Binance Smart Chain has been rising in popularity as interest rates from different parts of the world, including South Korea, sent the network\u2019s transaction records to new highs. However, this has not deterred analysts\u2019 from pointing out the increasing level of centralization within the network. Ryan Watkins, a Messari analyst recently addressed the influence that Binance has on the entire Binance Smart Chain, explaining that most of the commendable progress made on the network is not the result of the implementation of innovative concepts. Rather, it is a product of Binance\u2019s control over the BSC network.<\/p>\n\n\n\n
\u201cThe reason why BSC is faster and more scalable is not because of some magical technological innovation. No, it\u2019s instead the magic of centralization. BSC is an Ethereum fork with a centralized validator set. That\u2019s it. Nothing more.\u201d He wrote on Twitter<\/a>.<\/p>\n\n\n\n Unlike some other networks, the Binance Smart Chain has a total of 21 validators (people who verify the transactions and confirm their legitimacy, before adding them to the Blockchain). These validators are handpicked by the Binance Chain, further strengthening the notion that the network may be more centralized than it shows itself to be. <\/p>\n\n\n\n