1.0. Why is Forsage launching the third blockchain?
Forsage is launching the third blockchain on its platform in the near future. The Community members already may have noticed the changes in Ethereum and Tron blockchains. You can find out why Forsage is launching on Binance Smart Chain as well in our article.
1.1. Ethereum - The first blockchain of Forsage Community:
Originally, the algorithms of the Forsage platform were only supposed to run on Ethereum. The ETH blockchain is one of the most popular and developer-friendly. It is used to build DApps – decentralized applications. Moreover, Ethereum has many users who believe in this cryptocurrency.
For a transaction to be successful, the user had to pay a small fee called GAS. Depending on the transaction, different amounts of GAS were required. A standard transaction was worth at least 21,000 units. The commission was measured in Gwei - billionths of Ether. This was a small price to pay for the speed and convenience that the Ethereum blockchain provided.
21,000 GAS is the minimum for a transaction. But the value in Gwei varies throughout the network, therefore the fee for transfers varies as well.
📈 In the middle of 2020, Ethereum users experienced a spike in the value of GAS. The reason was the growing interest in cryptocurrency which increased the network workload dramatically. While under normal conditions, the median price of GAS was 30-40 Gwei, in the summer of 2020 it reached 130-159 Gwei. At its peak, it reached unimaginable figures of 300-400 Gwei. Transactions became too expensive.
It came to the fact that the cost of the network fee for registration in Forsage exceeded the cost of the purchase of the first level of programs. We need to understand that participation in Forsage is not just a transfer of funds, but an interaction with a smart contract. There is more GAS spent on such a transaction, and accordingly, the transaction is more expensive. The high network fee has hit all the cryptocurrency projects hard, not just FORSAGE.
The current price of GAS in Gwei and USD.
The Ethereum network is highly decentralized, and this indicates its reliability. But because of that, the problems with GAS price would take a long time to solve as well. This was frustrating for Forsage users, given that the community was approaching 1 million users at that time. So a backup plan was needed to keep the project moving forward, at least until the Ethereum issues were resolved.
1.2. Tron – An additional blockchain that gained popularity:
The Tron Network was chosen as an additional blockchain for Forsage. Tron uses a different consensus and internal technical policy to keep the network stable. Of course, the rules of this network are less decentralized compared to Ethereum, but the end-user did not feel it, while the internal fees of Tron, as well as the speed of transactions, were appreciated by all Community members.
The Forsage xGold program was first launched on Tron Blockchain, which attracted the members of our community to this new blockchain. Users have figured out the intricacies of Ethereum and Tron's inner mechanics, and we consider that to be a great achievement.
📈 But already in February 2021, the Forsage Community faced the problem of high fees again, this time – with Tron. The growth of the fees entailed the growth of the coin itself. At the moment of writing this article, Tron is worth $0.13152. In one year, the cryptocurrency price has grown more than twice.
TRON value growth over the last year
There is a perception that Tron's increased fee is a nod to early investors and delegates who were not happy with the blockchain's revenue. But in the end, ordinary users of the Tron Blockchain encountered nothing but problems. The cost of interacting with a smart contract rose again, which was another pressure point for crypto projects working with Tron.
It is worth noting that everyone does expect positive changes in Ethereum and Tron. Forsage Сommunity continues to use these blockchains as effective tools. But financial independence for its users is the main goal of Forsage. That is why they are introducing a third blockchain as they are concerned about their platform's members.
1.3. Binance Smart Chain – The future of Forsage:
Binance Smart Chain is a new stage in the evolution of blockchain. It is based on the Ethereum technology, but the performance of BSC is higher, and the fees are lower than those of its predecessor. Binance Smart Chain easily integrates with Trust Wallet and is suitable for developing decentralized applications.
BSC is compatible with the Ethereum Virtual Machine (EVM). You can even use the same wallet address and private key (or seed phrase) from your Ethereum wallet to work in Binance Smart Chain.
BSC now has over 59 million users. At the same time, the number of unique addresses has grown 91 times since the beginning of 2021!
1.3.1. What is good about Binance Smart Chain?
High network performance – a block is generated every 3 seconds. This reduces the time for transaction confirmation. The fee within the network is low and usually does not exceed 1 cent. In addition, there are already hundreds of DeFi-projects working with BSC, and the Binance ecosystem is considered one of the most popular in the world.
For FORSAGE, this blockchain was a perfect choice. Platform users will be able to master another blockchain and broaden their knowledge of cryptocurrency. Fees for transferring funds will become lower. We believe in BSC and are launching on this blockchain, among other things, because of its great growth potential.
Our programs on Ethereum, Tron, and Binance Smart Chain are all part of one big Forsage Ecosystem. And you are part of FORSAGE, too!
If you still have any questions about our new blockchain, head to our FAQ section here -- FAQ: Binance Smart Chain (BSC)