Altcoins Talks - Cryptocurrency Forum
Cryptocurrency Ecosystem => Binance Smart Chain + Ecosystem => Topic started by: Markuri33 on June 15, 2021, 07:31:55 AM
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Obviously, people will look at what’s popular on Ethereum and try to copy it onto BSC, CZ says. Developers building atop BSC (not necessarily associated with Binance), aware of Ethereum’s first-mover status, also borrowed from Ethereum-based projects such as Euler Beats, Hashmasks, and CryptoPunks to create BSC versions called Musical Beats, Bashmasks, and Binance Punks—with very little effort made to otherwise hide their origins.source (https://decrypt.co/70145/binance-ceo-cz-binance-smart-chain-ethereum-copycats)
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The business is very cruel because this business competition is really very extreme to do and of course also, like the BSC which duplicates the system developed by Ethereum and this in my opinion is not a duplicate because there is no similarity in the ERC20 network.
It's just that the way the Binance Smart Chain works is exactly the same as Ethereum and different networks, we can tell the difference between Duplicate and the difference in how it works.
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Decentralized cryptocurrency, thanks to open source code, to copy the blockchain of the best cryptocurrencies and at the same time add something new to further improve it. This is the main path that cryptocurrency is developing rapidly. Decentralization and the still ongoing relative chaos in this market allows a lot of copying from the functionality of previous cryptocurrencies, and this is not entirely good. At the same time, this state of affairs quickly removes the monopoly and forces the cryptocurrency to constantly improve. Therefore, we now see a generally rapid growth in cryptocurrency.
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There are a lot of copy paste projects and platforms nowadays, we can see some new blockchains with almost the same idea, the longer we will see more and more competition from some new platforms which give a lot of ideas and of course with lower costs.
But all the choice lies with the users, traders and investors, all the existing projects they will choose and I think the new project will bring good competition for the advancement of cryptocurrency.
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Facing growing pressure from regulators around the world, Binance CEO Changpeng “CZ” Zhao has penned an open letter arguing that “clear regulations are critical” for the continued growth of the crypto industry. He has also committed Binance to localizing operations to “comply with local regulations.
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Coley did not acknowledge recent birthday greetings from friends. Perhaps strangest of all, Coley's LinkedIn and Twitter accounts still describe her as "CEO of Binance US. All of this has led the more conspiracy-minded corners of crypto to ask whether she is still alive.
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Everything has been done and of course there are duplicates in real or digital businesses because this is a factor in something that exists in the real world which is full of drama.
If we look at MotoGP, there are lots of factory motorbikes that are raced and become a whip for those who have their own brands and of course all motorbikes also want to race, even though the engines are different.
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It could be because the dominance of Ethereum is really cool and much in the interest of many people so that it creates something good to be duplicated but the duplication is certainly not entirely by duplicating.
I'm also sure that this Binance Smart Chain has something different and of course it was carefully planned by Changpeng Zhao when he first created the Binance coin.
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Not only Binance Smart Chain but Fantom , Matic , Hoo , OkeX chain also almost all of them can almost be sure to imitate the system developed by Ethereum and the parent of all these technologies is Ethereum.
We only change the RPC and then we can see which blockchain we will choose to be able to see the coins in use, whether it's using Fantom, Matic, Hoo or OkeX Chain.
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Decentralized finance, or DeFi, refers to financial products that replace banks and brokers with code on a blockchain, usually Ethereum. Since BSC went live in September, it has siphoned off Ethereum DeFi traders with the promise of lower fees and faster trading. That's a very natural thing for people to do," CZ said. "This is the same thing as, if some startup project is popular in the U.S., and they're blocked in China, guess what? The Chinese will try to do a copycat within China. China's a huge market, it's like one fifth of the world's population.
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Developers from Ethereum seem sincere enough to see what happens in the times because cryptocurrencies are always changing all the time, whether there are duplicates or just changing the system, just like UNIswap whose development was duplicated by Pancakeswap..
But I also believe that cryptocurrencies are always the best for tokens being developed, including the Binance Smart Chain, which of course will someday provide something very unique and valuable for the duplication.
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Haha, I see BSC as just a copy of Ethereum, sacrificing decentralization for high speed and low cost. This is also the reason that Dapps on BSC are so vulnerable. Anyway we are using BSC regularly, hope Dev will continuously develop this platform.
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From the Ethereum platform people are now more and more on the Binance Smart Chain platform because people are feeling more comfortable because the B of the smart chain is much less so people are now using the Binance Izmart chain more than the Ethereum platform and may leave the Etherium platform behind Chain platform.