Binance CEO CZ Defends Binance Smart Chain's Ethereum Copycats

[Leviathan.007]

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

[noorammak]

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.

[BitcoinPanther]

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.

[Juggy777]

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.

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.

[eaLiTy]

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.

[Gozie51]

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 wonder if bnb is going to take over the altcoin market. I once read the CEO saying it intends to grow big as bitcoin. BnB at the 3rd place doesn't mean is taking over the market. Bitcoin leading the whole of the space as the king of the cryptocurrency market.

[fiulpro]

But Ethereum is owned by someone known everywhere ! Which does make it an invention. On the other hand bitcoin's owner is not known thus people can copy it ofc but then the person should have at least taken permission or given credits to Mr. Vitalik who did find ETH.

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.

Even though blockchain and cryptocurrencies are whole lot different!!

He could have taken blockchain as an example and made something more innovative and better. How can he make such statements ? This shows that they do not respect the whole community which is sad.

I wonder what the owner of ETH has to say about this ??
I do think they should at least pay the owners for their technology and rights.

[macson]

Ethereum is a decentralized, open-source blockchain with smart contract functionality. Ether (ETH) is the native cryptocurrency of the platform. It is the second-largest cryptocurrency by market capitalization, after Bitcoin.[1] Ethereum is the most actively used blockchain.[2][3]

https://en.wikipedia.org/wiki/Ethereum

i didn't defend CZ but what she said made a lot of sense....ethereum is open source, so anyone can tweak a little without fear of sue.  Vitalik and CZ are known to be very familiar ^{(try to see some moments of their friendship on their respective twitter accounts)} and anyways Vitalik is never angry with CZ so why should we be so dizzy?

[Bitstar_coin]

Am sure eth also copy part of it'd code or other stuff during their development process, it doesn't matter if binance smart chain is a copycat of Ethereum or not, what matters is being clever enough to build on it and make it worthwhile, 90% of projects are copycats, but the difference is to be able to polish it a bit more
Besides, in times when ethereum network has failed us bsc came to the rescue so there is no cause for alarm.

[icopress]

I don't think there will be any quarrels on the basis of CZ's statements ... ^{[i think a little tautology won't hurt]} but Ethereum, as mentioned above, is an open source product. If it weren't for Bitcoin, there wouldn't be Ethereum 1 / 2.0, and besides, I also think Eth is grossly overvalued (I'm not even talking about the colossal transaction fees that only scare off new hodlers and dapp users). Btw, speaking about the cost of transactions, we can also emphasize that Vitalik himself is to blame, since with his unsuccessful and predictable decision, he personally opened the doors to competitors, (so I wish CZ the best of luck with the development of the BSC).

[Similificator]

Open source is easy to understand. Really puzzles me why people struggke so hard to understand this that they say one project or coin is copying the other. Or maybe they are just trolls or butter investors that were left hehind or are invested in some other coins that aren't doing that well? Whatever the reason is, we'll never know. Also, the guy defending his own coin is only natural. I mean, if it were you, would you not do the same knowing that you and your coin never really did anything wrong? Jeez. People make such huge fuzz nowadays with just about anything that are connected into this industry. People who do this should just try and make better use of their time than wasting it in trivial matters such as this.

[20kevin20]

We're in an open-source world. Once the code is published on the web, literally anyone could take it and edit it to their own preference. There are lots of modified Signal versions, each of it coming with various features Signal currently doesn't offer (for example, the opportunity to create an account without a phone number..

Therefore, I honestly think it's quite stupid to blame a project for "copying" a code. Almost every crypto currently existing has copied at least one thing from another blockchain. There are some things a few coins copy from others in order to attempt to create something better. Copying and modifying is something very natural in an open-source world.

[fullhdpixel]

I definitely agree with him. I mean if there is a better version of the same thing than why not copy it? The greatest example is pancakeswap and uniswap, I get that uniswap is on ETH and it is something and on BSC they did pancakeswap which is sort of the same, adds in a little bit of something on top of it, but it was never really something that was unheard of, so doing something very similar, pancakeswap still managed to go up so much and became one of the top ones.

Does that mean that copying something else is not a problem? Or does that mean that pancakeswap shouldn't have done that and do not deserve their place?

I personally believe if you can do a good one, you should do a good one and there is nothing wrong with doing a good copy of something that already works, there is no laws that they can't make one and that is why I believe CZ is right.

