe i have to type this into youtube. eveybody should know that after 4 years eth STILL is not fit for purpose
It would be awesome if you started a serie of videos explaining the differences between each blockchain, you really have a gift to make it understandable. 👍
Learning this feels like learning a new part of computer science / internet science
Landed here searching for Binanace Smart chain.. Went ahead to watch the video after reading a few comments... Thank you for the step by step explanation.
Honestly, props for your videos. Keep on doing the great research.
thanks!
Finally i could see u share about BSC. Thanks!
Love this explanation!
thanks! :)
Money will always go where it is best treated, no matter how you call it
BNB & Eth are going to co-exist with each other... Ethereum has way to much more users and investment for it to extinguish. In the other hand BNB has a lot of room for experimentation since it's new. It also has the biggest exchanges behind it binance who are always innovating.
❤❤❤❤
Binance smart chain is simply a practice tool to be used as a stop gap until Eth fixes it issues or Cardano. Imo
Yup I agree. But make hay while the sun shines, I'm going to keep using BSC until I can make the jump to a better platform. Hopefully Cardano Defi isn't too far away.
@@NZRoflcopter bsc yielding much more than ethereum and gas fees are affordable
Fair assessment
Which will never happen. Cardano will eventually fade without being implemented, while ethereum will become the digital silver without any real use case except long term store of value possibly without even using the blockchain.
Way to much people are involved in BSC. It probably started off as a practice project for newbies but it has grown in to a whole eco system of its own. BSC has rocketed since it's launch in ways investors never thought it would.
U have a such a soothing and soft voice. Nice informational video 👏🏽
Your video's are top level. Thank you so much for making them. I really enjoy watching them over and over again.
Amazing! Great to hear :)
love and appreciate your content so much! the posts on the your website that accompany the video are so useful!!
thanks! :)
Extremely helpful thank you 🙏
awesome thank for the understanding
Fabulous content ! Thx a lot !
great explanation
13:40 "like Optimism fully launching in a matter of weeks" still waiting :D
Great video as always, thank you! your channel is awesome, keep it up!
Spread the knowledge 👌
I’m a bit of a noob and so this is super helpful. I personally think that cedefi, though it’s derided by defi purists, has a place in the crypto markets in that it operates within the greater confines of the defi world. I see it similar to different states in the US. If you don’t like the way one state is run you can leave it for another. Same thing as counties and towns. Therefore a cedefi application is still ultimately subservient to defi protocols were it to fault on defi principles. I could be wrong though, still figuring it out.
This was a great explanation, please do one on SmartBCH!
Awesome video! Hope you can make a video on liquidity bootstrapping as alot of companies are now starting to do that with their coins.
Another brilliant video 🔥🔥🔥🔥
Thank you 🙌
Honestly, props of your videos. Very explained great project that has a great community. Thank you.
thank you!
your content is so very good. many thanks for your valuable time. best and success!
Best explanation
Great video as always, thank you for all the effort.
thanks! :)
Love your content, please give us more
Nice simple video. So many smart people in this space
thanks!
Thank you sooo much,I have been in the crypto space for about 2 years now, but just mainly investing, but with ought a good fundamental knowledge of blockchain I never could really know which project was the best to invest in.
don't like bsc but I do like you video
High quality content!
thanks!
Thank you for sharing! Maybe you can do a video about Cardano and where it stands in the scalibility trilemma (and maybe a comparison between different L1 blockchains) I think that is a big topic nowadays.
Another video idea, the complete math breakdown of what makes one LP token for any crypto pair.
Thank you so much mate♥️
You're welcome! :)
Thanks for the content
You're welcome! :)
Awesome video man
thanks!
This is awesome information and well explained!
thanks!
Love the videos!
Thanks! :)
Great video!
Thanks!
Good video, explaining it well. It's an interesting phenomenon, which I believe shows that the average consumer care more about cost and user experience than about things like security and decentralisation. That's why in traditional markets we have regulation to protect consumers. One thing which would be interesting to cover is the Ce aspect of it, i.e. in order to do for example lending on BSC you need to wrap your ethereum based tokens. Where are those tokens being held? And what happens to this entire construct if Binance were to go under? Are the users exposed to counter party risk vs Binance?
great video !
Thanks!
please make a video about xdai it has all the benefits of BSC but with dai as native currency and multiple bridges to other EVM chains like mainnet and even BSC
Always get high quality videos from you, thanks for presenting information in a digestible manner. Binance is essentially a copy of Ethereum with tweaks to increase scalability (lower fees and larger blocks) while sacrificing security and decentralization. Shady.
Personally, I think ETH will win in the long run, but it seems like there are short term incentives for people to use BNB depending on how much they care about BNBs careless solution to the trilemma.
