Binance Dedicates Another $1B to Smart Chain Project

BSC has faced criticism for being less decentralized and secure than some of its competitors. There has been a growing number of “rug pulls” or exploits on DeFi projects built on BSC this year, and BSC’s security algorithm, known as Proof-Of-Staked Authority (PoSA) , is controlled by only 21 node operators. But Binance’s Zhao told CoinDesk previously that in designing BSC, the sacrifice of decentralization was unavoidable in order for BSC to compete against Ethereum.