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Saturday, April 17, 2021

Ethereum And Binance At Loggerheads Over Projects & Apps

Binance Smart Chain is presently at loggerhead with Ethereum and we are already witnessing the very first causalities that have resulted from their ongoing war. One of the most important casualty is Musical Beats.

The recent success of EulerBeats which is an NFT project by Ethereum has accused Musical Beats to be a copycat version that has been launched on 1st March, Monday by Binance Smart-Chain (BSC).

Ethereum VS Binance

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Musical Beats has been launched just 2 days ago and is already being shut down due to the ongoing battle of copyright between Ethereum and Binance. The community and developers of Ethereum had earlier alleged Musical Beats to be copying the concept of EulerBeats.

ETH project is inspired by the work of Leonhard Euler, a Swiss mathematician, and recreates his ideas into unique audio and visual work for collectible art. Several of the Binance projects and applications have clear and vague similarities with ETH projects and apps.

Hashmasks, an ETH NFT project, also has an evidently similar project on Binance named Bashmasks. CryptoPunks version on Ethereum that was sold off for numerous digital collectibles worth more than $1 million in the previous month has a Binance version named Binance Punks.

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The NFT market called OpenSea has a Binance version called BopenSea that was introduced on Tuesday. Binance announced that art must be accessible to all people and help up behind the minting cost of $50.

Changpeng Zhao, CEO of Binance, had informed their platform will soon replace ETH with cost-efficient transfers and less congestion. Binance definitely has a growing volume which is worrying for ETH.

The growing popularity of NFTs is the ideal time for Binance to capitalize and capture the market from ETH.

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