Kind of realizing this is one of the downsides to these open-source projects in crypto. Code can be copied, modified, and labeled as its own product. Looking at you DOGE. :)
@@skrrtisdoteth5509 you can copy, but you need to offer value to the users.
BSC value proposition is speed and low fees, I do not think it Will be enough in the long term as level 2 implementations will come to propose the same in Ethereum without sacrifizing descentralization.
Hi dude! Aprettiates for the video!I have a question: I’ve heard a lot about WINR tokens. Ppl speeching a bright future for these tokens. Should I purchase it?
Winderful video ,, It would have been great if you would have covered some techincal aspect like How Token get wrapped into BSC .. Does it occur in centralised way or Decentralised way ..
When a user transfer his LTC or DOT or any other tokens how does it get stored on BSC chain on background .. what are the risks for users or what are the benifits
Looking forward a video on this as this topic should be very imp as most of the centralised exchanges are moving in simliar direction
great video
Thanks!
If you want to funnel traditional financial assets on DeFi, you need to get through a regulated portal first. I think something like BNB/ALBT can achieve this.
Definitely looking at cross-platform insurance too and keeping some money on eth to hedge against "centralized" aspects.
your draft are really nice. Which tools and software do you use to produce such works? both draft and effects
very appreciated if u introduce Cardano.
Well, the market for BSC network is clearly limited to those who do not have a hang-up about the centralized component or are not able to subscribe to Binance for whatever personal beliefs or jurisdictional regulation. But it has delivered de-fi projects in a cost-effective manner to those who appreciate that.
I'd flip it around. Sounds like Defi might be the one with a limited audience. Cedefi offers the convenience and speed of Defi while allowing a singular entity greater control and responsibility. To people getting into the space that only care about convenience, and not decentralization, that might be a more compelling offer as it has the potential to grant the best end-user experience. At the end of the day, the average person is perfectly content giving all of their info to Google if it means they don't have to pay to use it.
I could be wrong, but right now I'm looking at it as a case of Apple's complete ecosystem VS the fragmentation of Android/Linux.
this was made recently i appreciate the explanation of BSC but average eth block times hasnt been 13s average in so long
Do a video on NFTs thanks
Nice explaination sir now i understand crypto well.. does this mean those block chains arent yet perfect?
You are amazing
thank you :)
any chance for a vid on cardano mary and goguen forks?
hmm maybe :)
@@Finematics Please do that! Would be amazing...
@@Finematics Agree! Or explaining how ouroboros differs from other PoS solutions would be great, tried reading the paper but lots of stuff unclear for me :(
would love to watch it if u do make it
@finematics what programme did you use to do the doodling in the video?
Binance's attempt is effortless since the winning paper of all Block-Chain based technologies is keeping their value by a work or any meaningful mean of making an effort for achieving something not by words.
I think ETH needs to get it together because many are playing on BSC. I’m not a fan of the centralization but it allows me not to have to pay such high transaction fees.
In your opinion, what will happen to ETHs value when ETH2 is finally launched?
Great video! Basically binance chain just copies other people's hard work and then gives people a centralized censor-able version of it. Matic is way better. As time goes on this space will always need innovation, and if you grow by copying people you will never have the advantage of being the innovator.
* The Binance Chain was launched by Binance in April 2019, not 2018!
Can you do a video covering the synthetix protocol? Im trying to understand it, but your explications always seems to be more comprehensible than anything I can find on the internet
yes, I'll make a video on Synthetix soon
@@Finematics THANKYOU!!!!!
Hi. I from Indonesia. please. make video about token burn in pancakeswap. i dont understand. thakyou for this video.
A moment of silence for TRX
😭😭
lol
Can u do solana?
The success of Binance Smart Chain just shows that people prefer usability and low transaction fees over security and decentralization
Which software do you use
Can you do a video on elrond network please?
Great video, lot of info I didn't have perfectly clear. I do want to give Binance a recognition for all the work that put in bringing new people to crypto space. Surely having the Binance back i think cedefi it's here to stay. Crypto space has a lot of room to grow and I don't see why one has to take one another. Options it's what this is all about and I do like to have the freedom to choose
And layer 2 escale solution are good for fees and taking some load, but i don't think they are very user friendly yet. Crypto space it's complicated enough at this point and having to go through layers to do simple transaction it's not ideal. I hope in the future a lot of this layers are behind scene and new user can benefit from this without needing to have deep knowledge about cripto
Can u explain the security aspects of yield farming in general, with all that rug pulling going around …..
What is proxy contract, time lock and other terms that they keep talking about , can we trust auditing …..
In a layman’s terms…… ish .....thank you in advance :)
great video...QUCIK QUESTION :
Where does the Bep20 come into play here?
