Last updated on September 21, 2022
The fourth-gen blockchain wars are heating up with new competitors entering the market at a fast pace. Fourth-gen blockchains integrate high performance and sustainability using a variety of methods. As such, they are ideal for use in today’s high traffic blockchain communities.
Fourth-generation networks like META 1 Coin and the Binance Smart Chain provide smart contract programmability, extreme scalability, and DeFi support to the market. Both of these networks offer users multiple ways to secure passive rewards and build Dapps to meet their specific needs. Here’s what you need to know when comparing the Binance Smart Chain vs META1 Coin ecosystem.
The Binance Smart Chain (BSC)
The Binance Smart Chain launched on September 1, 2020, during the start of the DeFi movement. The platform immediately attracted the attention of traders because it was backed by the world’s largest centralized exchange, Binance. This hype was rolled into a successful crowdfunding campaign. The platform hosted a $100 million developer seed fund to support the development of the BSC.
Notably, the BSC was built to run parallel and complement the network’s original project, Binance Chain. The Binance Chain helped the exchange support the creation of the most successful exchange token to date, BSC. However, the Binance Chain is a second-generation blockchain that lacks many of the features that today’s fast-paced DeFi users require.
As such, the developers decided that rather than attempt to upgrade or integrate a 2cd layer protocol, it was best to create a fourth-generation network to support the growing demands of DeFi users. This dual chain structure enabled Binance to offer more DeFi features. It also helped to drive the usability of the BNB token to new heights.
Today, BNB is one of the most popular tokens in the world. According to Dappradar, the network achieved transaction volumes of +$745 billion in February 2020. Additionally, there were 108,000 unique active wallets launched in the same month. Today, the BSC is considered by many as Ethereum’s main competitor.
META 1 Coin
META 1 leverages the latest consensus and blockchain technology to improve the user experience. The METANOMICs DeFi ecosystem includes low-risk passive income features including staking and high yield savings VAULTs. The developers went to great lengths to make entering and exiting the ecosystem as easy as possible.
While META shares some advanced features with the BSC, its purpose is much different. META 1 takes inspiration from freedom fighters throughout history. The platform represents a stand against the tyrannical financial system that has enslaved humanity for centuries. The network’s founder, Robert P. Dunlap wanted to introduce a viable alternative to the status quo. In this way, META 1 builds on Bitcoin’s mission to empower the population to achieve financial freedom.
The META 1 Blockchain operates as a high-performance decentralized network that supports all the latest and greatest DeFi features. Users can trade, bank, and invest in digital assets using the network’s interactive interface. These wealth generation strategies are part of the network’s bigger goal to provide global access to the decentralized economy of the future.
Scalability
The BSC is a layer-1 blockchain that was built for scalability. The BSC was created as a scalable infrastructure to handle a large number of low-cost DeFi transactions. The protocol is much faster than the Binance Chain and other earlier networks like Ethereum. The introduction of a new type of PoSA consensus mechanism and 3-5 second block times ensure high transaction throughput.
Notably, the Binance Smart Chain has experienced some delays due to network congestion. The network has seen expansive adoption which has led to blockchain slowdowns. These problems first appeared in May 2021 and have maintained a concern for users and developers ever since. Currently, the BSC handles 4.29 million transactions per day.
The META 1 Coin was also built to support scalability. The network leverages a DPoS consensus mechanism to shorten finality and improve transaction throughput. META can handle the trading volume of NASDAQ without the need to integrate off-chain solutions. You can send value globally in seconds using the network. The META blockchain can scale vertically to support new Dapps and other applications.
Security
The BSC is very secure. The blockchain leveraged the full weight of Binance to ensure that the platform remains secure and reliable. The BSC has never been hacked and is now one of the fastest-growing DeFi ecosystems in the market. Notably, several protocols on the BSC were hacked in 2021, but none were breached due to BSC faults.
META 1 Coin combines third-party reviews and code audits to provide investor confidence in its smart contracts. Additionally, the entire protocol is open source, so users can see all the background processes to ensure that there is no funny business. It’s recommended that traders stick with open source projects due to their added transparency and overall better security track record.
Programmability
The BSC has proven to be a very flexible network in terms of programmability. The protocol supports third-party developers and advanced features such as the creation of NFTs. There are already hundreds of projects on the network including DEXs, stablecoins, and games. The BSC is the second-largest Dapp blockchain currently in terms of active projects.
The BSC enables developers to create tokens using the BEP-20 token standard. This token standard is loosely based on the ERC-20 standard used by Ethereum. These tokens can be either fungible or non-fungible to meet the demands of the developer. Notably, all BEP-20 tokens can be stored on approved BSC wallets and traded across BSC DEXs.
The META Blockchain supports Dapp development and more. The open-source nature of the project provides developers with an edge when creating new interfaces and applications. Developers can also leverage the network to create new stablecoins and NFT collectibles. This flexibility supports the integration of the META 1 Coin within third-party applications. This unique blockchain token operates as a multi-asset-backed stablecoin that provides unmatched stability for use in Dapps.
