BNB Chain Says Itself Less Decentralized Than Ethereum

The network created by Binance, BNB Chain, was the target of a multi-billion dollar attack on October 6 and was criticized by the cryptocurrency community for the way it handled the situation, which may not have been decentralized.

That’s because within minutes of the attack on its network, the blockchain came to a halt, with Binance CEO CZ saying that validators had stopped validating blocks.

This experience has led many to question the future of the token ecosystem that Ethereum rivals, as a centralized network is easy to manipulate.

BNB Chain Says Itself Less Decentralized Than Ethereum

The Binance Smart Chain ecosystem, currently called BNB Smart Chain, has been put to the test with the recent attack on its BEP2 to BEP20 token bridge.

After the issue, BNB Chain is studying a hard fork to fix the vulnerabilities and prevent the network from being stolen again.

In a new statement on Tuesday (11), the network defended that it was a decentralized ecosystem, albeit less so than Ethereum. According to their idea, the decentralization of the ecosystem is an agenda to be followed, which should happen over time.

“BNB Chain is a decentralized, community-oriented network. Decentralization equations have become commonplace in our industry, a way to play chains off against each other and discern who is in charge. While these comparisons are often handed out with their own agendas, we would like to point out specific factual data describing our own progress in this area. BNB Chain is now less decentralized than Ethereum, but more decentralized than many others. It will become more and more decentralized as our technology team progresses. BSC (BNB Smart Chain) is already on its way to 41 active validators and a total of 80 to 100.”

Only 26 of the 44 validators are active

Last week’s attack stunned the cryptocurrency community. In addition, the response time to freeze funds on the network and even suspend the PancakeSwap exchange was another reason many were concerned about.

And in Tuesday’s statement, the network makes it clear that there are 44 validators, but only 26 are currently active. For BNB Chain, the network should become more decentralized in the future.

As for last week’s hack, Binance denies that its exchange was attacked, as some sources said. So only the symbolic bridge of its ecosystem had problems, of which $100 million is lost.

Nearly $570 million was minted and taken by the hacker. $100 million has still not been recovered and has been taken from the chain by the hacker. No users or user funds were affected.”