Do you have any guide for it ;)
sincerely appreciate the work you've done and the
knowledge you share. Technical analysis can be helpful, but I
think It is quite puzzling that well-known
UA-camrs just pay attention to pure T.A and entirely ignore
the bigger narrative of why this digital assets are inflating
It< makes sense, all digital assets is off helping to regulate,
rather than pretend it won't ever happen. The big institutions
getting in is the catalyst that will launch us into the
stratosphere.
Most people don't like change but after the
change is made they grow used to it and it becomes a non
issue usually because their fears never materialize. The
projects that initiated the process of requlation have not been
ruined, they got involved in setting guidelines and helping the
regulators understand the digital space.
We were already in a perilous position and only
survived a protracted bear market dump due to historically low
volume and nearly whale pumps.
that's why i always trade for a weekly return with my portfolio assistant oninstagram who have
earned over 18 ETH using his insights and charts.
Interesting.... please what's the user Info to look him up the gram with?
Will go for eth 2.0 with polygon
I would favor more ETH in ETH VS BSC; but ETH2 is not out yet. BSC while not great in terms of security and decentralization, may still solve these problems in the future if it wants. Therefore future may still hold some surprises.
What's the link to optimism please?
Your vedios are really great!
May I translate into Chinese and make more people to understand those knowledge?
Sincerely ask!
interesting， even no block rewards, POSA protocol, tindermint, higher throughput,
Possible future, maybe a combination of the two. If were talking about going fully crypto. We may need cedefi to allow us to have something to comapre the defi market, to solve the problems of tax and unpredictable circumstance.
It is possible to add more languages ? Your videos are awesome. I think that more people need to educate about that technology.
Maybe use your community? I can create Polish transcription if you want and send it to you. I watch all your wideos
Thanks! So far I'm relying on the automatically generated subtitles that are not always accurate. I could also create Polish subtitles (I'm Polish too), but I usually don't have enough time to do it and I'm not sure if there is a need for it - only 0.8% of all the views are from Poland. It's awesome that you'd like to help - appreciate that!
I can create German Subtitles for you. I'm a computer engineering student from Germany so I know all the TechWords in English as well as in German. It would be a pleasure to me to translate your videos. Your channel is amazing and you have the ability to describe these topics simple enough for the average Joe to understand it. Keep going !!!
@@Finematics Just leave a comment below my comment or send a DM if you're interested in German Subtitles. I'll do it for free to support the growth of this channel.
Binance Smart Chain has already started to have difficulties processing transactions and probably will break eventually. I put my money on Ethereum.
You lost me at ZK roll ups, otherwise good content as usual.
I think bsc will stay fairly popular until optimism or zkr is officially working on Eth
Sir can you help me
i have a balance in binance smart chain wallet
0.4cake
And i can't withdraw it
Anyone know the name of the sketchlike video editing service he’s using?
Excelent vídeo !!! For the moment Smart Chain is the only way to use DeFi cheaper !!!
Could you make a video on pancake swap and explain whether it’s a high risk ponzie or has some legit usages? The farming APY is insane right now but it seems very high risk.
Not a ponzie. Pair Pancake Swap with Pancake Bunny - and the yield is as rich as it appears. Connected to a Crypto Visa card - the system is a money printer.
It’s a ponzi, but it won’t crash for a while yet
Binance may be backed up by zil blockchain to make it defi option possibly
#TENSET
Waiting for a video explaining how you feel the crypto economy will be taxed or "regulated" in taxes by the govt.
well if you think about it, it doesn't look that impossible. I can see the governments be like "give us the public signatures of your wallets so we can track your transactions". Ofc they won't be able to forcefully take taxes, but they could find some ways to make us want to pay them like linking them to pension etc.
@@Alphrant I mean binance, Gemini, coinbase, etc. All have KYC (know your customer) regulations in place but you still have to use Kointracker or some other app that can sync all your transactions and put a tax paper trail on your net loss and gains to report to the IRS I just think finematic can make a very digestible video on explaining that for his viewer base because I feel like it's a topic that isn't really covered well enough.
You have to pay taxes in several countries already, lol
Newbie question please, if BSC doesn't have block reward, then how does the BNB got distributed and circulate in the first place?
From Binance itself, making it centralised and defeating the purpose of blockchain technology in the first place
@@kingtigerhd481 so they just issue the token and sell it like a central bank?
Pls People need help here. I send eth to my direct wallet efter I aktivate it on binance. Now i know its wrong way to do it but can I get my eth somewey?
So PoSA is similar to dPOS(delegated Proof of Stake)
Please make a video explaining Elrond Gold (EGLD).
This would great!!
It means I Decentralise the centralised
My question is would people care about centralisation (specifically BSC) if they completely trusted the entity in the center?
why not using a centralized exchange then? 100x faster than BSC :)
But you can't code a centralized exchange.
Your voice sounds like Satoshi Nakamoto