After a significant breach in the network’s security, the BNB Chain has been restored and is once again operating normally. It has been established that the hacker assaults resulted in the theft of $100 million worth of BNB. In the Binance coin news today, CEO and creator Champeng Zhao sent the following message on Twitter: “We have instructed all validators to cease BSC temporarily.” The problem is under control at this point.
Altcoins
The word “altcoins,” which stands for “alternative coins,” is used to refer to all cryptocurrencies that are not Bitcoin. The fact that they are alternatives to Bitcoin, as well as conventional forms of fiat currency, is where their name originates.
The first alternative cryptocurrencies appeared on the market in 2011, and there are now hundreds of them. The first iterations of alternative cryptocurrencies focused on enhancing various features of Bitcoin, such as its transaction speeds or energy efficiency. Altcoin latest news today shows newer alternatives to bitcoin provide several functions, depending on the authors’ intended use cases for their projects.
Rapid action was taken by validators of the BNB Smart Chain to halt the blockchain.
Although, at first glance, this behavior seems to go in the direction of the best course of action, which is to halt all asset transactions on the blockchain to prevent any further monies from being stolen. There is a lot more going on here than first seems to be the case.
The fact that the BNB Chain was able to be frozen with such a high degree of promptness implies that there is a far bigger cause for worry than the actual attack and theft. Because of this, the degree of centralization that is present across the BNB Chain has been brought to light.
To validate transactions on the blockchain, only 21 validators are required at any one time. Compared to other blockchains, such as Solana, Avalanche, and Ethereum, each has around 3,500, 2,000, and a limitless number of nodes. The BNB Chain is starting to exhibit some worrying signs of instability.
What does this imply about centralized control?
This information can catch a lot of people off guard. After all, the concept of a decentralized financial infrastructure was the driving force behind the development of cryptocurrencies and the blockchain as a technology. The fact that the BNB Chain has just 21 validators on a worldwide network that supports the most centralized cryptocurrency exchange in the world makes it a very appealing target for prospective attackers.
Because of the recent assault on the BNB Chain, investors and even developers could be apprehensive about the BNB Smart Chain. It does deliver a better throughput of transactions and more scalability. Still, problems like this, caused by a lack of decentralization, will impede its evolution into a genuine Ethereum competitor.
Maintain your commitment to Ethereum tokens and invest in Big Eyes Coin.
As a result of this assault, traders and developers will most likely go for safety in the king of alternative cryptocurrencies, Ethereum. In the altcoin latest news today, ETH has shown its resilience by surviving the bear market, and cryptocurrency has set new standards for network security. After the completion of a successful ETH 2.0 merging, the Ethereum blockchain will very certainly continue to exist for as long as cryptocurrencies do.
In light of the Binance coin news today, an ERC-20 token that you might consider adding to your portfolio to give it a boost during this crypto winter. Big Eyes Coin is the new member on the block and has ambitions of expanding its influence across the animal world. You can get regular updates from the development team on their Twitter profile, which you can see here. They were successful in securing a Tier-1 Centralized Exchange throughout the last week, but the exchange’s name has not been made public; let’s keep our fingers crossed that it is not Binance!
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