Internet giant Baidu has just released its own cryptocurrency called Xuperchain. The news comes as China is preparing for launching the Yuan digital currency.
According to finance.ifeng.com, Baidu’s Xuperchain has just been launched on January 6 with the Open Network, which is designed to empower SMEs and developers. The Open Network is a blockchain basic service network built on Baidu's completely self-developed open source technology. It consists of masternodes distributed throughout the country and complies with Chinese standards. More than this, it provides users the proper environment for rapid deployment and operation of blockchain applications, and for computing.
Masternodes Indicate a Decentralized Network
Operating on masternodes, the Open Network is decentralized and can be included in the high-performance blockchains category. The network’s whitepaper says it can support over 10,000 transactions per second and that Baidu has developed 50 blockchain platform patents for it. The Xuperchain blockchain’s underlying code is available on GitHub, as it has been made open source back in May 2019. Besides, there’s also a Xuperchain block explorer, so the transactions made on the network can be seen by anyone.
Xuperchain Platform to Modernize China’s Governance Capacity
The Xuperchain platform is especially designed for blockchain-based apps like Ethereum. Its whitepaper says it’s meant to modernize the governance capacity of China by helping the country bring other nations into the process of developing blockchain technologies. The whitepaper also discusses to the 13th 5-Year National Informatization Plan, which talks about blockchain-based tech and has been elaborated in 2016.
Xuperchain is Flexible and Has a Low Threshold
Based on Baidu ’s completely self-developed and open-source XuperChain technology, XuperChain meets the Chinese blockchain standards requirements. It’s flexible and convenient as it has a low threshold. Besides, it offers reduced costs for flexible payments. With flexible payment capabilities for computing and storage resources, easier billing can be achieved on demand and by volume.
The Xuperchain blockchain has been launched rather soon after President Xi Jinping has held a speech in which it encourages blockchain development and expresses his hopes that China will be part of it.