bitcoinBTC/USD
$ 20,511.00
ethereumETH/USD
$ 1,184.52
tetherUSDT/USD
$ 0.999639
cardanoADA/USD
$ 0.466369
xrpXRP/USD
$ 0.333203
usd-coinUSDC/USD
$ 1.00

High Volume Results in Congestion on BSC

While many protocols have been hampered by congestion, but improvements have started already to lighten the load and function normally.

While many protocols have been hampered by congestion, but improvements have started already to lighten the load and function normally.

Overload on the Binance Smart Chain (BSC) persisted over the past few days, given that users touched by the crypto market crash chain-wide were dismayed with the delayed and rejected transactions as a consequence. The first reported troubles were about 14:00 UTC on December 3rd, according to the website Downdetector.

Due to the overload and congestion, a number of protocols endured latency in their updates and other undertakings. The likes of HeroFi were affected, as well as other new and small crypto projects such as Lucky Block, as all types of protocols endured difficulties. 

Twitter users and groups alike expressed their dismay and frustration. Among those that tried to mend the situation was Centric Official that posted the following: “It seems to be a Binance network congestion issue. Please be patient when sending support emails as the queue can sometimes be quite large.”

Moreover, DNAxCAT and HeroFi also pleaded for patience where HeroFi took the opportunity to announce that it extended the upgrade of the system for 2 additional hours: 

Since it is the high volume that ultimately caused the overload, there is no reason to be worried just yet. 

PancakeSwap made sure to notify all users about the Forbes interview during which Changpeng Zhao, the CEO of Binance elaborated on the upcoming scaling solution of Binance. 

Binance is developing the capacity to make the Binance Coin (BNB) compliant with multiple blockchains, according to Changpeng Zhao. The Binance CEO posited that this might speed up the entire system. Binance Coin (BNB) appears to have promising prospects, especially with the recent deflationary and burning improvements.

Speaking for Forbes, Changpeng Zhao said that “there are actually teams working on third and fourth blockchains using BNB as a native coin. We could have one coin that’s the native coin of multiple blockchains; technically this can be done.” He went on to say that  technically, architecturally they are very different. The Binance Smart Chain is using EVM compatible architecture. I don’t know what they did specifically, but they re-engineered a lot of back end to make it a lot faster.”

While issues such as scalability, overload, and congestions are matters that require solid resolutions in the long run, virtually all chains are working on the same issues, and Binance seems to be ahead in terms of providing sustainable alternatives. 

Also read:

BitMart $200 Million Hack Rebound to be Bolstered by Huobi and SHIB Community

Will Binance and Coinbase List Baby Doge Coin?

Changpeng Zhao on Mandatory KYC: How Many Users Binance Has in the Aftermath

Binance is Considering France for its Central HQ

Also read:

Related News

Meta Continues With Its NFT Plans

Meta stated that its other cryptocurrency initiatives are proceeding according to schedule after announcing the end of its Novi project. Non-fungible tokens (NFT) have been developing for a while by the company. The Novi initiative, which enables remittances and international money transfers, will shortly be shut down, the company announced recently. According to the company, the project will no longer operate as of September 1. Users of Novi were informed

Read More »

Bitcoin’s Lightning Network Now Available for Argentina From OpenNode Partnership With Lemon Cash

OpenNode, a supplier for Bitcoin payments, has teamed with Lemon Cash, a well-known Latin American bitcoin wallet service. The wallet’s cooperation with OpenNode allows over 1 million Lemon Cash users to now access Bitcoin’s Lightning Network. “This partnership is yet another example of our capability and belief in Bitcoin as the new base layer for global payments… We’re proud to support Lemon’s mission and its desire to scale and benefit

Read More »
LuckyBlock is a worldwide game and competition platform with play to earn rewards using blockchain protocols. They have already given many prizes to the participants of the game.

Lucky Block Partners with Crypto Academy

Lucky Block has partnered with Crypto Academy, as we look forward to many updates and launches ahead.  Lucky Block has reached a partnership with Crypto Academy, the renowned Crypto Marketing Agency, and Informational and Educational portal. With an incredible success rate in helping cryptocurrency-focused startups grow in the industry, the partnership with Crypto Academy is a stepping stone in the exciting journey ahead for Lucky Block. LuckyBlock is a worldwide

Read More »

My Coins

bitcoinBitcoin
$ 20,511.001.6%
ethereumEthereum
$ 1,184.524.26%
cardanoCardano
$ 0.4663692.36%
tetherTether
$ 0.9996390.08%

Newest Videos on YouTube

We inform and educate people about Cryptocurrencies and Blockchain technology.

© Copyright 2021, All Rights Reserved,
Crypto Academy

Bitcoin

Contact Us

For any question conatct us through:

sales@crypto-academy.org

Disclaimer: All information and materials on this website are for educational purposes only. Crypto-academy.org does not provide any form of financial advice. Cryptocurrencies are highly volatile, therefore any form of investing carries a high level of risk to your capital. It is recommended that you seek professional advice prior to implementing any investment or financial plan.

We do not ask you for your Cryptocurrency / We do not hold your Coins / We do not ask for Private Keys / Be aware of scammers and imposters.

Contact us only through: sales@crypto-academy.org