Binance smart chain an Ethereum plagiarism? Musical Beats shuts down
Taking inspiration from a successful business model is not necessarily reprehensible. However, if it becomes a mere copy, one has to draw the consequences. This has now happened in the case of Musical Beats.
With its Binance Smart Chain (BSC), Binance has entered into direct competition with Ethereum. Now, however, there are more and more accusations that the supposed competition Bitcoin Loophole is in many cases nothing more than a mere copy. This is what has happened with the BSC-based platform Musical Beats, which was shut down just a few days after its launch. This emerges from a tweet which states:
The team has decided to stop developing musicalbeats.org. Users can burn their tokens, there will be some loss of money. We will distribute the developer fund to compensate for the loss of money, still there may be 10 to 20 percent loss. The developer fund will be distributed this Sunday.
The background: Ethereum developers and community members had accused the BSC project of copying from EulerBeats and profiting from its success. EulerBeats transforms the works of Swiss mathematician Leonhard Euler into unique visual and audio artworks. Users can add these works to their collection and receive a percentage share from sales of prints of these works.
BSC significantly faster and cheaper than Ethereum
As ConsenSys legal expert Matt Corva also proves on Twitter, the accusation of plagiarism against Musical Beats cannot be dismissed out of hand. He even speaks of a „copy and paste“ process. This is all the more ironic, he says, because EulerBeats is all about copyright ownership.
We will take aggressive action against all actions related to this rip-off and all supporters of this violation of our copyright.
The Binance Smart Chain launched in September last year and now counts some very successful and popular projects. The way it works is basically identical to that of the Ethereum Blockchain. However, compared to it, BSC offers the advantage of processing transactions both more quickly and more cheaply.
Especially the immensely increased transaction fees have recently caused a decline in the Ethereum community. However, Ethereum is still ahead in important points. Binance CEO Changpeng „CZ“ Zhao should be aware, however, that it is not possible to outdo the competition by merely copying it. To be sure, BSC’s starting point was well chosen. BSC wanted to capitalise on the rising popularity of NFT. Unique digital assets such as trading cards, artwork and songs are now popular assets whose authenticity is secured on the blockchain. Now, however, there seem to be BSC projects that themselves have a problem with their authenticity.