Stability
The BSC is very stable. The network’s token, BNB, is the most successful exchange token in the market. Its uses continue to grow as Binance expands its network and services. The BSC enabled staking, lending, farming, and more. Today, BNB stands alone as a cryptocurrency as it has outgrown its primary use as purely an exchange token. Notably, BNB is a volatile crypto asset that has shown excellent potential for long after value growth.
META1 Coin raises the bar in terms of stability. The token is pegged to a variety of gold-related assets. These assets include gold bullion, mining rigs, the land the mine resides on, and more.
The coin also integrates some features that are unique to META. For example, the token has a special smart contract that ensures that users can’t sell the token under the fair market value. META has proven this strategy is effective at decoupling the token from the market’s volatility.
Additionally, META 1 integrates some safehaven token features that can’t be overlooked. For one, there is a smart contract that ensures that whales can’t pump and dump the project. Along the same line of thought, the network introduces a human verification system for all token purchasers. The goal of this system is to prevent large investment firms, corporations, or other non-human entities from joining the ecosystem. Eliminating these characters from the network helps to ensure long-term decentralization.
Sustainability
Both of these networks provide a more energy-efficient experience than Bitcoin or Ethereum. The BSC provides a high level of sustainability. The network doesn’t rely on a power-intensive PoW consensus mechanism which enables it to reduce its carbon footprint significantly. The network was built to have a small carbon footprint.
The META 1 Coin also eliminates miners from the core network processes. META 1 streamlines all processes via smart contracts, which further reduce energy consumption. META 1 is hundreds of times more efficient than networks like Bitcoin. Notably, META 1’s DPoS consensus is among the most efficient in the market.
Fees
Both projects provide users with a fee structure that is only a fraction of earlier networks such as Ethereum. The technical structure of the network eliminates much of the high gas fees that occur when completing computations on Ethereum. As such, it’s cheaper to send and receive coins on either of these fourth-gen networks.
Tokens
The BNB has risen from a concept token into one of the most recognizable cryptocurrencies in the world. It’s listed in the top ten cryptos in terms of market cap. This rise was the direct result of developers constantly improving and expanding on the token’s features. Today, BNB can be traded on other exchanges, DEXs, and used to pay for goods and services across the ecosystem. It can be staked, farmed, and even lent out to other users to secure rewards.
The META 1 coin is unlike any stablecoin before it. For one, it leverages gold and an advanced mining operation to provide unmatched stability. The token also provides a high level of privacy to users and is not subject to inflation, collapse, or manipulation. There are currently 1 billion META 1 Coins in circulation. Unlike BNB, META 1 was built to support long-term savers. Its structure enables it to avoid inflationary risks.
The decision to make META 1 a stablecoin falls in line with the network’s overall goal to drive abundance, equity, and freedom for Humanity. The token leverages advanced technology that promotes stability and growth. Together these systems create a new type of asset that is both self-appreciating and fully backed.
During the most recent market corrections, the META 1 Coin demonstrated its resilience. While most tokens lost 20%, META 1 retained its value. The token even outperformed other stablecoins such as USDT that derive value from fiat currencies. These earlier stablecoins suffer from the same inflation as their underlying assets. In comparison, META 1 enjoys appreciation alongside its pegged assets.
Total Supply
Both projects have set hard caps on their token issuance. The BNB token has a max supply of 168,137,036 tokens. The META 1 Coin is set to see 1 billion coins minted throughout the life of the project. Capped supply tokens are better for long-term saving because they have scarcity. It doesn’t make sense to HODL tokens that have unlimited issuance because their demand can be affected by the sudden introduction of more tokens into the market.
Consensus
The BSC improved upon its predecessors when it introduced the Proof-of-Stake-Authority (PoSA) consensus mechanism. This PoSA staking system relies on 21 active Validators. These Validators are chosen daily by the Binance Chain. Notably, this structure has seen complaints since the Binance Chain is a network that is governed by just 11 Validators.
The META1 Coin network uses a DPoS (Delegated Proof-of-Stake) system to remain valid. This proprietary system uses nodes called Witnesses to improve network scalability. These nodes are elected by the community to ensure true decentralization. In this way, META1 provides a more democratic approach to network validation.
DEX
Both networks support native DEXs. The BSC has seen considerably more growth as it is more established in the market at this time. The network has an excellent selection of DEXs including the Binance DEX. Also, third-party platforms such as PancakeSwap continue to take users from Ethereum’s dominant DEX, Uniswap.
The META Exchange seeks to compete with the top contenders in the market. The DEX provides secure non-custodial trading. It’s designed to enable anyone to purchase and sell major cryptocurrencies like Bitcoin, Ethereum, and more. When combined with the other features of the network, the DEX becomes a valuable tool to further your investment strategy.
BSC vs META Blockchain – Two Advanced Blockchains Box it Out
Now that you have a better understanding of the differences between the BSC and META, it’s easy to see why both of these projects are popular. They provide a nice selection of options and ROI opportunities to users. Additionally, they are known for low fees and high scalability. As such, both of these projects have a bright future.