Binance Smart Chain Trials Community-Governance Voting Mechanism

Binance Smart Chain, one of the top blockchain networks launched by the crypto exchange Binance, has announced that it has trialed its first-ever community-driven voting mechanism that was used to judge the top projects on BSC.

Key members of the BSC had participated in the voting and they had to choose from a pool of top selected projects to decide the most valuable project on the BSC. The bigger news was of course the fact that the chain chose to do this through the community-driven voting mechanism which it believes would help it to improve the transparency and the reliability of the chain. The winner of the competition had taken home a prize of $10,000 and would also get a share of the $1 billion ecosystem fund that was launched by the BSC. There has been a proliferation of many such chains over the last year or so and this has led to competition between the various chains themselves to draw the users and the developers to their respective chains.

“We’re looking to onboard the next billion users in the crypto ecosystem. This requires participation from multiple stakeholders, including the ever-evolving crypto startups,” said Gwendolyn Regina, Investment Director at BSC Accelerator Fund. “By providing exposure and investment opportunities to the MVB III winners, we are fueling high potential projects to drive mass adoption.”

Community governance has become a keyword in the blockchain world of late as it is a sign that the reasons for which crypto and blockchain were proposed in the first place are now being brought back. It has also been forced a bit on the various blockchain networks as they have begun to view it as a differentiating factor to ensure that they show themselves to be better than the competing networks. The competition is indeed getting very tough between the networks and the developers have to be encouraged as much as they can be as they are the one’s building applications on top of the networks which are in turn expected to bring in the users. So the developers have the pride of place in such an ecosystem which is why we are seeing many of the networks trying to woo them to various offers like competitions, prizes, grants, and other related items.