Leading cryptocurrency exchange Binance has further quashed any remaining claims that its Binance Smart Chain (BSC) project is a subtle attempt to “kill” Ethereum, by pledging to donate the sum of $100,000 to support new Ethereum projects.
In an official blog post, the exchange revealed that CEO Changpeng Zhao (CZ) made the donation in a bid to support the Gitcoin Grants Matching Round 8, which will take place from December 2 to December 18, 2020.
Gitcoin is a platform built on the Ethereum network and run by freelance developers that seek to provide support for open-source blockchain projects through grants and crowdfunding. The platform has the ultimate goal of growing and supporting open-source projects in the decentralized web or Web3.
The platform is an avenue for providing constant financial support for developers who are working on open-source projects on the Ethereum network and this grant from Binance will go a long way to support the growth of this project.
Binance also added that it will be supporting a hackathon focused on public goods and Web3 that Gitcoin will organize in addition to the funding round.
The company pointed out that the creation of the Binance Smart Chain was not to replace Ethereum but to accelerate the growth of the entire blockchain industry. It was for this reason that it had made Binance Chain compatible with Ethereum so that developers working on both blockchains can easily exchange and make use of information from the other.
According to the exchange, building on different blockchains, such as Binance Chain and Ethereum, is not in a bid to foster unhealthy competitions but to increase innovation by working cooperatively to achieve a greater goal, the growth of the entire blockchain ecosystem at large.
The grant further solidifies Binance CEO’s earlier response to claims that the Binance Chain is trying to “kill” or replace Ethereum. The donation is also a part of the $100 million accelerator fund that the exchange had already planned for Binance Smart Chain.
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Author: Obike Favour