Quick take:
- Binance CEO has pointed out that Ethereum’s success might be its own killer
- He compares Ethereum to MySpace which failed after it could not handle the load due to demand
- ETH2.0 is years away and this could be the ultimate Ethereum killer
- CZ further defended the Binance Smart Chain by saying it is not the Ethereum killer
The CEO of Binance, Changpeng Zhao, has offered his insight as to what might be the real Ethereum killer. According to CZ, Ethereum’s success might be the reason for its eventual ‘death’ in a manner similar to how Myspace became too popular and could not handle the load.
CZ’s exact comments on Ethereum can be found below.
Vitalik once said (and there is a video of it somewhere), ETH killer is ETH. I believe he is correct, ironically. ETH is overwhelmingly successful. But its success (not other coins) may also be its own killer.
Perhaps social media is the best example. Friendster, MySpace was hugely popular, couldn’t handle the load, couldn’t keep up with the user/demand growth. Gone. Many other examples if you are old enough to remember the early days of the internet.
Ethereum Gave Us Smart Contracts, But ETH2.0’s Delay Will Be its Killer
CZ went on to laud Ethereum for giving us smart contracts that opened the doors to ICOs, DeFi and NFTs. However, the current scaling solutions such as Rollups are not user-friendly. Furthermore, ETH2.0 is years away and could eventually be the Ethereum killer after all. CZ explained this as follows.
Ethereum created the smart contract market, which lead to ICOs, DeFi, NFTs, etc. Demand is growing exponentially, performance of ETH aren’t. ETH 2.0 is still years away. Rollup aren’t user friendly (jury is still out). This is the ETH killer.
Binance Smart Chain is Not the Ethereum Killer
In conclusion, CZ reiterated that the Binance Smart Chain is not the Ethereum killer. Furthermore, BSC was built from the ‘learnings of Ethereum’ and tries to solve the issues of high fees.
BSC is not a ETH killer. It is built with learnings from ETH and tries to help solve one key issue, high fees. It wasn’t designed that way, or at least, it wasn’t presented to me as such. (I was/am not involved in its design.)
I just shill #BSC and #BNB.