[wxa7115]

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.

Agreed, I do not know why people are accusing binance of copying ethereum, even if that was the case that is the whole point of open source, closed source software has the tendency to be more insecure as the number of eyes looking at the code is limited, while in open source you have all kinds of people looking at the code and sooner or later one of them is going to find a bug that no one did and correct it.

Now coding and monitoring open source code can be a thankless task as there is no pay involved, but if you have an idea and you can improve over the existing code that is when you can fork the project and create something way better than the original and make money that way, this is very common on the open source community and we see this in the market as well as most coins are just a fork of another which in return were just a fork of bitcoin.

[Johnyz]

That’s the competition in this market, if ETH network can’t handle the traffic then others will copy the ideas and do better and fill up the shortage of the existing network. BSC successfully launch the platform and already produced good project as well, though it is still far from the success of ETH network but I still see the value of BSC and its true potential. Binance made a lot of good improvements in the usage of blockchain technology, they compete professionally and I don’t see Binance as a copycats, they play a big role in this market.

[Fatunad]

That’s the competition in this market, if ETH network can’t handle the traffic then others will copy the ideas and do better and fill up the shortage of the existing network. BSC successfully launch the platform and already produced good project as well, though it is still far from the success of ETH network but I still see the value of BSC and its true potential. Binance made a lot of good improvements in the usage of blockchain technology, they compete professionally and I don’t see Binance as a copycats, they play a big role in this market.

We cant really deny that most projects in this market are just copying the same idea all over again and again but to think that only the fittest will survive and they can call it what they want
but nothing beats out if the community would able to consider a particular project.Yes, it might able to copy on some aspects but making out improvements to make it more better
which cant be seen on other projects then that would really be a considerable upgrade or improvement and the majority wont really be eyeing or trying to say that it is copying
for the other projects as well then they can really make those calls but nothing would be change if the community would change up minds.

[verita1]

I remember there was a stir when SushiSwap appeared on the crypto stage. It was often called a scam project for the same reason we discussed today. Open source is a great idea in my opinion, while we look for solutions to satisfy our needs in crypto, we can say that it is correct. Copyright works but this is not the case, we are realizing the alternatives of open source projects and this is the beginning.

[mersal]

Almost every crypto project is a clone of bitcoin but still, there are thousands of projects are alive at the moment and there is a strong reason for the fall of ethereum and rise of BSC while ethereum is not dead, its slightly slowish compared to how it is supposed to be with the bitcoin's market movement but surprisingly ethereum is reaching $4K which is unexpected when the price of transactions are still insane.

[slapper]

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 wonder if bnb is going to take over the altcoin market. I once read the CEO saying it intends to grow big as bitcoin. BnB at the 3rd place doesn't mean is taking over the market. Bitcoin leading the whole of the space as the king of the cryptocurrency market.

CZ is a visionary man and I bet he will do a lot to improve and improvise BSC stronger. However, it is impossible to displace bitcoin because right now, it is the most reliable asset. Satoshi has created bitcoin for more than 12 years and there is no coin is as old and reputable as bitcoin

But at least, being a 3rd biggest cryptocurrency is enough for Binance to take over the market. They have decent influence on the price of many coins.

[beerlover]

I know Bitcoin fees can be high sometimes and I am ok with using alternative solutions but please give me a break with CZ and Binance...
We all know that Chinese people are great for copying original stuff, so they even created multiple centralized chains with fake Bitcoin and called it decentralized.
They have Bitcoin on bep20 binance smart chain and Bitcoin on bep2 binance chain, and I am ok with that because they are not the first one to do something similar, but please be honest and don't lie that something is decentralized when only few people really run the nodes on vps and everything can be rollbacked and frozen if CZ decides and that is very dangerous.

It is a cultural thing and I understand it really. I hate Chinese government as much as anyone, they are definitely horrible, and the companies are taking advantage of this as well, that's true. You block facebook and then create a copy of it to make money so that "american capitalist pig doesn't get money from us" and so forth, do this for each company, each product, when others send you details of how to make a product, you leak how it's done and then get something similar made, patent law is a joke there, only works for Chinese and many other horrible stuff.

However CZ and binance is not responsible for that at all. Ethereum is there, it is not like ethereum or uniswap is banned in china to be used like facebook or google, it is totally allowed, and yet as a person that is not Chinese I still prefer pancake because it is much better and faster, so this is a different situation.