I am having a debate with my CEO of why we shouldn't launch on Binance Smart Chain. I believe BSC doesn't support the true image of what a public blockchain is. For starters, BSC is heavily centralized, its validators network is only comprised of the 21 top holders of BNB and updated daily. Some other blockchains such as Ethereum and Bitcoin, avalanche and others have more than 40k validators globally.
Second, BSC's ecosystem is lesser developed than other blockchain ecosystem's such as Ethereum and Polygon. Infrastructure tools and backing is essential to fostering connections and partnerships within the web3 ecosystem. When you look at DeFillama, the top projects on BSC are meaningless (this is my opinion): you got Pancake Swap that holds over 50% of the TVL in BSC (they have 2.8B whereas the total value locked in BSC is 4.4b.
Third, having gone to various crypto events, I have always felt a seperation between Binance native crypto projects and other decentralized protocols such as Ethereum/polygon/avalanche... Binance for me has a great backing but experiments little with pushing the limits of innovation and testing out new features. Every new product added to their platform has been a fork of DeFi product (Binance Earn, Binance Staking...). Projects being native in Binance don't look to push the limits rather they want to benefit from the huge backing Binance has and its connections.
Lastly, the image projects have when deploying on decentralized protocols is enhanced compared to the one that would be of deploying on a centralized protocol. Nobody (IMHO) wants to associated with centralisation rather they want to show that they are building new things, taking part in partnerships with other decentralized protocols.
I am currently in a debate with my CEO and am building a case on why not Binance Smart Chain and more Polygon. If you think I am wrong, please explain why and if you agree also. I want to build a strong case.
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Update thank you u/Kakamile: We are building a crowdfunding platform for people to invest in a pack of renewable energy (biogas plant, windturbines and photovoltaic energy). We aim to tokenize this energy (i.e. Kilowatt) and distribute those tokens to the people whom have invested in the crowdfunding.
Due to the assets' depreciation, the users will receive energy tokens for 25 years. As our target is largely digital nomads within the web3 ecosystem, the company's image as a decentralized protocol matters to me. We want to reach as many native web3 users and for me going to BSC to do so is counter-productive. Although the product is also available for web2 users, putting the project on BSC will reject the active participation of web3 people (IMO).
All the best,G
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