Binance Smart Chain (BSC) has been giving developers problems lately. The network performance is trying to cope with the increase in transactions.
Created as a clone and competitor to Ethereum, the BSC network was in chaos in May. RPC servers are down and out of sync. Users faced difficulties in making transactions as data providers were more than a few minute blocks late by nearly an hour.
Even the largest project on the network, PancakeSwap, said it was “overwhelmed.”
User complaints accumulate
Users weren’t held back as these crashes continued. Complaints continued to pile up, especially on Binance Chain’s GitHub.
More and more users are complaining about failed transactions and error messages when using DEX. At the Telegram Group “Binance Chain (BC) & Binance Smart Chain (BSC) – Developments Discussion Group”, users have complained about a number of issues.
“My node, which was able to sync yesterday, can no longer sync the last 15 minutes of status,” one said.
Another came to the group with a different problem.
“Today I transferred funds (BUSD) to my Binance wallet and waited 3-4 hours for confirmation, but still cannot use them,” they wrote.
“I could see the correct amount in BUSD in the resulting wallet section and even see it on PancakeSwap, but at the moment I cannot do anything with these coins. “
Another wanted to know what was going on with the network, because they “waited for a deposit for about 1 hour …”. A second user reported a similar experience: “BSC has not been credited yet, more than an hour. ”
Some users claimed that panic started when people continued to write messages, for example: “I just exchanged BNB for BSC, money, money left. ”
One of them wrote: “Fix these damn nodes, your problems are causing panic for all users of space 😀”
Stockings at all levels
Users have also posted reports that BscScan, the block explorer used on the BSC similar to Etherscan, is late or not working. BscScan responded by making sure the “funds are safe.”
It was a game on an earlier incident where people thought Binance was hacked because Binance CEO Changpeng Zhao, who is called CZ for short, allegedly mis-typed “safe” by hitting the “Submit” button when the tweet read “safu” …
Meanwhile, the BSC bridge, which allows users to create encapsulated assets from other blockchain tokens, was displaying a 404 error.
“It looks like my BSC node is 2392 blocks behind in the last 24 hours. Currently running m5.xlarge (4 processors, 15 GB of memory with an average processor rate of 75%), ”wrote one user.
“There is no major transfer of BNB to smart grid wallets. Send .05… to .2… no problem… send 1 billion or more… speaks of success. But never show up in your wallet … someone at BSC is cheating … ”said another user.
A later tweet from Binance suggested that the network is up and running again.
Find the reason
Binance said the BSC congestion could be attributed to “massive interest in projects based on it.”
Indeed, one of DeFi’s recently launched projects, SafeMoon, claimed that the real cause of the network outage was its sheer number of users.
However, it is unclear what exactly caused the network outage. Some people have argued that there is too much state or congestion in the project database.
The PancakeSwap Chart Indexer, which allows the dApp to organize data, ran 1 million late blocks at a time, and the Geth implementation slowed down.
Geth stands for Go Ethereum, a command line interface for running Ethereum nodes in the Go language.
With Geth, developers join the Ethereum network, transfer ether between accounts, and even mine ether. BSC is in many ways a clone of Ethereum. Therefore, the same rules apply.
However, Ethereum has adjusted the trading schedule as demand is high due to gas fees and if you want a deal to close quickly while the chain is up, it will cost you more. Binance did the opposite.
Binance’s system works by lowering gas fees as demand increases and adjusting their block sizes to accommodate even more transactions.
To date, this is not the first BSC controversy during its existence. Blockchain infrastructure has been criticized by researcher Ryan Watkins for centralizing his validation company.
“With every cycle, people are confused by the latest centralized solution to all blockchain problems,” Watkins wrote. “Every cycle, influencers pump these tales to get rid of naive traders when it’s over. “
The reason why some consider BSC to be centralized is because it has a set of well-known validators that are believed to be approved by Binance. There are several publicly available Binance Smart Chain protocol validators including Certik, 1inch, Ankr and names like Alan Turing, Infinity Stones, Avengers.
Growth despite challenges
However, Binance Smart Chain (BSC) has quickly established itself as one of the most well-known blockchain networks for running smart contract-based applications.
The platform was designed to create decentralized applications and users can manage their digital assets across various blockchains.
BSC is currently undergoing a fork from the recent Geth 1.10.2 (i.e. Ethereum Berlin) resulting in better performance for Ethereum.
Will this be another case where Binance Copy Paste and Ethereum save the day again and bring back the stability of the BSC, or will the BSC go bankrupt?
There are likely still many issues with channel consensus. Validators sign blocks out of order, so the same block is broadcast multiple times.
The problems will not subside. For example, several identical blocks are broadcast as signed, with different hashes, different number of transactions, and then Geth has to equalize the invalid transactions. How Binance will react to this remains to be seen.
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