World’s largest crypto exchange Binance launches second smart-contract enabled chain, but the crypto community seems unhappy for the fact that they claim it to be centralized. 

The platform published the white paper of Binance Smart Chain on April 17 - however, it is also believed to be a successor of the first-gen Chain. Nevertheless, the latest chain will feature a delegated proof-of-stake and extensive Ethereal capability. Noticeably, it is featuring a governance mechanism/system comprising 21 node operators elected by BNB holders. 

While the white paper looks appealing to some of the enthusiasts, it has also been criticized by other members of the crypto community. Many assume that the chain might not feature anything new to the crypto-asset ecosystem, rather it recycles the features of existing projects. Concerning the similar note, a Reddit user pointed the white paper as “yet another Chinese copy-cat” however, they added that with much similar feature of EOS’s dPOS, it is one of the largest $2 billion nothing burgers ever built. 

Nevertheless, Tom Shaughnessy, co-founder of Delphi Digital, a digital asset research firm names it as vulnerable to centralization. In his view, the product competes with popular projects like ethereum blockchain but it certainly lacks a feature that users love “decentralization”. He has also asserted that the chain gives “Binance CEO unbridled control over the chain”. 

“While a high profile launch, Binance Smart Chain may be in competition with Ethereum and other programmable blockchains for clicks and eyeball time, but it is certainly not a competitor for building the decentralized future.”

There’s no doubt that the Binance’s new feature every time gains a lot of traction, however, the upcoming Binance smart chain has received opposition from its hardcore crypto fans. In fact, crypto data aggregator Messari elaborated that Binance Smart Chain’ looks like another ETH competitor in an already crowded field, continuing that the chain will feature an “EOS-like” DPoS system.

Further, as a caution note, Shaughnessy predicts that the trading platform might bring monetary initiative behind the chain. 

Looking at the above perspective, what’s your take on Binance Smart Chain? Let us know in the comment below.