Topic: Binance CEO CZ Defends Binance Smart Chain's Ethereum Copycats - page 2. (Read 196 times)

I expected a similar defense from Binance and CZ when they are called out about copying ETH and creating their version of BSC which is actually centralized and they will claim that they borrowed the technology to make it even better  . The audacity to defend the claim by telling that ETH copied the blockchain from BTCitcoin is priceless  .

I am skeptical about Binance trying to take control over the entire market as it is not a good sign that a single company is trying to have a monopoly on the entire cryptocurrency market.

I don’t understand how did it get labelled as copyright when no one really owns the source, and Binance had full rights to make BSC. Furthermore Binance is made with the sole intention to make profits, and when they realised that the problem of high fees was effecting their business, they did what any smart company would do, they solved the problem of high fees by creating BSC.

That is the beauty of Open source.  The source being in public means people can use and improve the existing program.  I don't think there is violation if ever Binance Smart Chain forked Ethereum program.  It is actually good in my opinion since the problem with high tx fee is somehow solved.  Just like what CZ stated, are we going to stay in a blockchain that charges $100 per transaction?  Hell no, I won't stay on that chain, I will look for alternative at least.   Even though other think at BSC is a copycat of ETH, we must admit that in times of high transaction fee, BSC gives light by giving us an option to move to a blockchain with very cheap transactions and can easily convert our token from its native blockchain to BSC and vice versa.

It's hard to conclude that BSC has copied a project. We need to recognize that blockchain projects are open source and if we talk about copying, projects are copying each other.
From UNISWAP to 1inch, Pancake, Apeswap, moonswap, ... etc ... decentralized exchanges copy each other about the source code, how it works and the interface.
Take a look at Wanchain, Fantom, and BSC which replicated the etherscan block explorer interface on EThereum.
I think it is reasonable for CZ to defend his project. We are in the same space and the choice of using blockchain products is everyone's need.

Changpeng Zhao, CEO of Binance Exchange, attended the ethereal meeting and answered questions about open copies of Atrium in Binance Smart Chain.
Several months after the launch of Binance Smart Chain (BSC), the largest cryptocurrency exchange, the company's dedicated blockchain for hosting decentralized applications has been criticized for copying Atrium and potentially the intellectual property of some projects.
Changpeng Zhao defended Smart China Binance at an Ethereum virtual summit on Friday.
“Ethereum did not invent blockchain,” he said. “Ethereum copied blockchain from Bitcoin… And obviously, people will look at what’s popular on Ethereum and try to copy it onto BSC.”
He pointed out that this could even be a good thing. He pointed to the decentralized exchange PancakeSwap, which has surpassed Ethereum-based Uniswap in terms of transactions.
Zhao then stated that Ethereum Network's transaction costs are historically high, paving the way for similar but better products. "Honestly, if you were asked to stay in the blockchain, which costs $ 100 per transaction, you would not do it.
Decentralized Finance, or DeFi, refers to the code in the blockchain that usually replaces Ethereum with banks and brokers. Since BSC took office in September, DeFi traders have pushed Ethereum out of the market with lower costs and faster trading.
Developers at BSC (not necessarily affiliated with Binance) are aware of the status of Ethereum's first move, as well as Ethereum-based projects such as Euler Beats, Hashmasks and CryptoPunks to create smart versions of Binance called Musical Beats, Bashmasks and Binance Punks borrowed.
"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. And why not, right? That's why there's a copy of Google, there's a copy of Facebook, there's a copy of Twitter, there's a copy of pretty much everything you can imagine, there's a copy of PayPal. So that's quite natural. And it's impossible to protect concepts. I think the copyright laws, patents work, but they're typically very difficult."


Source: https://decrypt.co/70145/binance-ceo-cz-binance-smart-chain-ethereum-copycats