The blockchain of the Binance crypto exchange, BNB chain has launched a new initiative. This initiative focuses on boosting European developers’ improving the network by enhancing scalability and building decentralized applications.
The “innovation incubator” is a three-week-long virtual event focusing on Web3 startups with one or more key members from the European Union. The startups that will be chosen will have an opportunity to receive mentorships and guidance from industry-level experts. These assigned industry experts will teach them about token economy design and Web3 market strategies.
This virtual event will have meetups in European cities. The BNB team wishes to encourage and bolster the trajectory of these startups. The team hopes that these startups will later help improve the user base in the long term which improves adoption.
Participants will get benefits additional to the mentorship. They will receive a month of 100% gas fee incentive and a higher chance of being in the Most Valuable Builder program.
This event is BNB chain’s most recent initiative to support developers and Web3 education. They have several other initiatives to encourage such education like the recent collaboration with Google cloud. This collaboration enables participants access to Google cloud services assistance to boost the on-chain developments.
Another large initiative held by the BNB chain was with a Latin American education platform. Through this platform, they have developed a course for students to get access to knowledge about on-chain development.
Binance Chain has recently faced a major exploit that had the potential to be one of the worst hacks in crypto history. There was a cross-chain exploit on October 6th where the hackers had produced new coins of their own and then distributed the amount to other wallets before they could be confiscated. This exploit amounted to nearly 100 million dollars.
Investors and Binance chain users were concerned, however, the team was quick to contain the issue and not let it escalate more than it had.
