Since the inception of Binance Smart Chain or BSC, there have been many skeptics of the platform. Crypto enthusiasts immediately pointed out the centralized nature and lack of decentralization surrounding it. Despite this criticism, the platform exploded in utility.
The main driver behind the growth of BSC was its similarity to Ethereum, but with the lack of gas fees. For years there has always been smaller tokens and meme coins on Ethereum, but the prices of transactions had put a lot of that on hold. BSC gave an opportunity for many new projects to attract users who could jump in and out of their tokens without the fees.
BSC has slowed its growth in recent months. The platform has almost made a name for itself as the place where scam projects are born, which has turned away a lot of users. Now to add to the problem, developers and users have started a thread on Github detailing exactly what is wrong with it. This thread has grown in popularity and reached a lot of users and potential projects which are looking at different options now.
In an issue titled, ‘BSC is a lost cause,’ Github user kaber2 bashes Binance’s blockchain for its unprofessional development. The first topic discussed in the post was on the developments released for the platform stating that there is no code review available.
This is a major issue for blockchains as a single wrong update could lead to major vulnerabilities. On top of the lack of review, the patches are applied with little to no documentation. This means that anyone who does want to review the code for flaws will not find it easy as there is no description of what the commit is doing to the platform.
In the same line, kaber2 says that there is no beta testing for updates and even when bugs are found, there is no response to the issues posted on their Github. This lack of response from the developers on the thread is further proof of the issue.
Some of the other points listed are concerning, the blockchain continuously has synchronization issues, nodes constantly go offline and struggle to connect. There is also the subject of the intended removal of P2P transactions.
The comments on the thread are mostly all in agreement. Many call for developers to jump ship to their favorite blockchain, while others condemn the BSC developers for their lack of professionalism. Many users have agreed that it feels like the blockchain developers are teenagers working on a class project more than a multi-billion dollar blockchain.
If things continue this way for the blockchain it could spell the end of its growth. Binance has been pushing to expand its exchanges into further countries, with an IPO planned in the United States. If its blockchain proves to be a failure it could look bad on Binance as a whole. This issue has been open on Github for a week but only time will tell if the developers act to make things right.