Employees of the exchange's analytical department cryptocurrency Binance believe that the problems of scalability Ethereum may soon lead to the fact that business representatives will increasingly use other programmable blockchains to solve their problems in the field of tokenization.
Binance Research recognizes that Ethereum is still the preferred blockchain for tokens, but delays in confirming transactions and the high cost of processing them make its offer less attractive.
Among the alternative solutions, they are expected to mention their own Binance Chain blockchain. It has better interoperability capabilities, faster transaction processing speeds than a known competitor, and a native matching mechanism for transfers and transactions.
They also cite Tron, whose two ecosystem projects have been running their IEO on the Binance Launchpad platform, as an example. The benefits of Tron include more efficient decentralized data storage and enhanced application capabilities in the gaming industry, which, according to analysts, should have a positive impact on the dissemination of technology to end users. According to the report, more than 80% of the activity in blockchains EOS and Tron is now gambling, while Ethereum has a 31% share.
Although Ethereum is still the leader in the number of tokens released, Binance Research notes that most of these tokens are useless, and the load associated with their creation takes away the already limited network resources. Analysts mention several competing blockchains, such as EOS, Tron, NEO and Steemit, each of which has its own useless tokens, but not as much as Ethereum. The best blockchain in terms of the number of tokens, whose existence is justified by practical value, turned out to be, without any surprises, Binance Chain.
Analysts see the main problem with Ethereum as too high a transaction fee - for some types of transactions, the cost of gas consumed may exceed 30 cents. In addition, users cannot perform token transactions based on the Ethereum network if they do not have airtime, while some blockchains, such as TomoChain and Binance Chain, allow them to pay with any supported asset.
Ethereum remains the second largest cryptocurrency and the most popular token blockchain, but competitors are in a better position to learn from their ancestors' mistakes, according to a Binance Research report. In the future, analysts expect to see a wide variety of programmable blockchains, each with its own advantages and disadvantages and complementing each other.